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
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Goldman boost from business aid fund
Goldman Sachs’ programme for US small businesses could help it meet some of its duties under a law aimed at aiding low-income communities – a sign of the demands created by its conversion to a bank holding company last year
JPMorgan completes takeover of Cazenove
JPMorgan Cazenove sees scope to make more of the synergies between the bulge-bracket US bank and the 190-year-old broker, as it confirms details of a £1bn deal
Congress eyes bank tax to tackle unemployment
US lawmakers working on ways to pay for legislation to reduce unemployment are considering taxes on banks as a way to raise revenue – and exploit public anger ahead of elections next year.
JPMorgan unveils £1bn Cazenove deal
JPMorgan is to pay about 535p a share for the UK broker in a deal that will see David Mayhew, a well-connected corporate adviser, remain chairman of the Cazenove brand
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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
US Federal Reserve: An eclectic aviary
Central banking: As the Fed seeks to guide America’s recovery, the policy hawks and doves must make nuanced judgments – and the two species are not as distinct as some think
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
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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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