banking industry

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Rogue UBS Trader Turned Himself In
Rogue UBS Trader Turned Himself In
UPDATED
Sep 16, 2011 8:11 AM CDT

Rogue UBS Trader Turned Himself In

And that's the only way the bank found him

(Newser) - So who was the crack financial sleuth who caught rogue UBS trader Kweku Adoboli? Um, that’d be Kweku Adoboli. UBS’ internal systems didn’t blink at Adoboli’s $2 billion screw-up ; it only came to light because he brought it to his bosses’ attention, the BBC reports. The revelation...

Rogue UBS Trader Loses $2B
 Rogue UBS Trader Loses $2B 
UPDATED
Sep 15, 2011 7:30 AM CDT

Rogue UBS Trader Loses $2B

Swiss bank's shares dive after unauthorized trading revealed

(Newser) - A rogue trader at UBS has lost around $2 billion, the Swiss banking giant says. The unauthorized trades by a trader in its investment banking unit "could lead UBS to report a loss for the third quarter of 2011," but "no client positions were affected," the...

Greek Banks Alpha Bank and Eurobank Plan Merger
 Top Greek Banks Plan Merger
Aug 29, 2011 12:19 PM CDT

Top Greek Banks Plan Merger

Alpha Bank, Eurobank combine to help fix troubled sector

(Newser) - Two of Greece’s biggest banks are teaming up to fight the country’s banking crisis. Alpha Bank and Eurobank are set to merge into the country’s largest bank and one of the top 25 in the euro zone. “I am confident that the new combined entity will...

8 Banks in Europe Fail Stress Tests
8 Banks in Europe
Fail Stress Tests
Jul 15, 2011 12:04 PM CDT

8 Banks in Europe Fail Stress Tests

Another 16 just barely passed

(Newser) - Eight of 90 banks have flunked stress tests that project how they would fare in another recession, and 16 more barely passed, Europe's banking regulator said today. The failing banks should "promptly" take steps to strengthen their financial cushions against losses, the European Banking Authority said as it...

Citigroup Posts Profit for 6th Straight Quarter

Losses from bad loans declines

(Newser) - Citigroup turned a profit for the sixth straight quarter as losses from failed loans declined. Losses from bad loans fell 35% during the quarter to $5.4 billion, which allowed the bank to release $2 billion from its loan loss reserves and count it as income, the New York bank...

People Will Drop Debit Cards if Banks Add Fees: Poll

Even $3 per month would cause folks to switch

(Newser) - Americans prefer using their debit cards at the register, but a small fee could change that. A new Associated Press-GfK poll finds that about two-thirds of consumers use debit cards more frequently than credit cards. But when debit card holders were asked how they would react if they were charged...

Frank Rich: Obama's Been Too Soft on Wall Street Because of Ivy League Bias
Obama's Risky Soft Spot:
Ivy league White Guys
Frank Rich
Jul 5, 2011 12:53 PM CDT

Obama's Risky Soft Spot: Ivy league White Guys

Frank Rich: They're preventing him from going after Wall Street

(Newser) - Former Times columnist Frank Rich makes his debut in New York magazine today with a harsh assessment of President Obama's handling of the aftermath of the economic meltdown. Obama has been way too soft on Wall Street, argues Rich, who complains of a "stunning lack of accountability for...

Banks Lose Fight Over Debit Card Fees

Senate fails to delay new rules slicing payments from retailers

(Newser) - The Senate voted today to let the Federal Reserve slice the fees that stores must pay banks each time a customer swipes a debit card, handing merchants a victory over banks in a lobbying battle over billions in revenue. Senators supporting the banks' efforts to head off the proposal fell...

FDIC Seizes 6 Banks, for Total of 34 This Year

But the pace is down from last year

(Newser) - The pace is slowing, but bank failures continue to ripple throughout the industry. The FDIC seized six yesterday, the most in a single day this year, reports AP . That makes a total of 34 in 2011, compared to 50 at this point last year. The new banks seized were in...

Banks Jack ATM Fees, Blame Reform

Chase is experimenting with a $5 fee for non-customers

(Newser) - If you’re far from an ATM belonging to your own bank, brace yourself to shell out a few bucks. Banks across the country are hiking ATM fees, Credit.com reports. Chase, for example, is charging non-customers $5 to use their ATMs in an Illinois pilot program—and that’s...

