Finance News

Top Stories

• World Bank Chief: Greece Euro Exit Could Hit Spain, Italy
  A decision by Greece to leave Europe's common currency zone would raise big questions about the impact on Spain, Italy and other eurozone countries with big debt loads that areundergoing structural reforms, the head of the World Bank said on Wednesday. The eurozone crisis...
• Pimco Strategist Crescenzi: Greece Likely to Exit Euro
  Greece is likely to leave the 17-nation European currency to boost economic growth and to be able to afford to pay its debts, according to Pacific Investment Management Co.'s Tony Crescenzi. "To compete it probably needs a far weaker currency, and it can't accomplish that...
• Several Fed Members May Favor More Easing if Economy Falters
  Several Federal Reserve policy makers said a loss of momentum in growth or increased risks to their economic outlook could warrant additional action to keep the recovery on track, minutes of their last meeting showed. Several members indicated that additional monetary...
• JPMorgan Still Employs 'Whale' Trader at Center of Trading Loss
  Bruno Iksil, the London-based JPMorgan Chase & Co trader known as the "whale" believed to have been involved in the company's $2 billion loss in derivatives, is still employed by JPMorgan, a spokeswoman for the bank said on Wednesday.
• ECB Stops Lending to Some Greek Banks as Draghi Talks of Exit
  The European Central Bank said it will temporarily stop lending to some Greek banks to limit its risk as President Mario Dragi signaled the ECB won t compromise on key principles to keep Greece in the euro area. The Frankfurt-based ECB said today it will push the...
• FBI's Mueller Confirms JPMorgan Preliminary Probe
  FBI Director Robert Mueller on Wednesday confirmed that the agency has opened a "preliminary investigation" into JPMorgan Chase & Co., the nation's largest bank.
• Facebook Boosts Size of IPO by 25%, Could Total $16 Billion
  Facebook increased the size of its initial public offering by almost 25 percent, and could raise as much as $16 billion as strong investor demand for a share of the No. 1 social network trumps debate about its long-term potential to make money.
• Euro Crisis Leaves Door Open for More BoE Easing
  The escalating danger from the neighboring eurozone debt crisis prompted the Bank of England on Wednesday to keep alive the prospect of more help for an ailing British economy it said was growing more slowly than expected.
• JPMorgan Shareholders Sue Dimon Over $2 Billion Trading Loss
  JPMorgan Chase & Co. shareholders sued the bank and Chief Executive Officer Jamie Dimon in federal court in New York over the company’s $2 billion trading loss.
• Judge to Lead Greece to Fateful June 17 Election
  Greece put a senior judge in charge of an emergency government on Wednesday to lead it to new elections on June 17 and bankers sought to calm public fears after the president said political chaos risked causing panic and a run on deposits.
• Frightened Greeks Pull Nearly $1 Billion From Banks
  Greece's president spoke of "fear that could develop into panic" at the country's banks in the weeks before fresh elections that could precipitate Athens exit from the eurozone.
• GE Finance Unit to Resume Dividend to Parent Halted in 2009
  General Electric Co.’s finance unit plans to pay a special dividend of $4.5 billion to the parent company after suspending the cash transfers in 2009 amid the financial crisis.
• White House: Obama Has Assets in JPMorgan Accounts
  President Barack Obama has $500,001 to $1 million in a JPMorgan Chase private client asset management checking account, according to financial disclosures released by the White House. Obama said this week that JPMorgan was one of the best managed banks there is despite...
• Obama’s Disclosure Shows Mortgage Refinance Not High on Agenda
  While President Barack Obama has cited the financial relief available to homeowners by refinancing at low-interest rates, he and his wife weren t among Americans who sought out a lower-cost loan last year.The Obamas still held at the end of 2011 a 30-year mortgage on their...
• Senate Leaders Move Toward Vote on Fed Nominees
  President Barack Obama's two stalled nominees for the Federal Reserve are likely to clear a Senate procedural hurdle on Thursday, paving the way for anticipated confirmation, the chamber's leaders said on Tuesday. Democratic and Republican aides said they expect Senate...
• Merkel, Hollande Extend Olive Branch to Greece
  German Chancellor Angela Merkel and French President Francois Hollande said they would consider measures to spur economic growth in Greece as long as voters there committed to the austerity demanded to stay in the euro. Requests for measures to bolster growth will be ...
• ResCap to Stop Funding $1.7 Billion in Home Loans
  Residential Capital LLC, the bankrupt mortgage company indirectly owned by the U.S. government, won court approval to quit funding $1.7 billion in consumer home- equity lines of credit to conserve cash. U.S. Bankruptcy Judge James Peck today approved the company s request...
• Facebook Increases IPO Price Range to Raise $12.1 Billion
  Facebook Inc. increased the price range on its initial public offering an average of 14 percent to raise more than $12 billion, giving the world's No. 1 social network a valuation potentially exceeding $100 billion.
• FBI Launches Probe of JPMorgan's $2 Billion Trading Loss
  The New York office of the FBI has opened an investigation into JPMorgan Chase & Co.'s $2 billion trading loss, a source familiar with the probe said on Tuesday.
• JPMorgan CEO Wins Shareholder Vote on Pay, Stays Chairman
  The CEO of JPMorgan Chase has won a shareholder endorsement of his pay package and will keep the title of chairman of the board.
• Wiedemer: Fed to Print More Money If Stock Market Drops 15%-20%
  A sluggish economy may prompt the Federal Reserve to roll out a third round of stimulus known as quantitative easing, says Robert Wiedemer, financial commentator and author.
• Obama: JPMorgan ‘One of Best Managed Banks’
  
  President Barack Obama is defending JPMorgan Chase, the country’s biggest bank, in the wake of its recent $2 billion trading loss.
• Merkel Critics Urge Growth Before Talks With Hollande
  Germany's centre-left opposition told Angela Merkel it would only support her fiscal pact if it was accompanied by measures to boost growth and jobs, siding with France's new SocialistPresident Francois Hollande hours ahead of his visit to Berlin. Markets and policymakers...
• Trump: More Laws Wouldn't Have Stopped JPMorgan Loss
  Regulations likely wouldn't have prevented JPMorgan's $2 billion trading loss, be they existing regulations or proposed new ones, says real estate mogul Donald Trump.
• Greek Government Talks Collapse; New Vote Planned
  Greece abandoned a nine-day hunt for a government on Tuesday and called a new election that may hand victory to leftists who might cut the nation's financial lifeline, pushing it closer to bankruptcy and out of the euro zone. After six rounds of fruitless wrangling, party...

More Finance News Stories