PNC Financial Services Group Inc., bucking a trend that is sweeping the banking industry, is vowing to keep its most-basic checking accounts free of fees. Get the full story »
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3 years into federal bailout, costs declining
Almost three years after a series of government bailouts began, what many feared would be a deep black hole for taxpayer money isn’t looking nearly so dark.
The brighter picture is highlighted by the outlook for the bailouts’ centerpiece — the $700 billion Troubled Asset Relief Program.
“It’s turning out to cost one heck of a lot less than what we all thought at the beginning,” said Ted Kaufman, a former U.S. senator from Delaware who heads the congressionally appointed panel overseeing TARP. Get the full story »
FDIC’s Bair sees bank structural changes
Large financial institutions may need to make significant and potentially costly structural changes to comply with new U.S. “living will” requirements, bank regulator Sheila Bair said on Monday. Get the full story »
St. Charles’ Valley Community Bank fails
Regulators have shut down a small bank in Illinois, raising to 23 the number of U.S. bank failures this year after the limping economy and mounting soured loans felled 157 banks in 2010.
The Federal Deposit Insurance Corp. on Friday seized Valley Community Bank, based in St. Charles, Ill. The bank has five branches, $123.8 million in assets and $124.2 million in deposits. Get the full story »
Northern Trust buys fund unit of Irish bank
Bank of Ireland announced plans Thursday to sell its fund administration business, the Bank of Ireland Securities Services, to Northern Trust Corp. for up to 60 million euros ($82.53 million) to boost its capital levels.
Stock in Northern Trust closed at $52.14, down 26 cents.
Feb. 24 at 2:36 p.m.
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Filed under: Banking, Credit Cards, Government, Politics, Regulations Czar amazed by threats to nascent consumer agency
Elizabeth Warren, the point person creating an agency to protect consumers of financial products, said she was surprised there are efforts afoot in Congress to kill or disable the agency before it’s born.
Warren, in Chicago for a speech at Northwestern University, told the Tribune in an interview Thursday that it’s crucial the agency is created and that its funding remain independent from the political process. She also held an olive branch to community banks and credit unions wary of more regulation. Get the full story »
Average Wall Street bonus falls to $128,530
Wall Street workers may be feeling a little leaner. That’s because cash bonuses fell nearly 8 percent last year, according to New York State Comptroller Thomas DiNapoli. Bonuses paid to New York City workers in the financial securities industry fell to $20.8 billion in 2010. That’s a one-third drop in the bonus pool from 2007, before the financial crisis, DiNapoli said. Get the full story »
More bank branches closed, than opened in 2010
From the New York Times | In 2010, for the first time in 15 years, more bank branches closed than opened across the United States. An analysis of government data shows. As banks shut branches in poorer areas, they continued to expand in wealthier ones, despite decades of government regulations requiring financial institutions to meet the credit needs of poor and middle-class neighborhoods. Get the full story>>
Trustee: Citi shopped Madoff to other banks
Citigroup Inc. tried to pass its exposure to Bernard Madoff to other banks just months before his epic fraud was revealed, the Madoff trustee said in a lawsuit accusing a second major U.S. bank of unsavory dealings with the financier.
Trustee Irving Picard said red flags about Bernard L. Madoff Investment Securities LLC were apparent to Citi as early as 2005, according to court papers unsealed Monday. The lawsuit seeks $425 million from the bank. Get the full story »
Allstate sues Citi, Deutsche Bank over securities
Allstate Corp. sued Citigroup Inc. and Deutsche Bank AG Friday, accusing the banks of misrepresenting risks on more than $385 million of mortgage securities it bought.
Allstate, the largest publicly traded U.S. home and auto insurer, has filed similar lawsuits against Bank of America Corp. and JPMorgan Chase & Co. Get the full story »
JPMorgan suit says Lehman left it with ‘goat poo’
Lehman Brothers and Barclays deceived JPMorgan Chase & Co. with bad assets that the failed investment bank’s own employees dubbed “goat poo,” according to new court papers that escalate a legal battle between the financial firms.
JPMorgan filed new court claims in the case, contending that Lehman left it with $25 billion in unpaid loans secured by undesirable such as those left out of the sale to Barclays. Get the full story »
ShoreBank successor closing 3 branches
Crain’s Chicago Business | Urban Partnership Bank, the successor to ShoreBank, plans to close branches in the Austin neighborhood, Bellwood and Detroit by mid-May. It intends to open new facilities in those locations at some point.
JPMorgan CEO Jamie Dimon gets $17M bonus
J.P. Morgan Chase & Co. Chief Executive Jamie Dimon received a 2010 equity bonus worth $17 million, the biggest bonus for a big name Wall Streeter so far this year. Though the equity bonus is similar to the prior year’s award, it still tops those so far given out to Dimon’s banking peers. Get the full story »
Northern Trust seen as ’safe’ bank during crisis
Northern Trust Corp. Chief Executive Rick Waddell said last week that during the early days of the 2008 financial crisis, his Chicago-based company’s main bank branch alone took in $90 million a day in deposits, up from an average of $2 million a day. Get the full story »
