big banks

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Top Colleges Steer Grads Away from Wall Street

Students, staff encourage grads to expand horizons

(Newser) - For many seniors at elite US universities, Wall Street provides a straightforward path to a job—particularly since big banks often dominate campus recruiting. But recently, fellow students and staff alike have urged graduating classes to consider a wider array of options, the Los Angeles Times reports. A nationwide campaign...

Mayor Bloomberg to OWS: Blame Congress, Not Banks

Washington pushed those shaky mortgages, 'plain and simple'

(Newser) - New York City Mayor Michael Bloomberg thinks Occupy Wall Street protesters are going after the wrong villains: "It was not the banks that created the mortgage crisis," he said today, according to Capital New York . "It was, plain and simple, Congress who forced everybody to go and...

More Banks Scrap Debit-Card Fees

Bank of America now only bank still planning new charges

(Newser) - The people have spoken—and the banks have listened. SunTrust Banks and Regions Financial have become the latest banks to stop charging customers for using their debit cards. JPMorgan Chase and Wells Fargo have also scrapped testing the new charges, and several other banks say they have no intention of...

Occupy Wall Street Alternative— Return Junk Mail to Banks

Those pre-paid envelopes make it easy, says advocate

(Newser) - Want to send the big banks a message, but don't have the time (or the drums) to join Occupy Wall Street? Poet Artie Moffa has come up with an alternative—just start returning all that junk mail the banks are always sending, notes ABC News . Because the banks' offers...

Big Banks Decide Against Debit Card Fees

Chase, Citigroup not following Bank of America's lead

(Newser) - It looks like many of the big banks are backing down from threats to raise debit card fees , reports the Wall Street Journal . After Bank of America was pounded over its decision to slap debit card users with a $5 monthly fee , JP Morgan Chase, US Bancorp, Citigroup, PNC Financial...

Goldman Posts $428M Loss
 Goldman Posts $428M Loss 
Oct 18, 2011 8:22 AM CDT

Goldman Posts $428M Loss

It's the second time it's ever lost money as a public company

(Newser) - It was a bad three months to be a vampire squid: Goldman Sachs reported a $428 million third-quarter loss today, or 84 cents a share—far worse than the 16 cents per share that analysts were expecting, according to Reuters . The blow came largely thanks to $2.48 billion in...

Why President Obama Can't Win on Wall Street: Annie Lowrey
 Why Obama 
 Can't Win on 
 Wall Street 
OPINION
Oct 17, 2011 12:14 PM CDT

Why Obama Can't Win on Wall Street

Incumbent gets blamed for current woes: Annie Lowrey

(Newser) - Here's a president who bailed out the big banks, protected their pay, and helped hold them together—yet "Wall Street hates Barack Obama," writes Annie Lowrey at Slate . Why? It's simple: "Wall Street is doing terribly," and in a bad economy, "everybody blames...

Global Bank Rules 'Anti-US': JPMorgan CEO

Jamie Dimon suggests US exit Basel group

(Newser) - A new set of international banking regulations are “anti-American,” the CEO of JPMorgan Chase tells the Financial Times —so much so that the US should seriously consider quitting the regulatory group that set the rules. The Basel group’s new regulations require banks to balance risk-taking by...

Bank of America Job Cuts May Reach 40K

Continues major overhaul in effort to slim down

(Newser) - Job cuts at Bank of America could hit a number much higher than earlier reported —four times higher: Executives are now discussing cutbacks to the tune of 40,000 positions, the Wall Street Journal reports. A final decision isn’t expected until later today. The bank is aiming to...

States Offer Banks Immunity From Mortgage Lawsuits

In exchange for up to $25B payoff

(Newser) - State prosecutors are offering big banks an expensive Get Out of Lawsuits Free card. Prosecutors have offered a variety of banks caught up in the “robosigning” scandal immunity from some litigation in exchange for a total of $10 billion to $25 billion in penalties, the Financial Times reports. Some...

