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A $7 billion-asset Warrenville credit union that suffered massive losses in mortgage-backed securities was one of three critically undercapitalized institutions seized Friday by the U.S. government.
Members United Corporate Federal Credit Union was one of three “wholesale,” or “corporate,” credit unions put into conservatorship by the National Credit Union Administration. Get the full story »
From Bloomberg News | Analysts at Credit Suisse say that Canadian lenders may take over some U.S. regional banks, including TCF Financial Corp., Regions Financial Corp. and Synovus Financial.
Goldman Sachs chairman and CEO Lloyd Blankfein at the Senate hearing on the role of investment banks during the financial crisis, Apr. 27, 2010. (Olivier Douliery/Abaca Press/MCT)
The timing of the Securities and Exchange Commission’s case against Goldman Sachs Group Inc. was “suspicious,” the federal regulator’s watchdog said Wednesday.
The SEC filed civil fraud charges against Goldman in mid-April, the same day the watchdog group released a damning report that accused the SEC of mishandling its probe of Allen Stanford’s alleged Ponzi scheme.
The report, authored by SEC Inspector General David Kotz, said the SEC had suspected as early as 1997 that Stanford was running a Ponzi scheme, but did nothing to stop it until late 2005. Get the full story »
Chicago-based Mesirow Financial said fiscal 2010 was its best year ever, despite lingering sluggishness in the economy.
Revenues for its fiscal year ended Mar. 31 rose 13 percent to $526 million, due to “spectacular” performances from the privately-held and employee-owned firm’s institutional sales and trading and advanced strategies businesses, as well as “strong” contributions from private equity, consulting and insurance services.
Stockholders’ equity, held by about 300 of its employees, increased nearly 20 percent to $299 million. Get the full story »
The Vatican said Tuesday that it is “perplexed and surprised” by a money laundering probe after police seize euro23 million.
The ANSA news agency says Italian financial police seized the $30 million from an account in the Vatican bank in the money laundering investigation. Get the full story »
The National Football League’s chief financial officer is leaving after two years to return to Goldman Sachs Group Inc., the league announced on Monday.
Anthony Noto, 42, will leave the NFL Oct. 4 and rejoin Goldman Sachs as co-head of the global media group within its investment banking division, working with Andy Gordon in New York. Get the full story »
More than 100 U.S. banks failed to pay an Aug. 16 dividend on bailout money they borrowed from the U.S. government, signaling that the number of banks struggling to meet obligations under the program is rising. Get the full story »
Securities regulators voted unanimously on Friday to propose rules for companies to disclose more information about their short-term borrowings.
The agency is trying to crack down on financial companies that use accounting gimmicks to bolster their balance sheets, particularly at the end of a quarter. Get the full story »
Citigroup says it is selling its student loan business and about $32 billion in related assets to Discover Financial Services and the student lender Sallie Mae.
Banks are getting wise to people who bank hop to get the highest interest rates on checking accounts and some are cutting off customers who they think have become too big for their britches. Depositaccounts.com writes that banks can tell when you have been trotting from bank to bank opening accounts. And they don’t like it because they want you to be loyal only to them. My advice: Shop anyway. The more the merrier if you can pull it off.
Banco Popular, which has its U.S. headquarters in Rosemont but doesn’t crack the top 25 in Chicago-area market share, is extending its surcharge-free ATM reach nationally, including in the Chicago area. Get the full story »
Four banks with a meaningful Chicago presence made a list of the 20 best- and 20 worst-performing Midwest bank stocks.
The 20 best-performing Midwest bank stocks year to date include Chicago-based PrivateBancorp Inc. and Cincinnati-based Fifth Third Bancorp, according to a report released Thursday by Oppenheimer & Co. Fifth Third ranks eighth in deposit market share in the Chicago area.
Get the full story »
JPMorgan Chase’s online banking system appeared to be up and running Thursday morning after a Monday night crash left customers with spotty or no Web access to their accounts for three days.
Chase said its online banking service is operating well today.
“By 5 or 6 o’clock yesterday, things were moving quickly again,” said Chase spokesman Tom Kelly. Get the full story »
A screenshot of the error message on Chase.com at 10:38 a.m. CST. (Tribune)
Chase said it continues to work on its spotty-at-best online banking service and said it will refund any fees incurred by customers unable to make online payments during the outage.
Chase’s online banking Web site was back in service early Wednesday morning after being down for more than a day, but many customers have reported that they are unable to log in after entering their user name and password.
Around 10:30 CST, the site displayed an error message saying it was “temporarily unavailable,” though a few minutes later, it appeared to be back up again. Get the full story »
Three former female employees of Goldman Sachs & Co. are suing the Wall Street firm, charging rampant gender discrimination that unfairly favors men in pay and promotions.
The suit filed Wednesday by the three women alleges that Goldman has violated federal and New York City laws by engaging in a systematic “pattern and practice” of discrimination against female professionals at the firm. They are asking a federal judge to certify the case as a class-action suit on behalf of the firm’s women employees. Get the full story »
