May 14, 2012 |
Ina Drew, the JPMorgan Chase & Co. executive who headed the bank's unit responsible for a stunning $2 billion trading loss, will retire, the bank announced. Chief Investment Officer Drew will step down after more than 30 years with the bank, though the bank's announcement did not specify when she would depart. A source familiar with the situation told The Times on Sunday that Drew had offered repeatedly to resign and that her resignation would likely be accepted this week.
May 11, 2012 |
It's a measure of how successful Wall Street has been at eviscerating the so-called Volcker Rule that in its current guise it would not have prevented JPMorgan Chase from making the derivatives trades that produced the stunning $2-billion trading loss disclosed this week. Even in its weakened loophole-ridden state, the rule, which prohibits banks from making risky trades for their own accounts, has been raked with gunfire from Jamie Dimon, the JPMorgan chairman who presided over that loss.
April 6, 2012 |
BEIJING - China may be the world's second-largest economy, but its financial system still answers to strict state controls that critics say hold back the country's development. The free market plays little role in determining howChina'scurrency is valued, how banks set interest rates or how much capital is allowed to flow in and out of the country. But in the last two weeks, a series of moves has raised hopes that financial freedoms could be expanding in the so-called bird cage economy.
November 23, 2011 |
Steve Garvey and Orel Hershiser have attracted more than enough financial backing to bid competitively on the Dodgers, the banker representing the former Dodgers stars said Wednesday. "It's a matter of picking the partners we want," said Darren Lowe of RBC Capital Markets, the investment banking arm of the Royal Bank of Canada. For the first time, one of those partners has identified himself. Joey Herrick, president of Pacoima-based Natural Balance Pet Foods, said Wednesday that he has agreed to become a minority investor in the Garvey-Hershiser venture.
April 7, 2010 |
Goldman Sachs Group Inc.'s public relations problems don't seem to be hurting its ability to do business. In the first quarter of this year, as its image woes intensified, the firm had more success than any other investment bank in attracting clients, data tracker Dealogic reported Tuesday. Goldman was the most popular bank for advising clients involved in mergers and acquisitions -- up from No. 3 last year, Dealogic said. The bank came in second in the rankings of firms in the capital markets sector, which includes underwriting stock offerings.
May 28, 2009 |
Charles Clow has some advice for the Obama administration on how to get the U.S. out of the recession. "The wheels here need to be greased," Clow said. "People have to want to spend money again and that's our problem -- they don't want to spend money. We need to increase government spending and cut income taxes and payroll taxes and get money flowing."