Banking News

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Bank of America (NYSE: BAC) Plans New Credit Card Fees, Follows JPMorgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC) Approach

The financial services industry continues to struggle with replacing the revenue lost through the Dodd Frank financial regulatory reform legislation. Since the major banks have to get out of prop trading, and now have limits on overdraft fees, merchant charges, and a myriad of other issues, the banks are scramble to find new ways to […]
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JPMorgan Chase (NYSE: JPM) Exec Voices Concern Over Debt Ceiling

Although the government was able to avoid a shut down a few weeks ago, a bigger financial problem may be brewing as well. As noted in various news outlets, the debt ceiling for the U.S. is just above current levels, and is expected to be breached this summer for sure. Financial service companies have recognized […]
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California Public Employees Retirement System Disagrees with Plan from Goldman Sachs (NYSE: GS)

CalPERS, the California Public Employees’ Retirement System is concerned by a plan set forth by Goldman Sachs (NYSE: GS). Goldman’s plan is to liquidate Lehman Brothers Holdings Inc., the last remnants of the once storied investment bank that collapsed at the height of the financial crisis in 2006 and has a much different flavor than […]
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Citigroup (NYSE: C) To Hire 500 New Employees

In what may turn out to be some of the most promising signs of the economic recovery on Wall Street, Citigroup (NYSE: C) has disclosed plans to hire 500 new employees over the next two years. A bank spokesperson confirmed the rumors earlier today, and this is a welcome sign for the leagues of finance […]
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JP Morgan (NYSE: JPM) Deal Sets Return Of $800 Million To Lehman Estate

JP Morgan (NYSE: JPM) has reportedly reached an agreement with the Lehman Brothers Trustees that will return $800 million to former customers of the now defunct investment bank. The deal will not impact financial results, according to the bank.  JP Morgan, who acted as the clearing agent for Lehman’s broker-deal arm, held onto the accounts […]
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Look Out Below! Citigroup (C) Leads the Big Banks in Reporting Lower Loan Balances

Citigroup (C), Bank of America (BAC), Wells Fargo (WFC), and JPMorgan Chase (JPM) all reported lower outstanding loan balances in the first quarter. CNNMoney is reporting that all told, average loans outstanding at the four banks dropped 7% from a year earlier – a decline of $210 billion — even as deposits rose 5%. Citigroup […]
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Bank of America (NYSE: BAC) Posts Lower-than-Expected Earnings, Increases Reserves for Mortgage-Related Costs

Trying to brush aside their unexpected loss at the end of last year, Bank of America (BAC) posted a first-quarter profit Friday. In the report, BAC reported a profit of $2 billion, or 17 cents a share, for the first quarter. That compares with a year-ago profit of $3.2 billion, or 28 cents a share. Revenue […]
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J.P. Morgan Chase (NYSE: JPM) Offers Mixed Bag in Earnings Report

The good news in J.P. Morgan Chase’s (JPM) first-quarter earnings report came from strong results in their credit card, commercial banking, and asset management businesses. In addition to a first-quarter profit that shattered expectations, the bank reported deposit growth of 4%, a 14% lift in mortgage originations and a 21% decrease in non-performing loans. The […]
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JPMorgan Chase (NYSE: JPM) CEO Dimon Receives Pay Raise of Over 50%

JPMorgan Chase (JPM) announced in regulatory documents that it increased the 2010 compensation package for CEO Jamie Dimon by more than 50%. As reported by Zacks, Mr. Dimon’s total compensation for 2010 came in at $23 million. That compares to a package totaling $15.2 million in 2009. After adjustments per SEC guidelines that only allow […]
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JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon Warns Against “Complicated Regulatory” Environment

As chief executive of JPMorgan Chase, you would expect that Jamie Dimon might not be “all in” when it comes to the new financial regulation coming out of Washington. Still, it was a little surprising to hear him launch into what could be seen as a barrage of complaints about how the regulations could be […]
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U.S. Bancorp (NYSE: USB) Says Discount Window Was the Most “Economic Alternative” at Times

In a twist on a phrase, “borrowing” it could be said is in the eyes of the beholder. At least that’s the word coming from U.S. Bancorp (USB). The Federal Reserve has released information regarding which of the nation’s banks borrowed from the Federal Reserve’s discount window. Fearing the negative public perception, and perhaps a […]
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Goldman Sachs (NYSE: GS) CEO Blankfein Doubles Bonus in 2010.

It’s hard to say that things have really changed on Wall Street when a bad year for Goldman Sachs (GS) results in CEO Lloyd Blankfein receiving a total compensation of $18.6 million. In an article on Street Sweep, Colin Barr reported about the compensation package, which Goldman reported in its annual proxy statement filed on […]
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Bank of America (NYSE: BAC)’s Krawcheck Planning Management Changes for Brokerage Business

Salle Krawcheck, President of Bank of America (NYSE: BAC)’s wealth management division continues to search for a head of the firms brokerage business. The 15,500 person operation remains one of the largest in the industry, and the candidate pool is rather sparse. Two people with knowledge of the process state that Andrew Sieg and John […]
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JPMorgan Chase (NYSE: JPM) CEO Dimon Speaks Out Against Regulatory Reform

Jamie Dimon, the Chief Executive Officer of JPMorgan Chase (NYSE: JPM) was able to navigate his firm through the financial crisis relatively unscathed, and even picked up a few business opportunities in the process. While Dimon has been revered in Wall Street circles and commended for his vision and strategy at the New York based […]
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Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), JPMorgan Chase (NYSE: JPM), and Citigroup (NYSE: C) Meet with State Attorney Generals

The mortgage crisis that began nearly three years ago continues to plague the banking industry, but the firms with the greatest exposure are seeking to expedite and remediate the issue as soon as possible. Today, officials from Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), JPMorgan Chase (NYSE: JPM), and Citigroup (NYSE: C) met […]
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