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’CME Group plays old-school Chicago politics
In case you missed it, last night Jon Corzine was artfully thrown under what looked like a bomb-strapped bus being driven by the Chicago Mercantile Exchange, with no Keanu Reeves in sight.
Terry Duffy,
The continuing mystery of US banks’ European exposure
Europe may or may not be saved but Q3 earnings releases by US banks suggest they’re content with their exposure to the continent.
We looked at the methodology behind exposure disclosure in this post.
It’s going to be a miserable third quarter for banks, say banks
US bank reporting season is almost upon us and we’re looking forward to investigating the mysteries surrounding the performance of the bulge bracket since the turn of the year.
To give you a sense of how bad it’s been for the 1 per cent,
Fannie and Freddie’s revenge — the details [updated]
– By John McDermott and Cardiff Garcia
The details of the US government’s attempted bank raid are coming in on Friday afternoon.
The Federal Housing Finance Agency has filed 17 lawsuits against banks operating in the US.
US government attempts bank raid
Friday promises to be an ugly day for US financials:
Stories in the New York Times the Wall Street Journal on Friday suggest that a grand mortgage settlement is farther away than ever and that banks — or at least one bank (guess which!) — are coming under increasing pressure to prepare for the worst.
Bank of America – not Citi and not being bought by JPM
Turns out that some banks don’t need sovereigns to create their own funding loop problems.
Not for the first time, Bank of America is in a league of its own.
It’s a quick point made by Marc Ostwald of Monument Securities on Tuesday,
Goldman: this is not 2008
US financials are melting on Monday:
As at pixel time, we’re facing a broad-based sell-off but the banks are among the hardest hit.
However, Goldman Sachs, appropriately enough, reckons this will be a short-term soft patch.
RepoCDSed
Fears of an extended foreclosure crisis put sizeable pressure on US bank spreads.
WFC five-year CDS is at 128bps (+10) according to Markit prices, Citi at 175bps (+11), and JPM at 96bps (+7). BAC is up 18bps to 197bps — its widest level since July 2009.
FSA fines JP Morgan record £33.2m
On Thursday, Britain’s Financial Services Authority whacked JP Morgan for failing to segregate client money during the merger with Chase — resulting in what regulators trumpeted as the FSA’s ‘largest ever’ fine at £33.32m.
CDS report: Pulling the TARP back
Markit’s Otis Casey wrote this CDS report
Market focus shifted a bit to events in the US today. Wholesale prices in November were up 1.8% which was well above estimates, sparking renewed inflation
JPMorgan profits boost Dow
US stocks surged on Wednesday after JPMorgan Chase kicked off the banks’ Q3 results season by announcing its biggest profit since 2007: $3.6bn in Q3 net income. The result easily beat analysts’ expectations and set a high bar for Goldman Sachs,
Dimon shakes up JPMorgan
Jamie Dimon, chief executive of JPMorgan Chase, on Tuesday initiated a shake-up of his top management team, ousting Bill Winters, co-head of investment banking, and anointing Jes Staley as likely heir to the top job.
US bank shares plunge after Dimon warning and BofA job cuts
On a poor day for financial stocks, Bank of America said it would cut up to 35,000 jobs after its planned takeover of Merrill Lynch while JPMorgan Chase chief executive Jamie Dimon warned his bank was having a tough quarter after a “terrible”
Hollywood in $1bn 3-D push
A consortium of the biggest US cinema chains is closing in on a $1bn deal that will pave the way for a new generation of money-spinning 3-D movies, after securing provisional backing from three key Hollywood studios.
JPMorgan climbs on healthy Q3s
JPMorgan Chase appears to have withstood the credit market turmoil, reporting record Q3 earnings of $3.4bn, up 2 per cent on last year. The figures, which included a $1.3bn write-down on leveraged loans net of fees,
“If I had to work here again in this lifetime, I would sooner kill myself”
The following kiss-off email, distributed by a departing JP Morgan Chase-r in New York, is currently doing the rounds. JP Morgan declined to comment. We’ve removed the names…
Subject: Farewell
Dear Co-Workers and Managers,
RBS sees US as key growth opportunity
Royal Bank of Scotland on Thursday identified North America as its main growth opportunity for the coming year as it set out its ambition to become the fourth largest corporate bank in the US. Sir Fred Goodwin,
Australia’s Centro in $6.2bn US takeover
Centro Properties of Australia is set to become the fifth-largest operator of shopping centres in the US after agreeing to buy New Plan Excel Realty Trust for $3.7bn in cash. The deal is the biggest acquisition to date by an Australian real estate investment trust in the US.
TXU sets out benefits of $45bn buy-out
TXU on Monday embarked on a campaign to promote a $45bn leveraged buy-out led by KKR and Texas Pacific amid mounting evidence that the private equity boom has entered a more highly politicised era. Executives at the Texas power company said the deal would bring lower prices for consumers and stronger environmental policies,