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If Stripped of Chairmanship, Dimon Might Quit, But He's Confident JPM Will Be in Good Hands

04/30/13

Receiving Wide Coverage ...

JPM Shakeup, Day Two: The departure of Frank Bisignano — one of a dozen senior executives to leave JPMorgan in the last four years — "has heightened worries about the persistent executive turnover at the bank," reports the Times. Some "wonder if the many reshufflings at the top point to a larger problem within the bank." Echoing the Journal's story yesterday, the Times calls Bisignano's exit "a particularly difficult loss for the...

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Don't Think of It as Losing a Co-COO, Think of It as Gaining a Sole COO

04/29/13

Receiving Wide Coverage ...

Another Shake-Up at JPMorgan: Frank Bisignano is leaving the bank to run First Data and Matt Zames will add responsibilities as sole chief operating officer, a title he has shared with Bisignano since July. Bisignano and JPMorgan CEO Jamie Dimon go back a long way, having worked together at Citi during the Weill era. The Journal casts the departure as a significant blow to the bank, starting with the headline ("Dimon Loses…")....

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Bank Payday Loan Update; Another Tech Trading Glitch; U.K. Bailout Chief Resigns

04/26/13

Receiving Wide Coverage ...

Bank Payday Loan Update: Regulators officially unveiled on Thursday their expected guidance on the payday-style loans or checking account advances offered by a few financial institutions. The guidance, which calls for more underwriting and stringent cooling-off periods between loans, was issued along with "a scathing assessment of the loans" from the OCC, which "warned banks that the loans could pose 'reputational risk,'" reports Dealbook. But proponents of bank payday-style products have argued...

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Reaction to Brown-Vitter TBTF Bill; Capital One Settles Over Loan Losses; A Possible Fed Successor

04/25/13

Receiving Wide Coverage ... Brown-Vitter TBTF Bill: Sens. Sherrod Brown and David Vitter formally unveiled their TBTF bill - or the pointedly named Terminating Bailouts for Taxpayer Fairness Act - Wednesday. Key components include a 15% capital requirement for banks with more than $500 billion in assets. Regional banks would be required to meet an 8% capital requirement while community banks would be exempt from the proposal. The bill, if passed, would also impose restrictions on...

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HSBC's Job 'Demise'; SIGTARP on TBTF; Barclays Earnings

04/24/13

Receiving Wide Coverage ... HSBC's Job 'Demise': HSBC got some extra attention for what could have been a routine - and somewhat expected - job cut announcement when someone got creative with the language in its press release. In announcing plans to cut more than 1,100 U.K. jobs due to new wealth adviser regulations, the bank noted "the integration of advisers means the roles of commercial financial advisers will be demised." And then, again, a bit...

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S&P Asks Judge to Dismiss U.S. Lawsuit; Hensarling Tells Cordray to Stay Home

04/23/13

Receiving Wide Coverage ...

A Whole Lot of 'Puffery': Standard & Poor's is formally urging a judge to dismiss the government's civil lawsuit alleging the agency ignored its own standards and rated mortgage investments much higher than they should have been in years leading up to the financial crisis. S&P argued on Monday that the DOJ "had failed to substantiate its allegation that the CDO ratings would have been lower based on the deteriorating housing market,"...

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SEC's White to Name New Lieutenant; Cybersecurity Concerns; Investors Crowd Housing Market

04/22/13

Receiving Wide Coverage ...

SEC's New Enforcer: Chairman Mary Jo White is set to appoint long-time colleague Andrew Ceresney as co-head of the Securities and Exchange Commission's enforcement unit pretty much any day now. Ceresney, who served with White while she was U.S. Attorney for the Southern District of New York and at law firm Debevoise & Plimpton LLP, will share the role with interim enforcement chief George Canellos. Dealbook calls the joint leadership "unusual, if...

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Morgan Stanley's Trade-In; SEC's Amnesia; Curry's Spicy Memo

04/19/13

Receiving Wide Coverage ... Who Needs Volcker?: The verdict is in on Morgan Stanley's (MS) weak first quarter, and it's a rousing thumbs down. The Wall Street giant's shares fell 5.4% Thursday after it reported disappointing results and a sharp drop in trading activity. Bond-trading revenue fell 42% and stock-trading revenue 19%, according to the company. The news arrived at a time when Wall Street is supposed to be shifting away from risky trading. That's the...

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Incompetence Elevated to Performance Art in Foreclosure Settlement; Chairman Moynihan?

04/18/13

Breaking News This Morning ...

Earnings: BB&T, Fifth Third, KeyCorp, Popular Receiving Wide Coverage ...

Insult to Injury: You can't make this stuff up. A handful of the checks sent to borrowers under the foreclosure settlement bounced. Fingers are pointing in the direction of Rust Consulting, the firm hired to distribute the checks. Anonymice tell the Times that "after collecting the $3.6 billion from the banks … Rust failed to move the money into a central account at...

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Money Market Fund Reform Is Nigh; Spot the Hidden Payments Stories!

04/17/13

Breaking News This Morning ...

Earnings: Bank of America, Bank of New York Mellon, Huntington, PNC Receiving Wide Coverage ...

Money Market Funds: New regulations for them are on the way. An SEC spokesman tells the Times that the regulator's staff "expects to have something for the commission's consideration in the near future." BlackRock's Larry Fink told investors he anticipates "some sort of" floating net asset value to be imposed on prime funds (money market funds that buy...

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