Opening Bell: 10.14.09
JPMorgan Reports $3.6 Billion Profit For Third Quarter (BW)
Sayeth Jamie Dimon: ""Our net income of $3.6 billion in the quarter reflected the strong earnings power of the company, with broad-based growth across the Investment Bank, Asset Management, Commercial Banking and Retail Banking. However, credit costs remain high and are expected to stay elevated for the foreseeable future in the Consumer Lending and Card Services loan portfolios. Accordingly, we have added $2.0 billion to our consumer credit reserves, bringing the firmwide total to $31.5 billion, or 5.3%1 of total loans. Tier 1 Common Capital, another key element of our fortress balance sheet, was also strengthened through capital generation during the quarter, to $101 billion, or 8.2%."
Wall Street On Track To Award Record Pay (WSJ)
An estimated $143,400 on average, up almost $2,000 from 2007 levels.
BofA Emails Show Pique at U.S. Over Dividends (WSJ)
Some emails show that apparently a few people at BofA weren't happy with the government's request to "screw shareholders."
Who Wants A RBS Branch? (FT)
The bank has 300 or so to give away.
Blackstone See "More Than Green Shoots" Of Recovery (Reuters)
"We can certainly do transactions in the $3-$4 billion range at this stage in the cycle," Stephen Schwarzman said yesterday. "And with low leverage involved, deals of that size can use in excess of $1 billion equity."
Geithner Aides Reaped Millions Working for Banks, Hedge Funds (Bloomberg)
Gene Sperling got $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies (including Allen Stanford's firm) last year; Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group.
Kitchen worker among AIG staff who received 'retention bonuses' (FT)
$7,700 in cash. And Ken Feinberg wants it back.