JPMorgan Dominates in Investment Banking Top Line

Regulators target bankers' cash compensation: report
Mon Dec 20, 2010 11:59pm EST n">(Reuters) - U.S. Regulators may force big financial firms to award half or more of their executive pay in the form of stock or other deferred compensation instead of cash, the Wall Street Journal said, citing people familiar with the situation. The move, which could affect big Wall Street firms such as Bank of America Corp, JPMorgan Chase, Goldman Sachs and Morgan Stanley, is aimed at curbing excessive risk taking behavior that contributed to the financial cris...

Checkmate | BofA, GMAC, Chase, Wells, Citi, Onewest Face N.J. Foreclosure Freeze
KABOOM! BofA, GMAC, Chase, Wells, Citi, Onewest Face N.J. Foreclosure Freeze This is coming in from multiple fronts... Chink in the Armor The State Supreme Court of NJ has ordered a halt to all foreclosure in the state of NJ. This is most excellent news for the reason you may not realize: NJ is owned by the Wall St. Bankers. Remember the movie Copland about a town in NJ owned and run by a bunch of NYC cops? Guess who used to be Governor of NJ? Corzine. Guess what his job was before he became G...

Canada's TD Bank bets $6 billion on U.S. auto lending
Toronto (Reuters) - Toronto-Dominion Bank is buying Chrysler Financial for $6.3 billion, the second time in a week that a Canadian lender has placed a big bet on the U.S. Economic Recovery. Tuesday's cash deal, which includes about $400 million in goodwill, will make Canada's No. 2 bank one of North America's biggest bank-owned auto lenders. The bank won't issue any stock to fund its purchase from Cerberus Capital Management, a feature that helped push TD shares up nearly 4 percent. "The TD Ban...

Regulators target bankers' cash compensation: report
Mon Dec 20, 2010 11:59pm EST n">(Reuters) - U.S. Regulators may force big financial firms to award half or more of their executive pay in the form of stock or other deferred compensation instead of cash, the Wall Street Journal said, citing people familiar with the situation. The move, which could affect big Wall Street firms such as Bank of America Corp, JPMorgan Chase, Goldman Sachs and Morgan Stanley, is aimed at curbing excessive risk taking behavior that contributed to the financial cris...

JPMorgan buys Lehmans former London HQ
JPMorgan Chase is moving the headquarters of its European Investment Banking operations to Lehman Brothers’ former premises in London’s Canary Wharf district in a £500m ($775m) deal that counters fears about a shift of banks away from the UK capital. JPMorgan has opted to buy the former Lehman tower instead of building a new £1.5bn headquarters in Canary Wharf, known as “Riverside South”. EDITOR’S CHOICE Belief builds in City ...

Emptiness Is Loneliness, and Loneliness is Cleanliness
Aww, poor babies: Bonus season is fast approaching on Wall Street, but this year the talk does not center just on multimillion-dollar paydays. It’s about a new club that no one wants to join: the Zeros. Drawn from a broad swath of back-office employees and middle-level traders, Bankers and brokers, the Zeros, as they have come to be called, are facing a once-unthinkable prospect: an annual bonus of … nothing. “It’s going to a cause a lot of panic on Wall Street,” ...

Goldman Sachs pay out $111million in bonuses despite taking billions in bailout money
Goldman Sachs bosses are to pick up $111million in bonuses in an 'outrageous' pay deal that flies in the face of the worst Recession for 80 years. The Investment Banks' chief executive Lloyd Blankfein and president Gary Cohn will get $24million each under the bumper agreement that will see thousands of others get huge rewards. The bonuses were agreed in 2008 months before Goldman took $10billion of U.S. Bailout money, but due to technicalities there is no way to stop the bank from paying them ou...

A Vote for Gold
Carney did not calm the nerves of Hans Merkelbach, investor, advisor, investor advocate, and watch dog of money manipulators, who wrote to the central Banker from his office on Bowen Island, British Columbia. After quoting the above, Merkelbach rebuked Carney: "Let’s get real! Would you explain to me why you, the ex-Goldman Sachs partner, besides having a warped idea of monetary matters, made such a ridiculous statement? The houses of cards are falling all around you, dear sir, but I ...

