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The independent examiner appointed to review claims and assets in Washington Mutual’s bankruptcy case is seeking subpoena power.
The examiner made the request Friday in filing his proposed work plan in Delaware bankruptcy court. A hearing on his plan will be held Tuesday. Get the full story »
Goldman Sachs Group Inc. is the bank many Americans love to hate, but one group just plain loves it: its employees.
The firm’s employees are among the most fiercely loyal in the financial services industry, according to a survet by glassdoor.com, a career Web site. And Goldman Chief Executive Lloyd Blankfein had the highest approval rating of any CEO in the financial sector. Get the full story »
Only four of the eight largest mortgage servicers have committed to participate in a government-sponsored, yet voluntary, program designed to aid troubled homeowners with second mortgages, new data released Tuesday shows.
Of the four servicers participating in the second lien modification program — Bank of America, CitiMortgage, JPMorgan Chase and Wells Fargo Bank — only Bank of America and Chase were “operationally ready” and extending modification offers to consumers this spring, the Treasury Department said Tuesday. Get the full story »
Bank of America and Citigroup posted better-than-expected quarterly earnings on lower credit losses, but their shares fell as the banks highlighted the challenge of boosting revenue in a stagnant economy.
As with JPMorgan Chase & Co., which reported Thursday, the banks’ investment banking profits were down, a bleak sign for Goldman Sachs Group Inc. and Morgan Stanley, whose results are due next week. Get the full story »
Fewer Americans fell behind on credit card payments in June, with delinquencies at their lowest this year at major U.S. card lenders, but the results did not stem concerns about the economic recovery.
Credit card delinquency rates have declined steadily since the beginning of the year, signaling that banks should have to write off less debt as uncollectible. Get the full story »
JPMorgan Chase & Co posted higher second-quarter earnings on Thursday, beating analysts’ expectations, after setting aside less money for loan losses. The second-largest U.S. bank by assets said earnings jumped to $4.8 billion, or $1.09 a share, from $2.7 billion, or 28 cents a share, in the year-earlier period. Get the full story »
The judge in the Tribune Co.’s bankruptcy said Wednesday that there’s no way to avoid arguments about the media conglomerate’s 2007 leveraged buyout at a hearing on whether to confirm its reorganization plan.
But Judge Kevin Carey indicated that he will not hold a full-blown trial on buyout-related claims at the confirmation hearing, set to begin Aug. 30. Get the full story »
From CNN | BP’s stock price has fallen far enough for the oil company to become an attractive takeover target for its biggest rivals, according to industry analysts.
BP’s stock finished at $28.88 Wednesday, a plunge of more than 50% from its close of $60.09 on April 19, the day before its leased oil rig, the Deepwater Horizon, exploded and sank in the Gulf of Mexico, killing 11 workers. On Thursday, shares were up more than 3%.
Fred Lucas of JPMorgan believes that investors have overdone it in dumping the stock, cheapening it to an attractive value for buyers – meaning potential parent companies, not just individual investors. Get the full story »
Despite historic changes to the rules on Wall Street from financial reform, banks like Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley won concessions that watered down the proposals that could have been most damaging to their profits, staving off a watershed overhaul like the one that took place after the Great Depression. Get the full story »
