Global bank bond issuance falls
Global bank bond issuance has fallen to its lowest level in seven years, underscoring the impact the eurozone crisis and tougher regulatory environment is having on the way banks operate.
NYSE Euronext Rolls Out New Brand Identity
NYSE Euronext today unveiled a new brand identity that underscores the companys growing role in unlocking the potential of its global community. The new look was unveiled today across its exchanges and other locations around the world as well as online.
Three to Exit J.P. Morgan
BY DAN FITZPATRICK AND GREGORY ZUCKERMAN – WSJ
Three high-ranking officers at the center of J.P. Morgan Chase & Co.’s giant trading blunder are expected to leave the firm this week, said people familiar with the situation, and losses on the trade have grown. Expected to leave as soon as Monday are Ina Drew, who has run the risk-management group tied to the losses since 2005; Achilles Macris, who was in charge of the London-based operation that placed the questionable trades; and trader Javier Martin-Artajo.
Poland’s Top Bank CEO Says Euro Crisis Heading For Climax
Dow Jones Newswires
The euro-zone debt crisis is heading to a climax that will likely be as bad as the collapse of Lehman Brothers at the onset of the global financial crisis in 2008, said Zbigniew Jagiello, chief executive of PKO Bank Polski SA, Poland’s largest bank by assets.
For Many in Greece, Austerity Is a False Choice
New York Times
A growing number in Greece argue that they can keep the euro and reject harsh budget measures.
Greece can’t reject bailout and keep euro: Finland
Reuters via Yahoo! News
Greece cannot stay in the euro zone if it tears up its bailout deal, as envisaged by the leader of the country’s leftist SYRIZA grouping, Finland’s European affairs minister said. “I think that is an impossible equation and I think in that sense it is an irresponsible statement,” Alexander Stubb said on Monday.
German voters reject austerity in key poll
By Quentin Peel in Berlin – Financial Times
Angela Merkels centre-right Christian Democratic Union suffered a bruising defeat on Sunday night in the election of a new parliament in North Rhine-Westphalia, Germanys most populous state, when the centre-left opposition of Social Democrats and Greens won a clear majority.
J.P. Morgan loss blemishes Dimon reputation
Few on Wall Street expect the trading loss to lead to the resignation or firing of Dimon, mostly because of his past record in steering the bank through rough times. However, the loss is bound to have an impact on his reputation.
For Volcker Rule, JPMorgans $2 Billion Loss Says It All
Its never polite to say I told you so, but JPMorgan Chase & Co.s $2 billion trading loss has proponents of a tougher proprietary trading ban saying . . . well, you know what.
Analysis: Fed regulators in hot seat over JPMorgan loss
Reuters via Yahoo! News
JPMorgan’s $2 billion-plus trading loss raises serious questions about whether the New York Federal Reserve and other regulators were asleep at the wheel or whether it is asking too much of them to keep up with the financial engineering conducted by complex institutions with diverse, global operations.
JPMorgan Chase loss will be scrutinized, SEC’s Mary Schapiro says
WASHINGTON — Regulators are looking into the $2-billion trading loss by JPMorgan Chase & Co., the head of the Securities and Exchange Commission said Friday as lawmakers and analysts said the bank’s revelation would increase pressure for tighter financial rules.
FDIC Too Big To Fail Guidelines
Clarke Camper – Inside the Beltway
At the Federal Reserve Bank of Chicago Bank Structure Conference, FDIC Acting Chairman Martin Gruenberg outlined his agency’s plans to implement the new authority granted under Dodd-Frank for the orderly resolution of systemically important financial institutions (SIFIs).
Call for US banks to shed risky units
By Shahien Nasiripour – Financial Times
Wall Street banks should be forced to cease their trading operations, a US bank regulator has said, spurring renewed fears among bank executives that government officials will force them to shed lucrative units in the wake of JPMorgan Chases shock trading losses.