Banking Industry - Business ExchangeMost Active Articles2009-11-24T04:54:53.207-05:00Business ExchangeBusiness_Exchange@businessweek.comurn:com:businessweek:bx:topic:most-active:banking-industrySteve Bobrovsbobrov064Missing Lehman Lesson of Shakeout Means Too Big Banks May Failurn:com:businessweek:bx:article:13115436513861138883-a965e6afaed56c0a4dfb5db0826584e32009-11-24T01:08:55.564-05:00Sept. 8 (Bloomberg) -- The warning was ominous: “Massive global wealth destruction.” That’s what Lehman Brothers Holdings Inc. executives predicted before they filed the biggest bankruptcy in U.S. history. “Impacts all financial institutions,” read...Sept. 8 (Bloomberg) -- The warning was ominous: “Massive global wealth destruction.” That’s what Lehman Brothers Holdings Inc. executives predicted before they filed the biggest bankruptcy in U.S. history. “Impacts all financial institutions,” read...bloomberg.comhttp://www.bloomberg.com/apps/news?pid=20601170&sid=aX8D5utKFuGAGeorge Mattathilgmattathil7150000Yankees And Southerners Go To War In Search For CEO At Bank Of America (BAC)urn:com:businessweek:bx:article:6359900412212816095-7bd838c18d6a35c2961225d1732d519a2009-11-23T11:25:39.282-05:00A lot of names have hit the news with an announcement, “I do not want to be the CEO of BofA.” The list of who has been offered the job is much shorter.A lot of names have hit the news with an announcement, “I do not want to be the CEO of BofA.” The list of who has been offered the job is much shorter.businessinsider.comhttp://www.businessinsider.com/yankees-and-southerners-go-to-war-in-search-for-ceo-at-bank-of-america-2009-11Henry Blodgethblodget1862200The Silver Trade is Better than Goldurn:com:businessweek:bx:article:6810746342327000575-07433723d0857ce4c86eb76c95dde7a02009-11-23T10:38:45.813-05:00Much attention has been given to gold lately, and rightfully so. The yellow metal is often an excellent proxy for inflation, and can be a strong indicator of investor sentiment. As investors become more risk averse, they look for “hard assets” that...Much attention has been given to gold lately, and rightfully so. The yellow metal is often an excellent proxy for inflation, and can be a strong indicator of investor sentiment. As investors become more risk averse, they look for “hard assets” that...zachstocks.comhttp://zachstocks.com/2009/11/the-silver-trade-is-better-than-gold/Zachary Scheidtzscheidt7650000The Best Job No One Wantsurn:com:businessweek:bx:article:4737553446906276617-04e12589168b7f456c4a4919ed69f55d2009-11-20T12:05:18.581-05:00A new CEO for Bank of America could be chosen as early as Sunday, reports Charlie Gasparino. Inside a selection process beset by rivalries, government pressure—and most of all a lack of interest from top candidates.A new CEO for Bank of America could be chosen as early as Sunday, reports Charlie Gasparino. Inside a selection process beset by rivalries, government pressure—and most of all a lack of interest from top candidates.thedailybeast.comhttp://www.thedailybeast.com/blogs-and-stories/2009-11-19/the-best-job-no-one-wants/Henry Blodgethblodget186242301Finance Layoffs and Hirings: BofA, Citigroup and more (Dealscapeurn:com:businessweek:bx:article:2791187419565380988-2ae994ae30062a5cdeb1ca355666bd0f2009-11-20T15:57:29.112-05:00Unemployment is over 10%, and jobs on Wall Street are trickling back. Here's the latest news. HSBC Holdings plc (NYSE:HBC) is closing a branch in Buffalo, N.Y., according to The Buffalo News. Citigroup Inc. (NYSE:C) is cutting down branches in the U.Unemployment is over 10%, and jobs