Banks

Read on and learn, well, basically nothing that you could not have intuited. Read more »

  • 30 Sep 2014 at 1:45 PM
  • Banks

BofA Kinda Forgot That Structured Notes Mature

Ah, 2009: Heady times at Bank of America, what with Merrill Lynch being dropped (/forced) into their lap and all. Still, it does seem rather a big oversight to have failed to account for the fact that bonds and options, you know, don’t last forever—and then to have missed it for four years and almost $4 billion. Read more »

Paul Singer doesn’t want to hear the bank’s bellyaching. Neither does the U.S. Second Circuit Court of Appeals. But not wanting to go the way of BNY Mellon, Citi will try its hand once more with the not-always-sympathetic Thomas Griesa. Read more »

Did UBS help clients evade taxes for years and years? Yes, it’s a Swiss bank and that’s what Swiss banks do (did?). Is that any reason for France to go all extortionist on its ass? UBS says no. As an aside, a spokesperson from UBS has suggestion that certain French attorneys ought to go back to law school. Read more »

Over the last several years, Bank of America has paid something like $827 billion in fines and settlements, including $16.65 billion just last month. So while another billion here or there would represent but a drop in the bucket, you can sort of understand why Moynihan et al would be done, emotionally, cutting these checks and why they would try and get out of whatever penalties they can, however thin the arguments for doing so (“Just put us out of our misery already”) may be. Unfortunately, today is apparently not Moynihan’s day and tomorrow’s not looking very good either. Read more »

Abigail Thernstrom has been watching Blankfein’s rise to the upper echelons of Wall Street from her office Cambridge, waiting patiently for the day a reporter would finally give her an opening to reveal he owes her 30,000 words on the law. Read more »

  • 16 Sep 2014 at 3:25 PM
  • Banks

Citigroup Will Get Out Of Subprime Lending No Matter What It Takes

Mike Corbat’s subprime albatross, OneMain Financial, is finally making some money, meaning it’s now or never for getting rid of it. Which means now. Read more »

  • 16 Sep 2014 at 2:16 PM
  • Banks

Goldman Sachs: Teacher’s Pet

Wall Street’s banks were pretty hard on themselves for this year’s choose-your-own-misadventure stress-test trial runs, conjuring a way worse recession than they did last year, and doing concomitantly worse as a result. Citigroup’s Tier 1 would fall from 9.1% to 8.7%, JPMorgan’s from 8.5% to 8.4%, Morgan Stanley’s from 9.5% to 8.9% and Wells Fargo’s from 9.9% to 9.6%.

But not everyone’s doing so badly, even when they were really, really hard on themselves. Read more »