FierceFinance covers finance industry news with a focus on the major Wall Street firms, including news on Goldman Sachs, Bank of America, Citigroup, Morgan Stanley, the SEC, and more.
Facebook takes a tumble
Monday might be considered the first day of actual trading of Facebook, the first day that the price of the stock reflects actual supply and demand.
Buyback plan on hold at JPMorgan Chase
Suspending a stock buyback is not as dramatic as suspending a dividend payment. Still, in the case of JPMorgan, the move is fraught with meaning at a time like this.
Internal politics plays role in JPMorgan trading debacle
The New York Times offers an interesting take on the disastrous trades that has cost the banks more than $3 billion in paper.
Rajat Gupta trial begins
At long last, after a lot of pre-trial drama and posturing, the big event has arrived.The trial of former Goldman Sachs directors and ex-McKinsey head, Rajat Gupta, will get underway in a courtroom in Manhattan
What's behind the Barclays move to divest BlackRock?
Barclay's announcement that it will sell its entire stake in asset management powerhouse BlackRock, which is worth more than $6 billion, was huge news.
Nasdaq's Facebook glitches come at worst time
The debut of Facebook was marred by glitches at the Nasdaq stock market that ended up delaying the start of trading and botching the trade confirmation process, which some broker dealers found infuriating.
Risk manager figures prominently in JPMorgan drama
Before the JPMorgan $2 billion (and counting) trading fiasco, the MF Global fiasco that resulted in the loss of $1 billion (or more) of customer money dominated the headlines.
Did underwriters get the Facebook IPO price right?
In the end, the tepid response to the Facebook IPO was probably the best response, one that reflects a healthy way of looking at hot companies and one that just might save us from another bubble.
Wells Fargo continues transition to checking account fees
Wells Fargo is taking a stay-under-the-radar approach to raising fees on checking accounts, which has largely kept criticism at bay, relatively speaking.
What the JPMorgan fiasco means for the Volcker Rule
People seem to agree that the multi-billion dollar trading fiasco at JPMorgan Chase has huge implications for the Volcker Rule, but no one seems to know exactly what those implications are.
Fitch: Banks still need to raise capital
With specter of Basel III looming, banks have been forced to raise capital, and the general consensus is that most of the top banks are in decent shape in terms of meeting the targets set forth by international regulators.
Bond buyers bet on inflation
This week's auction of $13 billion worth of 10-year TIPS was held up as a litmus test of the bond market's view of inflation.
Calls for Dimon resignation from NY Fed bank board
As the controversy over the multi-billion dollar JPMorgan trading debacle drones on, criticism of CEO Jamie Dimon has stepped up.
Facebook's IPO in perspective
If you were in or around the technology industry in the mid-1990s, you remember well what an electrifying moment the Netscape IPO was.
How big will JPMorgan's losses be?
The conventional wisdom seems to be that JPMorgan's losses, which were originally estimated by the company at $2 billion, have grown in recent days as the market continues to move to the detriment of the bank's open CDS positions.
Dimon to testify in Washington
JPMorgan CEO Jamie Dimon was thought to be an executive of extreme influence in Washington.
Coming soon: Chinese retail banks in the U.S.
In a milestone for Chinese banks aiming to enter the domestic retail banking market, the Fed has given its approval for three banks to offer retail service in the United States.
Retail demand appears strong for Facebook
Big brokerages like Fidelity, Morgan Stanley, Wells Fargo Advisors and TD Ameritrade have stopped taking retail orders for an initial allocation of Facebook shares, amid signs that retail demand was strong for the much-ballyhooed IPO.
Widening bank CDS spreads an opportunity
Thanks a lot JPMorgan. That might be the sentiment felt at other big banks that have watched their bonds suffer since JPMorgan unveiled its surprising $2 billion--and counting--trading loss.
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