on Wall Street are trickling back. Here's the latest news. HSBC Holdings plc (NYSE:HBC) is closing a branch in Buffalo, N.Y., according to The Buffalo News. Citigroup Inc. (NYSE:C) is cutting down branches in the U.thedeal.comhttp://www.thedeal.com/dealscape/2009/11/finance_layoffs_and_hirings_bank_of_america_citigroup_and_more.phpBrennen Wysongbwysong598101000Goldman Sachs: Bernie Madoff on Steroidsurn:com:businessweek:bx:article:17975623028164271554-09f9618b808227c0ab85639776641ff22009-11-20T17:52:59.092-05:00Money does not represent gold, solver, or oil. Money represents human productivity – yours and mine. Goldman Sachs is about to award the greatest ANNUAL payout for its employees – over 700,000 dollars EACH. The words “money” and “productivity”...Money does not represent gold, solver, or oil. Money represents human productivity – yours and mine. Goldman Sachs is about to award the greatest ANNUAL payout for its employees – over 700,000 dollars EACH. The words “money” and “productivity”...conversationalcurrency.comhttp://www.conversationalcurrency.com/5010/goldman-sachs-bernie-madoff-on-steroids/Daniel Roblesdrobles9754400Goldman Sachs' managing director class of 2010 (Dealscapeurn:com:businessweek:bx:article:6309398233112605302-fa6067773c45eac504f1d218beeadbf52009-11-20T16:06:16.448-05:00Two hundred seventy-two bankers will be named managing directors at Goldman, Sachs & Co. (NYSE:GS) on Jan. 1. The promotions make them eligible for bigger bonuses. This is the biggest MD class since 2007, when 299...Two hundred seventy-two bankers will be named managing directors at Goldman, Sachs & Co. (NYSE:GS) on Jan. 1. The promotions make them eligible for bigger bonuses. This is the biggest MD class since 2007, when 299...thedeal.comhttp://www.thedeal.com/dealscape/2009/11/goldman_sachs_managing_directo.phpBrennen Wysongbwysong5984400Is Your Bank Safe?urn:com:businessweek:bx:article:18281660001984580574-306217e3b6a9e35e6a7f75e6d90170832009-11-18T17:23:26.720-05:00By the end of 2009, more than 130 banks will have failed. Most depositors will have little clue their bank was even at risk.By the end of 2009, more than 130 banks will have failed. Most depositors will have little clue their bank was even at risk.sobabyboomer.comhttp://www.sobabyboomer.com/2009/11/more-than-130-banks-will-have-failed-by-the-end-of-2009-is-your-bank-safe.htmlJohn Agnojagno44410802House Panel Advances Removal of Ban on Auditing Fed Rate Movesurn:com:businessweek:bx:article:7741057286795609487-16cf508ed624d64beed8b2c7a3d112672009-11-19T18:17:30.472-05:00A U.S. House committee advanced a proposal to remove a three-decade ban on congressional audits of Federal Reserve interest-rate decisions, a measure backed by a lawmaker who has called for abolishment of the central bank.A U.S. House committee advanced a proposal to remove a three-decade ban on congressional audits of Federal Reserve interest-rate decisions, a measure backed by a lawmaker who has called for abolishment of the central bank.bloomberg.comhttp://www.bloomberg.com/apps/news?pid=20601087&sid=aDsdF9NhAnhQ&pos=4Terence Rosetrose8551001American Express Acquiring Steve Case's Revolution Money For $300 Million (AXP)urn:com:businessweek:bx:article:5665904898317006835-8e0e4585147693fb9e8a3857f83f48132009-11-18T12:14:20.574-05:00Another big deal in the next-generation consumer financial products space.
American Express (AXP) has just announced the acquisition of Steve Case's startup Revolution Money for $300 million.Another big deal in the next-generation consumer financial products space.
