Banks

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 »

  • 16 Sep 2014 at 11:47 AM

Layoffs Watch ’14: Bank of America

Cuts are said to have begun at the House ‘o Bri-Moy. Read more »

The world’s biggest banks are overhauling how they trade currencies to regain the trust of customers and preempt regulators’ efforts to force changes on an industry tarnished by allegations of manipulation. Barclays Plc, Deutsche Bank AG, Goldman Sachs Group Inc., Royal Bank of Scotland Group Plc and UBS AG, which together account for 43 percent of foreign-exchange trading by banks, are introducing measures to make it harder for dealers to profit from confidential customer information and take advantage of clients in the largely unregulated $5.3 trillion-a-day currency market, according to people with knowledge of the changes. Banks have capped what employees can charge for exchanging currencies, limited dealers’ access to information about customer orders, banned the use of online chat rooms and pushed trades onto electronic platforms, according to the people, who asked not to be identified because they weren’t authorized to discuss their firms’ practices. [Bloomberg]

  • 10 Sep 2014 at 3:17 PM

Layoffs Watch ’14: Bank of America

Traders at at the House of Moynihan should reportedly gird their loins as of next Monday. Read more »