Here's a quick rundown from the world of business and economics this morning: the things you need to know, and some you'll just want to know.
The FDIC and Federal Reserve Board of Governors vote unanimously to approve the Volcker rule to restrict banks from trading for their own profits.
U.S. regulators are set to approve a rule to rein in risky trading by banks, a crucial part of their efforts to prevent another costly taxpayer bailout.
Stocks followed Friday’s big rally by basically marching in place, but a couple of mergers gave the market a boost, including the completion of the US Airways/American deal.
The Volcker rule bans banks from making bets for their own profits but detractors argue the roughly 800-page rule, due to be voted on Tuesday, will hurt markets.
An early rally powered by a strong manufacturing report and word that President Obama would seek congressional approval before moving against Syria faded Tuesday afternoon.
Hey, Wall Street? Chicken Little called. She says you need to stop overreacting to JPMorgan Chase's $2 billion trading loss. I mean, it's not as if the sky were falling. For a bank this big, $2 billion? It's practically rounding error.
JPMorgan Chase's rapid $2 billion trading loss reportedly involved credit default swaps -- the same investments that played such a large role in the financial crisis. Here's why credit default swaps still pose such a threat to the U.S. economy.
JPMorgan Chase stock lost more than 8% of its value Friday after the bank, the largest in the United States, revealed a monster $2 billion loss in a trading group that manages the risks the bank takes with its own money.
This week, the government took a big first step toward shutting down the Can't Lose Room in the Wall Street Casino. It's now one comment period away from enacting the Volcker Rule, which limits the kinds of risky investments banks can make with money insured by the U.S. taxpayer.
Citigroup is closing another one of its proprietary trading groups as it and other banks prepare to comply with the Volcker Rule, which will reduce the exposure of lenders to risky trading activities. What the move will mean for financial giant's profit margins, and its stock price.
The theme for Thursday is big players adjusting to a changing world: Citigroup is shutting down a major hedge fund it used for soon-to-be-banned proprietary trading, Goldman has been subpoenaed over its role in the subprime mortgage crisis, and OPEC is thinking that it might need to pump more oil.
Paul Volcker, chairman of the Economic Recovery Advisory Board for President Barack Obama, is set to step down from the position next month. As a key adviser to the president, Volcker has advocated for tougher financial regulations and counseled the government on fiscal policy.
Investment banks are working around new regulations restricting them from putting their own capital into short-term investments: The Wall Street institutions are sidestepping the Volcker Rule by making direct purchases of securities, companies and properties, which are considered longer-term investments.
Since Lehman Brothers went bankrupt in September 2008, regulators around the world have begun erecting a scaffolding of new rules and regulations designed limit excessive risk-taking. The big question is: Are they enough to prevent another financial crisis?
JP Morgan Chase & Co. will shut down its proprietary commodities trading division in an effort to comply with recent federal regulations related to investment banking, Bloomberg News reported, citing a person familiar with the process that it didn't identify.
Goldman Sachs may spin off its proprietary trading group due to concerns over compliance with the Volcker Rule contained in recently passed financial reform legislation.
Some top financial institutions are moving surprisingly quickly to reshape the way they operate in the wake of the financial regulation reform law. Question is: Did the legislation force their hands, or is this just a good time for big banks to rethink their business?
Winthrop Brown, a Washington lawyer who lobbies on behalf of financial services firms, says the new regulations should get fairly high marks from Wall Street -- and from Main Street. But will they prevent another economic meltdown?
Some winners and losers of the Dodd-Frank financial regulation reform bill are beginning to emerge. The bill's limits on proprietary trading will potentially hit Goldman Sachs the hardest. But it could also take a long time before those losses are realized.
Some pros are aiming straight at the eye of the financial hurricane, buying into the besieged banks. Here's why: The uncertainty threatening them has dissipated, and banks will now start looking for new ways to profit from the new rules.
While the overhaul does force banks to spin off some risky businesses and creates a sort-of consumer protection agency, its compromises miss most of the financial crisis' major causes. That means it fails to live up to its primary promise.
Senate and House negotiators reached agreement early Friday morning on the most sweeping overhaul of financial regulation since the Great Depression. It includes a version of the Volcker rule, creates a consumer financial protection watchdog, and limits derivatives trading.
One of the key questions facing Congress as it labors to reconcile the House and Senate bills is this: Three years after the financial crisis began, how much risk should America's banks be allowed to take? Not surprisingly, opinions differ greatly.
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.
Goldman Sachs has disclosed that it had 131 trading days last year in which it made at least $100 million in net trading revenue -- a new record for the bank.
Bank earnings are looking pretty good. Barclays announced that it made over $18 billion in 2009. Goldman Sachs had record profits. JP Morgan results were better than expected. Barclays' numbers were driven by assets it bought from Lehman Bros. and sharp improvements at its investment bank. But results from its retail bank operation were weak. So were numbers from its commercial loans. The bank still faces write-offs of leveraged assets on its books. In short, Barclays faces the same problems as most large American financial firms, which could make for a rocky 2010.