American Express (AXP) has just announced the acquisition of Steve Case's startup Revolution Money for $300 million.businessinsider.comhttp://www.businessinsider.com/american-express-acquires-steve-cases-revolution-money-2009-11Henry Blodgethblodget1865500Customer Retention During the Downturnurn:com:businessweek:bx:article:4324866362954403119-0fc02354edc9d02db5648e9ca4d0d39b2009-11-19T00:22:45.842-05:00In light of the deepening economic crisis and its effect on churn behavior, retail banks need to revisit their retention strategies and revise their tactics so they reflect the new reality in the marketplace.In light of the deepening economic crisis and its effect on churn behavior, retail banks need to revisit their retention strategies and revise their tactics so they reflect the new reality in the marketplace.forteconsultancy.wordpress.comhttp://forteconsultancy.wordpress.com/2009/03/03/customer-retention-during-the-downturn/Berkin Ozmenbozmen5881100Deal Economy 2010: Boutique banks (Dealscapeurn:com:businessweek:bx:article:595067629420345001-32257e37032b1c72722751b26ce9de122009-11-18T15:35:35.365-05:00Blair Effron, partner and co-founder of Centerview Partners, says 2010 will be "pretty interesting" when it comes to M&A, especially in the U.S. "My bet is the U.S. will see $700 billion in transactions in 2010, up 10% to 15% from 2009," Effron...Blair Effron, partner and co-founder of Centerview Partners, says 2010 will be "pretty interesting" when it comes to M&A, especially in the U.S. "My bet is the U.S. will see $700 billion in transactions in 2010, up 10% to 15% from 2009," Effron...thedeal.comhttp://www.thedeal.com/dealscape/2009/11/deal_economy_2010_boutique_ban.phpBrennen Wysongbwysong5982200$500 Million and Apology From Goldmanurn:com:businessweek:bx:article:14335520315443742812-7e56b93c1f94c1fe293a37b84d97102e2009-11-18T12:34:28.548-05:00After first staunchly defending its outsize profits and pay, and then bristling at calls for restraint in these tough economic times, Goldman is trying a new tack: It is apologizing for past mistakes that led to the financial crisis — and sharing at least some of its riches.After first staunchly defending its outsize profits and pay, and then bristling at calls for restraint in these tough economic times, Goldman is trying a new tack: It is apologizing for past mistakes that led to the financial crisis — and sharing at least some of its riches.New York Timeshttp://www.nytimes.com/2009/11/18/business/18goldman.html?ref=businessHenry Blodgethblodget1861100Goldman And Buffett To Small Businesses: We're Here To Help!urn:com:businessweek:bx:article:16777723542178346568-f27c7e4dbc9c73cb942eb52429aa85e62009-11-18T12:23:30.301-05:00Goldman Sachs (GS) might be trying to burnish its public image by teaming up with Berkshire Hathaway in an endeavor to help small businesses.Goldman Sachs (GS) might be trying to burnish its public image by teaming up with Berkshire Hathaway in an endeavor to help small businesses.businessinsider.comhttp://www.businessinsider.com/goldman-and-buffet-to-small-businesses-were-here-to-help-2009-11Henry Blodgethblodget1861100Citigroup's Kalvaria on the return of the megadeal (Dealscapeurn:com:businessweek:bx:article:542951493402749060-1f200b7e7fa248a5ce20b271ed178c802009-11-18T15:32:44.965-05:00Leon Kalvaria, vice chairman of the institutional clients group of Citigroup Inc. (NYSE:C), was at The Deal Economy 2010 conference on Wednesday in New York. In this video, Kalvaria, who is an adviser for Kraft Inc.Leon Kalvaria, vice chairman of the institutional clients group of Citigroup Inc. (NYSE:C), was at The Deal Economy 2010 conference on Wednesday in New York. In this video, Kalvaria, who is an adviser for Kraft Inc.thedeal.comhttp://www.thedeal.com/dealscape/2009/11/citigroups_kalveria.phpBrennen Wysongbwysong5980000Uh-Oh: Now Risk Managers Are Completely Focused On Pleasing Regulatorsurn:com:businessweek:bx:article:15398760277837269121-9a819b7eb8275a115470469e7462780d2009-11-18T12:19:32.423-05:00Crises tend to expand the role of government, which then never subsides. The theme of Robert Higgs' Crisis and Leviathon was that wars and great depressions create a ratchet-like movement toward ever bigger government. Crises tend to expand the role of government, which then never subsides. The theme of Robert Higgs' Crisis and Leviathon was that wars and great depressions create a ratchet-like movement