Morgan Stanley
October 21: The US bank reported earnings of $757m for the third quarter, up from a loss of $159m the previous quarter, on net revenues of $8.7bn, a significant improvement over the $5.4bn during the previous period
US banks
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Goldman benefits from trading bonanza
Traders at Goldman Sachs recorded only one daily loss in the third quarter, highlighting the trading bonanza sweeping Wall Street as central banks continue to pump billions of dollars into the financial system.
JPMorgan agrees to settle Alabama case
JPMorgan Chase will pay $75m and forfeit claims on nearly $650m in termination fees to settle US allegations the bank and two former employees paid the friends of political officials to win municipal financing business in Alabama
Fund urges BofA to look outside for chief
A Texas fund that owns more than 1m shares in Bank of America renewed its call for the company’s board to look at outside candidates to replace Ken Lewis, the chief executive who plans to step down at the end of the year
Fed tells banks to adopt pay rules early
The US central bank says draft pay guidelines aimed at curbing excessive risk-taking will have to be followed a year before they officially come into force
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Earnings news
Goldman Sachs
October 15: Goldman Sachs nearly quadrupled its profits in the third quarter compared with a year ago, driven by a jump in trading revenues and strong returns on its own corporate investments
JPMorgan
October 14: JPMorgan said that its profits surged in the third quarter on the strength of its investment banking business, but warned that recent signs of consumer credit stability might not last
Bank of America
October 16: Bank of America, the largest US bank by deposits, said that it lost $1bn in the third quarter as weakened consumers continued to translate into credit losses
Citigroup
October 15: Citigroup fell into the red in the third quarter, raising questions over whether it will be allowed to repay $25bn in US government aid in the short term
Comment
Goldman should be allowed to fail
It might sap some resentment if taxpayers could see that Goldman’s bonuses were a form of equity partnership, and that the bank would be allowed to founder in any future crisis, writes John Gapper
A credibility problem for Goldman
Having taken government money to survive the crash, Goldman Sachs is in such rude health that it will be handing out billions in bonuses. There is much outrage that the US bank wants to carry on as its old self (but bigger) in a world that has changed, writes John Gapper
Guard of the fortress
Banking: As Jamie Dimon plans the expansion of a JPMorgan Chase whose strong balance sheet kept it profitable in the crisis, it will be time to clarify his strategy
To avoid crises, we need more transparency
The importance of fair value accounting to responsible systemic risk management is hard to overstate, writes Lloyd Blankfein, chief executive of Goldman Sachs
A curb on bank bonuses misses the point
It is not the level of bonuses, but the risk-taking incentives inherent in the system that is the problem, writes Matthew Richardson
‘I got a call at 5 o’clock ...’
Lehman: One year on, a new financial order is emerging. While questions remain over Washington’s role, surviving banks are thriving in the new era
Why a Lehman deal would not have saved us
If only Lehman Brothers had been saved, all would have been for the best in the best of all possible worlds. Actually no. A decision to bail out the bank would almost certainly have had worse consequences than letting Dick Fuld and his company go under, writes Niall Ferguson
America needs a single bank regulator
Competition among federal regulators makes no more sense in banking than in food safety or air traffic control, writes Mark Warner
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Stress tested
Use this interactive chart to see how large US banks would fare under adverse conditions according to the Federal Reserve’s Supervisory Capital Assessment Program
Bank Street
Interactive feature: Follow the fortunes of some of the world’s largest banks as they navigate the global financial crisis
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