JPMorgan Tops Goldman in Investment Banking as Fees Swell 13% (Bloomberg)
The world’s No. 1 investment bank in 2009 was JPMorgan, which took in $4.97 billion, a 16 percent increase over 2008, when it was also the leader. JPMorgan was also No. 1 in fees from equity and debt sales. Goldman Sachs was No. 2 in total fees and No. 1 in mergers and acquisitions, having advised Schering-Plough Corp. on its completed $47 billion sale to Merck & Co., among other transactions.
White House Offers Bill to Restrict Big Banks’ Actions (NYT)
Goldman Sachs and Morgan Stanley would probably be the Wall Street firms most affected by the ban, known informally as the Volcker Rule, but they might be able to shed their status as bank holding companies, to avoid some of the restrictions.
Traders Seek Out the Next Greece in an Ailing Europe (NYT)
In a statement, Michael Vachon, a spokesman for Soros Fund Management, denied any wrongdoing and said, “It has become commonplace to direct attention toward George Soros whenever currency markets are in the news.”
State Street Pays Departing CEO $5.4 Million Cash (Reuters)
Congratulations, Ronald Logue.
Wells Fargo Chief Earns $21 Million (Reuters)
John Stumpf did pretty okay for himself, too. (Are you seething inside, Lloyd?)
Pandit to Offer Thanks for Government Bailout (Dealbook)
“This investment built a bridge over the crisis to a sound footing on the other side, and it came from the American people,” Mr. Pandit said in his prepared remarks for today's hearing on Capitol Hill. “Citi owes a large debt of gratitude to American taxpayers.”
Madoff Investors Can't Sue UBS (WSJ)
Although they see it otherwise: Lawyer François Brouxel, who represents 70 clients bringing claims against UBS and E&Y, four of them part of the test case, said he will appeal. "The fact that we have lost, it's always disappointing but the fight is not yet closed," he said
AIG ‘Still Exposed’ Amid Losses From Mortgage Insurer, Lender (Bloomberg)
“There’s a variety of different ways AIG is still exposed to the trends in housing finance,” said Bill Bergman, an analyst at Morningstar Inc. in Chicago. “Those trends are improving, but it’s still a meaningful amount to lose.”