toward ever bigger government. businessinsider.comhttp://www.businessinsider.com/uh-oh-now-risk-managers-are-completely-focused-on-pleasing-regulators-2009-11Henry Blodgethblodget1860000Three more banks fail, bringing total to 123 (Dealscapeurn:com:businessweek:bx:article:3252943398699614817-f84ed76c3ed5d757a1d1328e69aa619e2009-11-16T16:20:49.712-05:00Three more banks failed this weekend, bringing the grand total of bank failures this year to 123. It's likely that bank failures could reach 150 by the end of the year.Three more banks failed this weekend, bringing the grand total of bank failures this year to 123. It's likely that bank failures could reach 150 by the end of the year.thedeal.comhttp://www.thedeal.com/dealscape/2009/11/three_more_banks_fail_bringing_total_to_123.phpBrennen Wysongbwysong5983300Hiring: J.P. Morgan, UBS and more (Dealscapeurn:com:businessweek:bx:article:2655700182099253667-bc339aecf5258131b034c2f88cd828932009-11-16T16:21:23.933-05:00Looking for a job? Here's a peek at the latest financial institutions that are reportedly hiring. UBS (NYSE:UBS) is hiring in fixed-income trading, according to Bloomberg. J P. Morgan Chase & Co. (NYSE:JPM) is hiring 1,200 mortgage loan officers by...Looking for a job? Here's a peek at the latest financial institutions that are reportedly hiring. UBS (NYSE:UBS) is hiring in fixed-income trading, according to Bloomberg. J P. Morgan Chase & Co. (NYSE:JPM) is hiring 1,200 mortgage loan officers by...The Deal.comhttp://www.thedeal.com/dealscape/2009/11/hiring_jp_morgan_ubs_and_more.phpBrennen Wysongbwysong5982200Wall Street Makes It Hard to Earn Legal Livingurn:com:businessweek:bx:article:11515901518310911023-079a4a1c20aaf885cc24f5b06927cbee2009-11-16T12:08:53.737-05:00A group of university students I spoke to recently asked if it was possible to make a living on Wall Street without compromising your values. I had to tell them no. Wall Street has many decent, honorable people, but they work...A group of university students I spoke to recently asked if it was possible to make a living on Wall Street without compromising your values. I had to tell them no. Wall Street has many decent, honorable people, but they work...bloomberg.comhttp://www.bloomberg.com/apps/news?pid=20601039&sid=aSBXFKI5GvlgTerence Rosetrose8551100Small Banks Move In as Giants Falterurn:com:businessweek:bx:article:3706807504977990717-b81cf1fe17b55dd87fa268e5da9aac752009-11-13T17:53:15.498-05:00The plan was created by BancVue, a consulting and marketing company for small banks. Its aim is to bring new high-interest, no-fee checking accounts offered by small banks and credit unions nationwide under one brand, called “Kasasa” — a name made up after BancVue conducted extensive consumer marketing tests. BancVue argues that smaller banks, by pooling their marketing resources, can attract deposits from larger institutions.The plan was created by BancVue, a consulting and marketing company for small banks. Its aim is to bring new high-interest, no-fee checking accounts offered by small banks and credit unions nationwide under one brand, called “Kasasa” — a name made up after BancVue conducted extensive consumer marketing tests. BancVue argues that smaller banks, by pooling their marketing resources, can attract deposits from larger institutions.New York Timeshttp://www.nytimes.com/2009/11/02/business/media/02adco.htmlCrystal Thomascthomas9726501Trio of video conversations with Rodgin Cohen (Dealscapeurn:com:businessweek:bx:article:3016854768659629150-558d508ce4a043e80b7c3b80d8e584ed2009-11-16T16:15:42.067-05:00It took the biggest financial crisis since the Great Depression to reveal what we at The Deal have known all along, that Rodgin Cohen is the pre-eminent bank lawyer of his generation. Dubbed the "trauma surgeon of Wall Street" in a glowing profile...It took the biggest financial crisis since the Great Depression to reveal what we at The Deal have known all along, that Rodgin Cohen is the pre-eminent bank lawyer of his generation. Dubbed the "trauma surgeon of Wall Street" in a glowing profile...thedeal.comhttp://www.thedeal.com/dealscape/2009/11/rodge_cohen.phpBrennen Wysongbwysong5980000The Talented Mr. Spitzerurn:com:businessweek:bx:article:17622658299671659052-de20dacfa148e0e39bed4fb689ad728c2009-11-16T15:08:53.049-05:00I’ve been fuming about Spitzer’s lecture ever since his appearance in Cambridge. I’m a graduate of Harvard College and