European Investment Banking Fees Shrivel Amid Sovereign Crisis
Investment banking fees in Europe shrank to the lowest in six years in 2010 as companies aborted fundraisings and takeovers during the sovereign-debt crisis....

Banking, other deals drive stock indexes higher
NEW YORK -- Financial companies led stock indexes to new two-year highs Tuesday after another big banking deal raised hopes that more acquisitions could be on the way. Toronto-Dominion Bank said it is buying Chrysler Financial, the automaker's old Lending arm, from Cerberus Capital Management LP for $6.3 billion. It was the latest example of a relatively healthy Canadian bank buying a U.S. lender battered by the Financial Crisis. Toronto-Dominion bought Commerce Bancorp Inc. in 2008, and just f...

Tim Chen: The Dangers of no Preset Spending Limit Cards
While most people understand that using all of their available credit can be detrimental, they don't understand why it affects their Credit Score. It can be summed up in two words: Credit Utilization. Credit utilization is the amount of credit that a consumer has consumed versus the amount of credit that consumer has available. It is this ratio that FICO uses as part of the formula for a consumer's "amounts owed" section. This section makes up 30% of a person's FICO score. As FICO is the larg...

NJ Top Court May Block Foreclosures
TRENTON, N.J. (CBS 2) — New Jersey’s highest court was threatening to block six major lenders, suspected of irregularities, from foreclosing on most Homeowners. Those lenders, which include Wells Fargo, JPMorgan Chase and Citibank, will have to appear in court next month and defend their Foreclosure practices. The Chief Justice of New Jersey’s Supreme Court said the court has become increasingly concerned about the accuracy and reliability of documents submitted to the office o...

Euro Becomes Increasingly Popular Choice to Fund Carry Trades
By Stephen L. Bernard The euro’s struggles could become more pronounced in coming months as traders increasingly use the beleaguered currency to fund so-called “carry trades.” That may sound surprising, given the yen and The Dollar’s singular appeal as currencies is that they cost next to nothing to borrow. But the euro is perceived to be so vulnerable to further declines on the foreign exchange market that big market participants are zeroing in on trades to bet against...

New Jersey warns foreclosure fiends
New Jersey has fired a shot across the Banking Industry's bow. The state's Supreme Court ordered the biggest lenders to prove they are acting lawfully in processing Foreclosures. While that only seems like common sense, Supreme Court Chief Justice Stuart Rabner told the Wall Street Journal he believes this is the first case in which the state courts have placed that particular ball where it belongs, in the Bankers' court. Time for a Mortgage rule makeover? "It's important that the judiciary ens...

Twin River stake purchased
A subsidiary of the New York private-equity company that owns the Harrah’s casino firm has notified Rhode Island it has purchased a share of the Twin River slot parlor in Lincoln. Louis A. DeQuattro, a Deputy Director and legal counsel for the State Department of Business Regulation, confirmed this morning that an arm of Apollo Global Management — Apollo Twin River Holdings LP — notified the agency Dec. 7 that it proposes to acquire more than a 5-percent stake in Twin River, th...

Mortgage lenders ordered to appear in NJ court - National Business - MiamiHerald.com
Newark, N.J. -- Six lenders who have combined to file nearly 30,000 Foreclosure actions in New Jersey this year face the possible suspension of their operations next month under a court order announced Monday by state Supreme Court Chief Justice Stuart Rabner. The action follows a report submitted to the Supreme Court that, citing depositions and court filings in other states, paints a picture of systemic abuses in the filing of foreclosures that include so-called "robo-signing," in which emp...

