Goldman Sachs
January 21: Goldman Sachs became the latest US bank to bow to pressure over pay, slashing compensation as it reported stronger than expected fourth-quarter profits
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BofA and Citi warned over credit ratings
The planned overhaul of US financial rules prompted Standard & Poor’s to warn it might downgrade the credit ratings of Citigroup and Bank of America on concerns that the shake-up would make it less likely that the banks would be bailed out by US taxpayers if they ran into trouble again
BofA names global capital co-heads
Alastair Borthwick and Lisa Carnoy were named co-heads of Bank of America’s global capital markets arm, inheriting a business whose performance was a bright spot in an otherwise tumultuous year for the US bank
Judge questions BofA settlement
The judge who rejected a US government settlement with Bank of America over its takeover of Merrill Lynch questioned whether a revised $150m accord still unfairly punished shareholders
Ailing securitisation market hits Citi asset sales
Some private equity groups and hedge funds that have looked at the assets said the lack of a thriving market for securitised bonds made the assets less attractive
BofA seeks new SEC settlement
A ruling is due on a revised deal over claims that BofA misled investors, writes Greg Farrell
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Morgan Stanley
January 20: Morgan Stanley underlined the challenges it faces in closing the gap with Wall Street rivals by failing to meet analysts’ expectations in the fourth quarter amid the continued underperformance of its trading operation
JPMorgan
January 15: JPMorgan says that its fourth-quarter profits soared, fuelled by continued strength in its investment banking business
Bank of America
January 20: Bank of America, the largest US lender, said it had lost $194m in the fourth quarter as credit costs remained elevated, while rivals Morgan Stanley and Wells Fargo both recorded profits
Citigroup
January 19: Citigroup lost $7.6bn in the fourth-quarter as its move to repay US government bail-out funds ended its stretch of three consecutive profitable quarters
Comment
The fight begins
There is no silver bullet that will create a more robust financial network where big banks can safely fail. But with his package of proposals, Mr Obama has shown the stomach for a fight
Gorman aims to strike a balance
Morgan Stanley’s new chief executive seeks to strike the right balance between an investment bank whose ‘great spurts’ of earnings growth come at higher cost to the balance sheet, and a wealth management arm that produces steadier growth yet higher returns
Don’t bank on voters forgetting
Years from now, as the public comes to realise that it will spend a generation paying for the bail-outs, rage against bankers may be more intense, not less writes Christopher Caldwell
Outside Edge: Bonus! The true meaning of outrage
As long as bankers refer to their extraordinary ‘boons’ or ‘gifts’ as bonuses, ordinary citizens will continue to be enraged. We need to find a new name for them, writes Stefan Stern
Separating investment banks will not make us safer
The idea of reimposing Glass-Steagall would be laughable were it not advanced by so many otherwise serious people, writes Marc Lackritz
Smarter ways to punish a banker
‘We want our money back, and we’re going to get it,’ said Barack Obama, announcing his levy on financial institutions. Tough talk, and good politics. But anger is a poor basis for policy – especially when combined with a misunderstanding of the issues, writes Clive Crook
Rescuer presents rescued with the first bill
The rescue of the US financial system through government bail-outs and loans was funded by tax dollars from Americans now outraged at the banking industry’s rapid recovery from the crisis.
Global Insight: Still bristling over AIG haircut
Washington’s decision to pay out on the insurer’s credit derivatives contracts at face value sparked a row that has not died down, writes Gillian Tett
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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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