Receiving Wide Coverage ...
Where in the World are the London Whale Traders? The latest developments in the London Whale investigation may not make for a
According to the gumshoes at the Wall Street Journal, "No one answered the door over the weekend at a London house listed under Mr. Martin-Artajo's name. Mr. Grout couldn't be reached at an apartment listed in his name. A man who works as a shoe cobbler and dry cleaner around the corner said the former J.P. Morgan trader used to be a regular customer but hadn't been around for about a month."
Both were believed to be in the U.K., which would have required U.S. officials to coordinate their arrest with U.K. officials. But Grout has been in his native France (which doesn't make a habit of extraditing its citizens) and Martin-Artajo is believed to be out of the U.K. on vacation.
According to Grout's lawyer, the trader returned to France shortly after losing his JPM job last December and even spent time this summer in the U.S., where his wife's family lives. "He has absolutely
Meanwhile, JPMorgan is still expected to be weighing a settlement with the Securities and Exchange Commission to resolve civil allegations related to the $6 billion trading loss a deal that would likely include
Teller-Tale Sign of the Times: Amid the growing use of mobile-based and ATM technologies, banks are employing fewer tellers at their branches.
While banks are rolling out new hardware, like an ATM built by NCR Corp. that lets customers video conference with remote tellers from inside a bank lobby or drive-through, concerns about bank access for the elderly and disabled and a decline in entry-level banking jobs has some concerned about the
Lake State Credit Union in Minnesota is said to be
The trend isn't exclusive to the U.S. In Europe, many small and remote communities must rely on monthly visits from buses that serve as mobile bank branches, the result of a shrinking network of banks throughout the continent.
Banks have
Wall Street Journal
The Journal details "the fortunes made and lost via
"On several occasions GSO's betincluding purchases of MBIA shares and bonds and agreements to pay trading partners if the company defaulted, or have them pay GSO if it didn'tdove far into the red. The roller-coaster ride led to marathon weekend conference calls on which Mr. Richman defended his bet to GSO partners who pushed him to pull out," the paper reports.
New York Times
Bank fees from underwriting companies' initial public offerings are on the rise, having
The analysts are expected to be independent of their investment bank's underwriting activities because they're relied on to provide clients with buy and sell recommendations on stocks. But companies (and their private investment owners) routinely interview banks' research analysts as part of the process for selecting an underwriter for their IPOs.
"Participants say company meetings with the analysts and bankers are held separately, but can happen within hours of each other, and banks rarely send compliance officers to monitor the discussions," the Times reports, adding that the Financial Industry Regulatory Authority is said to have opened an inquiry into the matter.
While research analysts may meet with potential clients of their banks to discuss broad industry trends, regulations have prohibited them from pitching underwriting services since the practice was blamed for contributing to the rise and fall of the dot-com bubble. The move was meant to curtail analysts from issuing overly optimistic reports about soon-to-be public companies to help the investment banking side of their bank win an underwriting job.