Greek Banks Alpha Bank and Eurobank Plan Merger
 Top Greek Banks Plan Merger
Aug 29, 2011 12:19 PM CDT

Top Greek Banks Plan Merger

Alpha Bank, Eurobank combine to help fix troubled sector

(Newser) - Two of Greece’s biggest banks are teaming up to fight the country’s banking crisis. Alpha Bank and Eurobank are set to merge into the country’s largest bank and one of the top 25 in the euro zone. “I am confident that the new combined entity will...

Bank of America to Slash Thousands of Jobs

As many as 10K could eventually get the boot

(Newser) - Bank of America Corp. is cutting 3,500 jobs this quarter, and plans to cut many more in the quarters ahead, as part of a drastic plan to overhaul the company. A source tells the Wall Street Journal that the company will probably dispose of at least 10,000 jobs...

HSBC to Cut 30K Jobs
 HSBC to Cut 30K Jobs 
Aug 1, 2011 5:44 AM CDT

HSBC to Cut 30K Jobs

But British bank hasn't said where

(Newser) - HSBC plans to cut some 30,000 jobs by 2013, shrinking its global workforce by 10%, the company says. As part of the plan, the British bank has cut 5,000 jobs this year, the AP reports. The firm didn’t say which countries would see cuts, though a rep...

Paul Krugman: Don't Let Mortgage Lenders 'Off the Hook'

 Don't Let Bankers 
 'Off the Hook' 
paul krugman
Jul 18, 2011 11:39 AM CDT

Don't Let Bankers 'Off the Hook'

Deals with banks for paltry sums won't fix the crisis: Paul Krugman

(Newser) - The mantra of recent US fiscal policy has been "go easy on the bankers," writes Paul Krugman in the New York Times . Trouble is, that attitude neither holds them accountable nor does it put us on the road to recovery. Now, federal officials are calling on states to...

Long Banks' Worst Enemy, Warren Now Courts Them

'She's listening' as she sets up Consumer Financial Protection Bureau

(Newser) - Elizabeth Warren is the longtime bane of the banking industry's existence, but as she prepares the new Consumer Financial Protection Bureau, the woman who once slammed Wall Street's finest as "the people who drove the car off the cliff" is now killing them with kindness. In many cases, they’...

Banks Expected to Dole Out Dividends Again

Rising profits should lead to 'milestone' soon: Analysts

(Newser) - America’s top banks are expected to report yet another quarter of profits, putting them in prime position to start paying dividends again, analysts tell the New York Times . JPMorgan got things rolling today by reporting a 47% increase in profits, notes the Wall Street Journal . It will be followed...

FDIC Launches 50 Criminal Inquiries of Failed Banks

But it won't name names yet

(Newser) - The FDIC has launched criminal investigations targeting around 50 executives, directors, and employees from banks that failed during the financial crisis. Regulators won’t say which banks or executives are under investigation yet, but did tell the Wall Street Journal that banks of all sizes from across the country are...

States Asked for Foreclosure Probe—3 Years Ago

Federal regulators turned down request, put off matter

(Newser) - State regulators suspected that there was something fishy about banks' foreclosure procedures as far back as three years ago, but federal regulators forbid them to take action, the Washington Post reports. The federal comptroller told the states his office was already planning an investigation, and that banks should only respond...

Wall Street Pay to Break Records (Again)

Pay up 4% from previous record, set last year

(Newser) - Wall Street is set to break the compensation records it set just last year, the Wall Street Journal reports. In a survey of 35 publicly traded securities and investment-services firms, 26 were expected to boost compensation, bringing total pay up to $144 billion—up 4% from last year’s $139...

Goldman Sachs Boosts Lobbying Costs 40%

Banks want to shape finance reform

(Newser) - Goldman Sachs is spending more and more in Washington—The bank upped its lobbying spending by nearly 40% in the second quarter and has already spent almost as much in the first half of this year as it did in all of 2009, notes the Huffington Post . The company...

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