JPMorgan’s board of directors is weighing lower bonuses for CEO Jamie Dimon and other top executives in light of the $5.8 billion trading loss the firm suffered this year, according to The Wall Street Journal; Citigroup is also looking at executive pay in an attempt to appease shareholders.
Kweku Adoboli, the former UBS trader Read More
IKB Deutsche Industriebank AG is suing everybody, or at least it seems that way: the German lender is suing Citigroup and Goldman Sachs over losses of $137.4 million and $73.2 million, respectively, on mortgage-backed securities. In May, the Dusseldorf-based lender sued Bank of America over losses of more than $200 million Read More
Citigroup owns some of the most iconic office buildings in the city. Not only is there its headquarters at 601 Lexington, with its jagged roof and gravity-defying base, but also Queens’s tallest tower and a waterfront monolith in Tribeca. As Citi prepares to leave that last home and go in search of some 2.6 million square feet, the Journal reveals that “Citigroup managers had discussions with several landlords about developing a new tower for the company.” While the bankers just as well might stay put at 388 Greenwich, this got us thinking about exactly what on-the-horizon towers Citi could wind up in. Read More
Barclays named Antony Jenkins, head of retail and business banking at the British lender, as its new chief executive. Mr. Jenkins, who started his career at Barclays in 1983, replaces Bob Diamond, who resigned last month in the days after the bank agreed to a $450 million settlement over its alleged attempts to Read More
Morgan Stanley likes to tout the steady revenue provided by its wealth management franchise. At the same time, the bank is arguing that it’s Smith Barney joint venture with Citigroup is worth $13 billion less than Citi estimates. Bloomberg’s Michael Moore breaks down the process by which investment bank Perella Weinberg will assess the JV this week.
The median home price in Greenwich, Conn. fell 11 percent in the first seven months of the year, according to Bloomberg, as Wall Street cut jobs and pared compensation. Read More
Lawsuits against financial institutions under investigation for manipulating interbank lending rates such as Libor continue to pile up, according to The Wall Street Journal. Plaintiffs holding bonds that pay some amount above the Libor rate have the best chances at legal victory, The Journal says. The legal liability facing banks may total as much as Read More
Nasdaq may be planning to sweeten its compensation offer to entities that suffered losses due to technical problems at the exchange on the day of Facebook’s initial public offering, The New York Post reports, which would fit the pattern: Nasdaq makes an offer, the market makers—Citigroup, UBS, Citadel and Knight—talk tough, Nasdaq ups Read More
Citigroup says it gave Nasdaq a chance to make good on the botched Facebook IPO that cost market makers hundreds of millions of dollars. Now Citi has run out of patience, blasting the exchange in a 17-page letter to the Securities and Exchange Commission. “As set forth in detail below, the hundreds of Read More
Nearly a month after former Citigroup chief executive Sandy Weill called for the break-up of the biggest U.S. banks, current Citi CEO Vikram Pandit told the Financial Times that the bank is sized just right.
How to define ‘subprime?’ The answer may determine the fate of the government’s case against three Read More
‘Curse of Dick Fuld’: Ken Watanabe, chief executive officer of Nomura Holdings and the driving force behind the bank’s purchase of Lehman Brothers European and Asian operations, resigned as the company indicated that insider-trading offenses committed within the company go beyond those identified by Japanese regulators. Mr. Watanabe leaves Nomura three weeks after Read More