FDIC's Failed Bank Tab: $9B
 FDIC's Failed  
 Bank Tab: $9B 
Mar 17, 2011 10:08 AM CDT

FDIC's Failed Bank Tab: $9B

But officials and execs cite successful effort to battle bad loans

(Newser) - The 165 banks that toppled like dominoes in the financial crisis have stuck the FDIC with a hefty tab to the tune of $9 billion, the Wall Street Journal reports. Regulators have helped shoulder the burden of bad assets and loans at the failed banks; the loss-sharing agreements encouraged healthier...

Long Banks' Worst Enemy, Warren Now Courts Them

'She's listening' as she sets up Consumer Financial Protection Bureau

(Newser) - Elizabeth Warren is the longtime bane of the banking industry's existence, but as she prepares the new Consumer Financial Protection Bureau, the woman who once slammed Wall Street's finest as "the people who drove the car off the cliff" is now killing them with kindness. In many cases, they’...

Bernie Madoff Interview: He Says Banks, Hedge Funds 'Had to Know' About His Ponzi Scheme
Madoff: Banks 'Had to Know' About My Scheme
first interview
Feb 16, 2011 4:35 AM CST

Madoff: Banks 'Had to Know' About My Scheme

In first interview, says they were 'complicit' by not acting against him

(Newser) - How did Bernie Madoff pull off such a massive Ponzi scheme under the noses of the banks and hedge funds he dealt with? Simple, he says. They knew he was a fraud. “They had to know,” Madoff tells the New York Times in his first interview since being...

Banks Phasing Out Free Checking Accounts

Trend of the 1990s falls victim to new banking environment

(Newser) - The days of free checking accounts are numbered for many bank customers around the country, reports the Los Angeles Times . New rules that make it harder for banks to impose various fees mean they need to pull in money from elsewhere, so those free accounts are being phased out. Generally...

Court Ruling Could Void Thousands of Foreclosures

Massachusetts supreme court rules against banks

(Newser) - A court ruling in Massachusetts today that went against the home lending industry has the potential to further foul up the foreclosure process across the nation. The state's highest court invalidated the foreclosures of two homes because the banks involved—Wells Fargo in one case and US Bancorp in the...

98 TARP-Funded Banks Risk Failure
98 TARP-Funded Banks
Risk Failure
Dec 27, 2010 10:07 AM CST

98 TARP-Funded Banks Risk Failure

Smaller banks under stress, finds WSJ analysis

(Newser) - Some 98 US banks that received government bailout cash may be at risk of failing under the weight of bad loans and eroding capital, a Wall Street Journal analysis of third-quarter data finds. That's up from 86 in the second quarter. The 98 at-risk institutions received $4.2 billion in...

Bank of America Denies Being WikiLeaks Target

No proof of upcoming 'megaleak,' spokesman says

(Newser) - Bank of America is firmly denying rumors that it's the target Julian Assange was talking about when he promised a "megaleak" of a financial institution's internal documents. Assange told an interviewer last year that he had "5GB from Bank of America, one of the executive's hard drives."...

FDIC Launches 50 Criminal Inquiries of Failed Banks

But it won't name names yet

(Newser) - The FDIC has launched criminal investigations targeting around 50 executives, directors, and employees from banks that failed during the financial crisis. Regulators won’t say which banks or executives are under investigation yet, but did tell the Wall Street Journal that banks of all sizes from across the country are...

Be a 'Foreclosure Supervisor'—for $10 an Hour

Pro Publica looks at want-ads, finds little has changed

(Newser) - In the wake of news that banks and law firms hired unqualified people to process the backlog of foreclosures, Pro Publica decided to spin through the want-ads to see whether things had changed. Not so much. The results varied, but "requirements for many foreclosure jobs—often advertised by staffing...

Iran Aims to Set Up Covert Banks in Muslim Countries

Tehran is trying to work around sanctions on its banking industry

(Newser) - Iran is attempting to set up undercover banks across the Muslim world, hiding the institutions’ origins with fake names and misleading bureaucracy, the Washington Post reports. Iran is keeping establishments in countries like Iraq and Malaysia shrouded in secrecy as a means of working around tough sanctions, including the Treasury...

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