Brown-Vitter is another example of how not to fix the banks
Instead of the American tax code taking a whack out of big finance’s equity, there should be introduction of a tax on bank debt, says Mark Roe
US banks
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Regulators on alert on US bank loan boom
Watchdogs worry that competition to win business will spur banks to offer loans at dangerously low rates and put further pressure on margins
US banks’ corporate loans spark risk fears
Industry warns some lenders are dramatically cutting the terms and interest rates at which they offer business loans as they seek to boost profits
Citi unit exits Bloomberg chat groups
US bank highlights concerns over online security, with the financial data provider under fire amid fears its journalists accessed private details
JPMorgan appoints global co-heads of M&A
Move acknowledges increasing prominence of crossborder dealmaking, even as overall M&A volumes continue to decline in wake of global financial crisis
JPMorgan investors take heat off Dimon
People familiar with early voting patterns say investor proposal to strip chief of role as chairman is on track to gather less than 50% of vote
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Comment and analysis
KeyCorp: cut and pay
Once the regional US bank reaches its goal it will need to aim lower to keep boosting the share price
JPMorgan: blubber ahoy
US bank will not like bowing to populist pressure, but surely it should reshuffle now while markets are calm and the breeze steady
Daydreams of supervising Dimon
Amid talk that JPMorgan might find an independent chairman, I find it difficult to think of an actual person who could oversee its chief
Standard Chartered: anything but standard
Not all is going well at the emerging markets-focused bank, but management remains sanguine
BofA/MBIA: case closed
Deal gives MBIA’s muni business a shot at a future and alleviates the risk that BofA’s $8.5bn deal with investors might unravel
Earnings news
Morgan Stanley
April18: A slowdown in trading activity in the first quarter lead the securities group to report lower revenues, but cost controls help it record higher profits
Goldman Sachs
April 16: Net income at the US bank rises 7% to $2.3bn in the first quarter, as an uptick in corporate debt issuance offsets a decline in trading revenues
Bank of America
April 17: Second-biggest US bank reports a decline in revenue in consumer, mortgage and investment banking divisions, and further clean-up costs over bad loans
Citigroup
April 15: Analysts had expected about $3.5bn and the outperformance was driven by a strong investment bank result and an improving credit outlook in North America
Wells Fargo
April 12: The record profit for the bank came despite a revenue decline of 2 per cent to $21.3bn as margins were squeezed by low interest rates
JPMorgan
April 12: Jamie Dimon warns that despite signs the US economy is “healthy and getting stronger”, “loan growth across the industry has been softer this quarter’’
Multimedia
Changing landscape of US banks
An interactive timeline focusing on three of the largest bank mergers in decades that took place in the aftermath of the collapse of Lehman Brothers
Stress tested
Interactive chart: see how large US banks would fare under adverse conditions according to the Fed’s Supervisory Capital Assessment Program
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