Harvard Business School, love the university and hope we clobber Yale in this weekend’s football game. It bugs me, however, that my alma mater awarded Client Nine a bully pulpit to reinvent his image. With a lecture on ethics, no less.I’ve been fuming about Spitzer’s lecture ever since his appearance in Cambridge. I’m a graduate of Harvard College and Harvard Business School, love the university and hope we clobber Yale in this weekend’s football game. It bugs me, however, that my alma mater awarded Client Nine a bully pulpit to reinvent his image. With a lecture on ethics, no less.acrimoney.comhttp://acrimoney.com/2009/11/16/croc-governor/Norb Vonnegutnvonnegut3180000The 12 Worst Economic Crashes in 2010urn:com:businessweek:bx:article:14635741240907388354-35767e3144a52639687ba51d07a1bc2b2009-11-11T05:13:15.174-05:0011 November 2009. What will are expected the worst economic crashes that happen in 2010? The list is dominated by European countries, so much so that we must stop talking about the sick man of Europe. Now we need to talk about Europe as the sick continent of the world. Indeed, out of the top 12 countries on the disaster list, only one - Equatorial Guinea, scene of corruption, embezzled oil money and attempted coups - is not European. Leading the pack are Ireland, a microcosm of the US - but without their own reserve currency to fall back on, and Lithuania, once a proud Baltic Tiger but now struggling with debt and a lack of export orders. 11 November 2009. What will are expected the worst economic crashes that happen in 2010? The list is dominated by European countries, so much so that we must stop talking about the sick man of Europe. Now we need to talk about Europe as the sick continent of the world. Indeed, out of the top 12 countries on the disaster list, only one - Equatorial Guinea, scene of corruption, embezzled oil money and attempted coups - is not European. Leading the pack are Ireland, a microcosm of the US - but without their own reserve currency to fall back on, and Lithuania, once a proud Baltic Tiger but now struggling with debt and a lack of export orders. economywatch.comhttp://www.economywatch.com/economy-business-and-finance-news/12-worst-economic-craches-in-2010-11-11.htmlKeith Timimiktimimi693121200Feinberg Says ‘Very Concerned’ Pay Cuts May Lead to Talent Lossurn:com:businessweek:bx:article:17248123619226234349-0ee2a04dae1ee9b187956006716e22662009-11-12T09:50:12.080-05:00Kenneth Feinberg, the Obama administration’s special master for executive compensation, said he is “very concerned” about the possibility his pay cuts may drive talent away from companies bailed out by U.S. taxpayers.Kenneth Feinberg, the Obama administration’s special master for executive compensation, said he is “very concerned” about the possibility his pay cuts may drive talent away from companies bailed out by U.S. taxpayers.bloomberg.comhttp://www.bloomberg.com/apps/news?pid=20601087&sid=aBBdnS4440mM&pos=1Terence Rosetrose8553201US Government to access all bank transactionsurn:com:businessweek:bx:article:6822184325527915228-c7ab3aa54a9f1bf08f4046553b0435052009-11-13T03:24:04.209-05:00It's been brewing for a while but today the EU is drafting agreements for an information sharing structure for all SWIFT transactions with the US Government.
Effectively this means that all bank transactions can be seen by Federal Authorities. Although it's meant to be for anti-terrorist purposes only, it may lead to any money laundering, drug money, criminal activity or other undesirable money usage being tracked and monitored.
Resisted by SWIFT and the EU after the first time this happened under subpoena, it's interesting that this is finally becoming an agreed way forward.It's been brewing for a while but today the EU is drafting agreements for an information sharing structure for all SWIFT transactions with the US Government.
Effectively this means that all bank transactions can be seen by Federal Authorities. Although it's meant to be for anti-terrorist purposes only, it may lead to any money laundering, drug money, criminal activity or other undesirable money usage being tracked and monitored.
Resisted by SWIFT and the EU after the first time this happened under subpoena, it's interesting that this is finally becoming an agreed way forward.thefinanser.co.ukhttp://thefinanser.co.uk/fsclub/2009/11/things-worth-reading-13th-november-2009.htmlChris Skinnercskinner0493300