Finance

Banks Join Pensions in Squeeze as Federal Reserve’s Low Rates Erode Profit

2012-02-03 09:53:39

The Federal Reserve, which cut its target for the federal funds rate to a zero-to-0.25 percent range on Dec. 16, 2008, said last month that rates would remain “exceptionally low” at least through late 2014. While the unprecedented period of near-zero rates is meant to aid an ailing economy, it poses challenges for banks, insurers, pension funds, and savers.

Wealthy Investors May Shrug at Facebook IPO

2012-02-02 14:42:46

Wealthy investors aren’t clamoring for a piece of Facebook Inc. (FB)’s initial public offering because some own the stock through private transactions while others shy away from risky technology deals, according to advisers.

Strategic Value Partners Said to Raise $918 Million Distressed Debt Fund

2012-02-02 14:41:56

Strategic Value Partners LLC, the hedge fund founded by Victor Khosla, raised $918 million from its largest distressed-debt fund to invest in underperforming assets, according to two people with knowledge of the situation.

Goldman Sachs Lost Facebook IPO’s Lead Following ‘Strained’ Private Sale

2012-02-02 14:41:09

Goldman Sachs Group Inc. (GS), whose equity capital markets revenue dropped to No. 4 among U.S. rivals in 2011, failed to win the lead role in Facebook Inc.’s initial public offering after scuttling a private sale of the Internet company’s stock to U.S. investors a year ago.

Nomura Jumps After Unexpected Profit Increase, Cost Cutting: Tokyo Mover

2012-02-02 14:39:48

Nomura Holdings Inc. (8604) rose the most in almost three months after reporting an unexpected quarterly profit increase from cost cuts and the sale of private-equity investments.

Financial-Transaction Tax in France to Take Effect in August, Sarkozy Says

2012-01-30 10:57:34

France plans to unilaterally impose a 0.1 percent tax on financial transactions starting in August, President Nicolas Sarkozy said, brushing aside opposition from the nation’s banks.

Global Economy, Recession Risk Are Bankers’ Main Concern, Survey Reports

2012-01-30 10:56:57

The fragility of the global economy is the greatest threat to the banking industry as a return to recession could mean more losses from bad loans and bank failures, according to an industry survey.

Janus Capital Chairman’s Departure Fuels 5.4% Rise

2012-01-27 12:07:53

Steven L. Scheid, the chairman of Janus Capital Group (JNS) Inc. who presided over a period of turmoil and decline at the Denver-based money manager, will retire in April as the company struggles to reverse investor withdrawals.

Credit Suisse Senior Bankers’ Compensation Said to Drop by 30%

2012-01-27 12:07:01

Credit Suisse Group AG (CSGN), the second- biggest bank in Switzerland, told senior investment bankers that compensation for 2011 will be 30 percent lower on average than the previous year, four people briefed on the discussions said.

BofA Said to Limit Bonuses for Investment Bankers, Traders

2012-01-27 12:06:19

Bank of America Corp., the U.S. lender seeking to preserve capital, will freeze base salary levels and limit cash bonuses to $150,000 for some investment bankers, said two people with knowledge of the plans.

RBS Chief Hester Set to Receive 963,000-Pound Bonus for 2011

2012-01-27 12:05:42

Royal Bank of Scotland Group Plc Chief Executive Officer Stephen Hester will receive a bonus of 963,000 pounds ($1.51 million) for last year, less than half his 2010 payout.

Lincoln, MetLife Lead Insurer Slump on Fed’s Rate Pledge: New York Mover

2012-01-26 12:11:02

Lincoln National Corp. (LNC) and MetLife Inc. (MET) led insurers lower after investors bet they’ll struggle to maintain bond-portfolio income as the Federal Reserve said its benchmark interest rate will stay low until at least late 2014.

Greek Debt Talks to Resume in Athens as Policy Makers Squabble Over Cost

2012-01-26 12:10:07

Talks on a debt swap to avert a Greek default resume today as international policy makers squabble over the mounting cost of the rescue.

Morgan Stanley CEO Says Workers Complaining of Pay Cuts Need New Attitudes

2012-01-26 12:09:14

Morgan Stanley (MS) Chairman and Chief Executive Officer James Gorman said employees understand why the investment bank had to cut pay, and those who don’t grasp the reasoning need to adjust their attitude.

BofA, Citigroup Among Banks Facing Margin Pressure From Fed’s Rate Stance

2012-01-26 12:08:19

Bank of America Corp. and Citigroup Inc. (C) are among lenders that may find it more difficult to boost profits and capital after the Federal Reserve pledged to keep its benchmark interest rate low until at least late 2014.

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