The banking industry has been on a wild ride over the past few years, as the unprecedented economic environment of 2008 resulted in a wave bankruptcies and bailouts that many figured would forever change the business. But less than two years removed from the disaster, many financial institutions have staged an impressive return to glory, delivering record profits and approving massive bonuses that have reignited the “Wall Street vs. Main Street” debate. Despite its best efforts to sidestep the spotlight, the banking industry figures to be in focus in coming months as investors digest earnings reports and debate over both responsible and effective compensation policies rages. [click to continue…]
BlackRock’s acquisition of Barclays Global Investors and iShares seemingly went off without a hitch earlier this month. But certain actions required by terms of the deal have proven difficult to wrap up, resulting in a dozen iShares funds now operating under interim investment advisory agreements and potentially closing down. [click to continue…]
On September 4th and 5th the finance ministers and central bank governors of the 19 most powerful countries (along with the finance minister and central bank governor of the European Union) will meet in London to discuss preliminary ideas for preventing another financial crisis and steps for removing the trillions of stimulus dollars from the [...]
President Barack Obama is expected this week to announce sweeping changes to the way the much-maligned U.S. financial industry is regulated. The changes, which are to be unveiled Wednesday, are expected to include the development of a more centralized regulation system and enhanced consumer-protection capabilities. Speaking on the new developments, Treasury Secretary Timothy Geithner noted [...]
Late Thursday afternoon, the U.S. Treasury Department released the much-awaited results of the government’s “stress tests” on 19 of the nation’s largest banks. Among the big names instructed to raise capital: Bank of America (BAC), Wells Fargo (WFC), and GMAC. In all, the government’s results indicate that 10 of the banks tested need to raise [...]
