A British judge is none too pleased with Lloyd Blankfein, et. al., re: their none-too-serious request of her to junk the Libyan Investment Authority’s lawsuit against it. And for wasting her time and Libya’s money (or, if you believe the accusations that Goldman sold the sovereign wealth fund worthless crap, more of its money), the bank’s gonna have to pony up. Just not as much as Libya would like, because the very same judge isn’t sure that even Gary Cohn’s words warrant this level of textual analysis. Read more »
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 »
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]
The news is all good, indeed, for Lloyd and Co. so far this week. Goldman has once again demonstrated its dominance amongst its “peers,” being named the “stabilization agent” for a $20 billion-plus IPO. Read more »
Well, raises for everyone at Goldman Sachs, Morgan Stanley, and Bank of America. JP Morgan and Citi are still pondering this one. Read more »
The youngest members of the House of Lloyd are said to be in for a nice little salary bump. Read more »
Banks are said to have made their best offers this week. Read more »