Banker's Apparent Suicide Stuns Friends
On Saturday morning 27-year-old Citigroup associate investment Banker Jessica Fashano jumped to her death from the top of a Trump Place apartment building on Riverside Blvd. To make an already tragic situation sadder, stories today paint the picture of the rare Banker with a soul—Fashano was

Major indexes poised for double-digit gains for the year
U.S. stocks rose modestly Tuesday but managed to close at their highest levels in more than two years as investors set their sights on 2011. The Dow Jones industrial average rose 55 points, or 0.5%, led by gains in shares of American Express, Bank of America and JPMorgan Chase. The blue chip index finished at 11,533, its highest level since August 29, 2008. The S&P 500 added 8 points, or 0.6%, with Adobe and Jabil Circuit among the biggest winners. The broader index closed at its highest lev...

Crony journalism at the NewsHour
JIM LEHRER: In the worst-case scenario, the panel says courts could block Foreclosures. Banks would be left holding bad Mortgage loans that cost them billions of dollars. That in turn would deepen disruption in the Housing Market. But, in the best case, the Oversight Panel acknowledges, concerns about Mortgage documents may prove to be overblown, a view embraced by the financial industry. This afternoon, executives from two major lenders, J.P. Morgan Chase and Bank of America, appeared before t...

Regulators target bankers' cash compensation: report
(Reuters) - U.S. Regulators may force big financial firms to award half or more of their executive pay in the form of stock or other deferred compensation instead of cash, the Wall Street Journal said, citing people familiar with the situation. The... Scenarios: Where is U.S. Financial Regulation headed into 2011? n">(Reuters) - U.S. Regulators may force big financial firms to award half or more of their executive pay in the form of stock or other deferred compensation instead of cash, the Wall...

Wall Street Pay Will Be Unequal as Some Receiving No Bonus
Bonus season is fast approaching on Wall Street, but this year the talk does not center just on multimillion-dollar paydays. It’s about a new club that no one wants to join: the Zeros. Drawn from a broad swath of back-office employees and middle-level traders, Bankers and brokers, the Zeros, as they have come to be called, are facing a once-unthinkable prospect: an annual Bonus of ... nothing. “It’s going to a cause a lot of panic on Wall Street,” said Richard Stein of ...

No, WikiLeaks Has Not 'Confirmed' It Will Target Bank Of America
In the furious storm of speculation over which institution will be the subject of Wikileaks’ next document dump, the media’s definition of “confirmed” just got a little blurrier. But calm yourselves, Bank of America executives: your secrets are no more or less certain to be exposed than they were yesterday. On Tuesday, the Times of London published the first newspaper interview with Wikileaks’ Julian Assange since his release from Wandsworth Prison in London. In it,...

Today in the Fortune 500
The Fortune 500 comes out just once a year, but the companies on it make headlines every day. Here then are today's highlights of news and happenings coming from the biggest names in business. STUCK IN TWO DIMENSIONS 3-D TV manufacturers are scrambling to reach their consumer base. While Amazon (AMZN) reported that its its two top two best-selling big sets were 3-D TVs, other Fortune 500 companies are facing disappointing numbers. Best Buy (BBY) believes that consumers are confused by the telev...

Bankers around world brace for drop in bonuses: Reuters poll
By Elinor Comlay NEW YORK | Tue Dec 21, 2010 4:08pm EST NEW YORK (Reuters) - From Wall Street to the City of London to Hong Kong's Central District, Bankers are bracing for bonuses to be down 7 percent on average from a year ago, and higher salaries will only partially cushion the hit, a Reuters/IFR global poll shows. Some finance industry professionals are expecting drops as steep as 30 percent after weak trading results that are depressing bank profits and shrinking the Bonus pool, accordin...

Peter J. Wallison: If It's Incredible, Don't Believe It
Only in the fever-swamps of the left could anyone believe that the Republicans on the FCIC sought to "ban" the words "Wall Street," "shadow banking," "interconnection," and "Deregulation" from the commission's report. The drafts of the report we saw used the term "Wall Street" to apply to Countrywide Financial, the notorious subprime lender; it used the term "shadow banking" to apply to any Financial Institution, including Insurance Companies, Hedge Funds, and securities firms; and so on. You g...