Connect to share and comment

Japan's regional banks are urged to merge

By Taiga Uranaka and Noriyuki Hirata TOKYO (Reuters) - Japanese regulators are increasing the pressure on regional banks to consolidate, worried that shrinking populations outside the nation's major cities will leave lenders too weak to stand on their own. After direct prodding from the head of the Financial Services Agency (FSA) for the more than 100 regional banks to slim down through mergers or takeovers, the regulator has set up meetings with regional bank presidents to grill them on their long-term business plans.

JPMorgan hires six financial advisers

(Reuters) - JPMorgan Chase & Co's wealth management unit said it hired a team of veteran advisers from UBS, Merrill Lynch and Bernstein Global Wealth Management to expand the firm's presence in Atlanta, New York and Seattle. The advisers together managed about $1.2 billion in client assets at their previous firms. Roland Pritchett and Matt Stucke will join J.P. Morgan Securities' Atlanta office from UBS. They will report to regional director Pete Secret.

JPMorgan compliance chief leaves firm: WSJ

(Reuters) - JPMorgan Chase & Co's <JPM.N> compliance chief has quit the largest U.S. bank, roughly a year after being appointed to the position, the Wall Street Journal reported on Tuesday. Chief Compliance Officer Cindy Armine is expected to take a job at payment processor First Data Corp, the report said, citing people familiar with the matter. (http://r.reuters.com/qap27v) JPMorgan could not be immediately reached for comment outside regular U.S. business hours.

JPMorgan to cut 8,000 jobs, lowers 2014 profit target

By David Henry and Peter Rudegeair (Reuters) - JPMorgan Chase & Co <JPM.N>, the largest U.S. bank, announced thousands of job cuts on Tuesday as the mortgage lending business slows, and said it was lowering its profitability target.

JPMorgan Chase to cut 5,000 jobs in 2014

US banking giant JPMorgan Chase Tuesday said it would eliminate 5,000 jobs from its global workforce this year. JPMorgan forecast its total headcount in 2014 at 260,000, down from 265,000 in 2013 and 280,000 in 2011, according to a presentation posted to the JPMorgan website ahead of an investor day. A major unit that is targeted is JPMorgan's consumer and community banking, where workforce will be cut by 8,000.

Reports: Royal Bank of Scotland to cut as many as 30,000 jobs as it shrinks investment banking

LONDON - U.K. media are reporting that taxpayer-backed Royal Bank of Scotland is set to cut up to one quarter of its workforce amid massive restructuring. The Financial Times and Daily Telegraph newspapers are reporting Friday that cuts of between 20,000 and 30,000 jobs will be announced next week when the bank, which is 80 per cent owned by the taxpayer, releases its results. The reports say the bank will further shrink its investment banking operations and leave overseas businesses in Asia.

Small-firm lawyer takes on Wall Street and wins, twice

By Aruna Viswanatha WASHINGTON (Reuters) - Before attorney David Wasinger decided to take on two of the biggest global banks in federal court in New York, he had visited the city just twice: once when he was 6, and the second time on a tour bus with his children. As the sole partner at a five-attorney firm in St. Louis, Missouri, Wasinger was mostly focused on local business litigation and had never represented a whistleblower.

Wall Street's most eligible banker Fleming waits for suitor

By Lauren Tara LaCapra NEW YORK (Reuters) - Wall Street power brokers are betting that Greg Fleming will be chief executive of a major U.S. company one day, but no one is quite sure of which one or when. Fleming, the head of Morgan Stanley's wealth and asset management businesses, is on the bank board's list of candidates who could potentially succeed Chief Executive James Gorman, according to sources with direct knowledge of the situation.

Insight: Wall Street's most eligible banker Fleming waits for suitor

By Lauren Tara LaCapra NEW YORK (Reuters) - Wall Street power brokers are betting that Greg Fleming will be chief executive of a major U.S. company one day, but no one is quite sure of which one or when. Fleming, the head of Morgan Stanley's wealth and asset management businesses, is on the bank board's list of candidates who could potentially succeed Chief Executive James Gorman, according to sources with direct knowledge of the situation.

Barclays to cut 12,000 jobs, pays bigger bonuses

By Steve Slater and Matt Scuffham LONDON (Reuters) - Barclays said it would axe up to 12,000 jobs this year even as it raised bonuses for investment bankers, prompting fury among politicians and unions who said it had not learned the lessons of the financial crisis. Britain's third-biggest bank said up to 9 percent of employees could go, including 7,000 in Britain, as it tries to lower costs. The cuts are not concentrated in any one business area.
Syndicate content