Facebook Fiasco Drags UBS Profit Lower
UBS blamed its 349
million Swiss franc ($360 million)loss from Facebook's
botched U.S. market debut on exchange operator Nasdaq,
saying orders for the stock had been entered multiple times due
to a systems failure.
Facebook Fiasco Dents UBS Profit
UBS reported a
surprise slump in profit, hit by a big trading loss on
Facebook's stock market debut and a drop in revenue that
pushed its investment bank into the red.
Capital Rules Drive Shifts in Fixed Income Trading
Deutsche Bank claimed the No. 1 ranking, while Goldman took second place, in a Greenwich Associates 2012 fixed income study as some dealers have pulled back on capital allocated to fixed income trading.
The Mobile Frontier: Next-Gen Apps on the Street
The rise of mobile apps is transforming Wall Street, enhancing the customer experience, improving portfolio and risk management, advancing the search for alpha, and even strengthening compliance.
Bernanke, Geithner Response to Libor Scandal Rings Hollow
Ben Bernanke heads the most powerful central bank in the world. Yet the Federal Reserve chairman says he was largely powerless to stop what some are calling the biggest financial fraud in history: the systematic manipulation of a key global interest rate.
The End of An Era: ICE Closes NY Trading Floor
The exchange, depicted in the popular 1983 film Trading Places, has a history dating back to the New York Cotton Exchange, which was founded in 1870 and later became the Coffee, Sugar and Cocoa Exchange.
JPMorgan Shuffles Managers Below Dimon
JPMorgan Chase announced a broad management shakeup among the executives just below Jamie Dimon, with Daniel Pinto and Mike Cavanagh becoming co-CEOs of the Corporate & Investment Bank.
ICE to End New York Floor Trading After 142 Years
The 142-year-old tradition of
floor-based open-outcry trading at the former New York Cotton
Exchange is coming to an end as the last of its contracts --
options on futures tied to agricultural products such as sugar
and cocoa -- go exclusively electronic.
TMX Group Profit Hurt by Weakness in Equity Markets
TMX Group Inc reported a
drop in second-quarter profit on Friday, as weak equity markets
hurt trading volumes and dried up the pipeline for new listings
and financings just as the Toronto Stock Exchange operator gets
set to be acquired by Maple Group.
JPMorgan Shuffles Managers Below Dimon
JPMorgan Chase & Co, the biggest U.S. bank, announced a broad management shakeup among the executives just below Jamie Dimon, signaling that the bank is preparing for life after its famed chief executive officer.
Barclays Dragged Into New Probe After Libor Blow
Barclays revealed a new regulatory probe and more U.S. lawsuits on Friday, making it harder for the British lender to rebuild its reputation damaged by the central role it played in the interest rate-rigging scandal shaking banks.
The Funniest Sandy Weill Twitter Responses
Former Citigroup CEO and the architect of the modern mega-bank dropped a bombshell on CNBC yesterday: We should break up the big banks that are too big to fail. This statement may seem simple and sensible but consider the source: this came from the man who created these very banking behemoths. Needless to say, Twitter was abuzz comparing Sandy Weill's truth bomb to other statements no one ever expected to hear. Enjoy.
CFTC Panel to Weigh New Customer Fund Safeguards
A commissioner charged with
improving technology at the U.S. futures regulator plans to tell
industry players that immediate action is needed to protect
customer funds at an emergency advisory committee meeting on
Are Big Banks' Glory Days Gone for Good?
Ever since the financial crisis, banks have held out hopes of a return to the good times. But analysts and investors are now questioning whether things have changed for good.
Sandy Weill: Break Up the Banks
The man who created the modern bank supermarket and shattered Glass-Steagall thinks the banks are too big and should be broken up.
Nasdaq Quarterly Profit Boosted by Data Business
Nasdaq OMX Group said on
Wednesday its profit rose in the second quarter, which was
marked by the bungled Facebook IPO, as cost controls and growth
in the exchange operator's market data business helped offset a
slowdown in trading volumes.