banking sector

Smaller Loan Losses Lift Bank Earnings

Bank of America, Citi and JPMorgan Chase reported earnings that beat expectations -- despite a drop in investment banking and trading income. Results were buoyed by lower losses on loans and credit cards and resulting cuts in loan reserves that were bigger than expected.

Distressed Florida Banks Ask For Break From Capital-Raising

Florida banks are asking federal regulators for a break from government-ordered capital raising as they struggle with the impact of the real estate bust and the BP oil spill. Florida%u2019s top banking lobbyist sent a letter to the Federal Deposit Insurance Corp. Chairman Shelia Bair and Federal Reserve Chairman Ben Bernanke, asking that all local banks get a 12-month reprieve from higher capital requirements, loan appraisals and new regulatory sanctions, the Wall Street Journal reported.

How finance reform affects us directly

The historic finance reform bill hammered out by a House and Senate panel is 2,000 pages long, but WalletPop had its yellow highlighter out to spare...

U.S.-European Discord Could Hurt G-20 Reforms

Obama wants European governments to keep spending to stave off an economic slowdown. Europe, particularly Germany, doesn't want to hear about it. Expect a fractious debate at the Toronto summit meeting of G-20 industrial countries.

Banks Fear They Could Cover Freddie and Fannie Bailout

The financial reform bill contains a "bank tax" creating a fund to cover the costs of a big financial firm's collapse. Banks worry new changes mean the fund may have to cover any bailout of Fannie Mae and Freddie Mac -- who are staggering under problem loans from banks.

Europe's Deficit Cutting Could Hurt the U.S.

Germany and Britain have announced plans to slash government spending, and many are worried this will torpedo the global recovery, including the fragile U.S. expansion. The first areas likely to feel the pain are U.S. exports and banks.

Goldman Prepares a More Aggressive Defense

Leaked Goldman Sachs documents show that it will come out swinging against SEC fraud charges. Goldman reportedly plans to claim it was unsure about the mortgage market's direction in 2006 and 2007.

5 reasons to switch to online banks

I still remember when online banks first appeared. People were wary of them because they were new. They were wary of putting their savings at a bank...

Obama's Speech: Discontent on
Wall Street

It's no surprise big banks aren't happy with President Barack Obama's tough speech calling on them to support his financial reform efforts. Public criticism is hardly new to them.

BofA Earnings Preview: All Eyes Are on Merrill

Analysts' expectations for Bank of America are modest: EPS of 9 cents, down from 44 cents in the year-ago period. But with rival JPMorgan Chase's profits buoyed by strong fixed income trading, the pressure is on the bank's Merrill unit to deliver a robust performance.

Investment Banking Lifts JPMorgan Chase

JPMorgan Chase's first-quarter earnings of $3.3 billion, or 74 cents a share, easily beat analysts' expectations. Robust investment banking results helped power the profits, despite high losses in consumer loans.

Seven more banks fail, total now 140

The financial crisis has claimed seven more banks, bringing the total number of casualties this year to 140. The FDIC took over all seven of them: Two large banks in California, and smaller ones in Alabama, Florida, Georgia, Michigan and Illinois.

'Too big to fail' distorts capitalism

Columbia University Economics Professor Joseph Stiglitz does not obfuscate, not when it comes to free markets, the global financial crisis, or...

Moral hazard? It's the American way

One of the options for the United States as it addresses the toxic asset issue concerns potentially creating new banks. New banks would be a major...