Goldman Sachs post $3B 3rd-quarter profit despite slip in investment banking revenueOctober 15th, 2009 Goldman Sachs profit tops $3B on strong tradingNEW YORK — Goldman Sachs Group Inc.'s third-quarter earnings more than tripled from the depths of the financial crisis as income from the company's trading operations offset a drop in its investment banking business. Goldman's stock fell 1.8 percent early Thursday as investors reacted to the slide in investment banking revenue, the result of a general slowdown in takeover activity.
Spokeswoman: China plans to link banker pay to risk, but no plans for salary capsSeptember 25th, 2009 China plans to link banker pay to risksBEIJING — China plans to link the pay of bankers to risks taken by their institutions but has no plans for salary caps, a government spokeswoman said Friday. The announcement came as leaders of the Group of 20 major economies meeting in Pittsburgh neared agreement on compensation limits for bankers whose risky behavior contributed to the global financial meltdown.
G-20 made top forum for global economic policySeptember 25th, 2009 PITTSBURGH - Leaders of G-20 nations have agreed to keep working to stimulate economies and stabilise financial systems following the worst financial crisis in decades as they decided to designate the group as the premier forum for international economic cooperation. The decision to replace G-8, once elite club of rich industrial nations, with G-20 reflecting the growing economic clout of India, China, Brazil, and other fast-growing developing countries, came at the end of a two day summit of the world's 20 major economies.
French President Nicolas Sarkozy says EU leaders agree to impose a cap on banker pay.September 17th, 2009 France: EU calls for global cap on bank payBRUSSELS — French President Nicolas Sarkozy says that EU leaders have agreed to impose a cap on bankers' pay. He told reporters that all 27 EU nations are in "total unity" that the world cannot repeat the "scandal" of bonuses for executives and traders that encouraged banks to take huge risks.
EU says more needs to be done to improve US climate change billSeptember 17th, 2009 EU leaders chide US on climate billBRUSSELS — The European Union says the United States has to make deeper cuts in emissions as part of legislation currently going through the U.S. Congress. Sweden's Prime Minister Fredrik Reinfeldt says while the 27-nation bloc welcomes the draft U.S.
EU will ask Pittsburgh summit to agree on sanctions against banks that pay excessive bonusesSeptember 16th, 2009 EU to call for sanctions on excessive bank payBRUSSELS — European Union leaders plan to urge the world's largest economies on Thursday to threaten sanctions on banks that pay excessive bonuses to executives and traders as part of a promised overhaul of the global financial system. One year after banks across the world faced the worst financial crisis in 70 years, EU nations are eager to impose curbs on banking pay they say can trigger reckless risk-taking.
Fed's Duke says changes in accounting rules need global coordination to avoid repeat crisisSeptember 14th, 2009 Fed's Duke: accounting changes need global reachWASHINGTON — Changes in accounting standards, rules and policies for financial institutions must be coordinated globally in the effort to help avoid a recurrence of the economic crisis, Federal Reserve Gov. Elizabeth Duke said Monday.
France optimistic that G-20 will strike agreement on bonuses at summitSeptember 11th, 2009 France sees chance for bonus restrictionsPARIS — French Finance Minister Christine Lagarde expressed optimism Friday that world leaders will agree to international rules on trader bonuses at this month's summit of rich and developed nations in Pittsburgh. In a preparatory meeting for Group of 20 summit, finance ministers last week agreed to curb hefty bankers' bonuses, but the proposed crackdown falls short of European demands after the U.S.
NGOs, retired people to spread banking services in villagesSeptember 4th, 2009 AGARTALA - The Reserve Bank of India (RBI) will soon engage agents to provide banking services in villages, says RBI deputy governor Usha Thorat. "To act on behalf of the banks and to provide certain banking services among the uncovered people, non-government organisations, self-help groups, cooperatives, financial bodies, retired teachers and government employees and responsible citizens would soon be employed as banking correspondents or agents," Thorat said while addressing a seminar in Agartala late Friday.
Colonial Bancgroup tells SEC it can't file 2Q report due to accounting irregularitiesAugust 12th, 2009 Colonial: No 2Q report due to irregularitiesMONTGOMERY, Ala. — Colonial Bancgroup has advised the Securities and Exchange Commission it will not be able to file a second-quarter financial report because of alleged accounting irregularities now being investigated.
Colonial BancGroup says feds conducting criminal investigation over accounting irregularitiesAugust 7th, 2009 Colonial BancGroup faces federal investigationMONTGOMERY, Ala. — Colonial BancGroup said Friday it is under criminal investigation by the Department of Justice over alleged accounting irregularities at its mortgage warehouse lending unit.
Sarkozy weighs into debate over banker bonuses after BNP Paribas compensation sparks angerAugust 7th, 2009 Banker bonus sparks anger in FrancePARIS — French President Nicolas Sarkozy wants to meet with leaders at BNP Paribas SA, his office said Friday, after a report that the bank had earmarked euro1 billion ($1.44 billion) in extra compensation sparked populist anger. Sarkozy hopes to meet with the bank's leaders Aug.
Bank of America names chief accounting officerJuly 23rd, 2009 Bank of America names chief accounting officerCHARLOTTE, N.C. — Bank of America Corp.
Germany, France call for looser accounting, bank capital rules during downturnJuly 6th, 2009 Germany, France seek looser accounting rulesBRUSSELS — German and French finance ministers are calling for looser accounting rules that would allow European banks to follow American rivals and avoid reporting heavy losses on troubled assets they cannot sell. Germany's Peer Steinbrueck and France's Christine Lagarde wrote to the European Commission on Monday, calling for urgent action from the independent agency that sets accounting standards in Europe.
UK Treasury chief demands change of bank boardroom culture to prevent repeat of crisisJune 17th, 2009 UK Treasury chief puts onus on bank executivesLONDON — British Treasury chief Alistair Darling demanded a change in culture in banking management on Wednesday, blaming executives' lack of judgment for the depth of the financial crisis. Darling acknowledged that regulation of the banking sector needs to be improved, but put the onus firmly on bank boardrooms to avoid a repeat of the current crisis.
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