Dow Jones says a goal of the 30-stock index is to capture the pulse of the broader economy. So why replace a rebounding Bank of America with Goldman Sachs?
FORTUNE – In the biggest change of the 30-stock index in nearly a decade, three companies will be replaced on the Dow Jones Industrial Average. Alcoa, Bank of America, and Hewlett-Packard are out, Nike, Goldman Sachs, and Visa (V) are in.
The shake-up MORENin-Hai Tseng, Writer - Sep 10, 2013 1:27 PM ET
The government's bailout of Citigroup has finally ended. It was profitable, but it took a while.
FORTUNE -- Congratulations, taxpayers. Your Citigroup bailout is finally over.
On Monday, the Federal Deposit Insurance Corp. said it was selling $2.4 billion in Citi bonds. The bank debt is the last remaining piece of Citi (C) that is owned by any government agency tied to the bailout of the firm in the wake of MOREStephen Gandel, senior editor - Sep 10, 2013 5:00 AM ET
Citigroup stands to lose the most business, but no bank is immune.
FORTUNE -- Here's yet another risk the Federal Reserve might want to consider as it exits its bond buying program: Could the growing rout in emerging markets create a financial crisis back home?
Rising interest rates in the U.S., sparked by indications that the Fed may slow its bond buying, have translated into a summer of pain for emerging markets. MOREStephen Gandel, senior editor - Sep 3, 2013 5:00 AM ET
Citigroup released a cumbersome, jargon-filled, 101-page earnings announcement. How can Washington possibly regulate entities like this?
FORTUNE -- You would think that a well-researched and insightful book about the Washington legislative process would have nothing in common with a big bank's quarterly earnings news release. But you'd be wrong.
If you read the two documents almost back to back -- as I've done recently -- you discover that the book and the MOREAllan Sloan, senior editor-at-large - Jul 19, 2013 5:00 AM ET
Collateralized loan obligations are back, even in the most unlikely places.
FORTUNE -- The former office of JPMorgan Chase's London Whale is diving back into risk.
According to several people familiar with the deals, JPMorgan's London chief investment office, which last year lost more than $6 billion betting on credit derivatives, is in the process of inking deals to buy significant portions of collateralized loan obligations, which are structured bonds that are backed MOREStephen Gandel, senior editor - Jul 18, 2013 1:06 PM ET
Is the Depression-era bank legislation the right solution for today's too-big-to-fail problems?
FORTUNE -- When banks behave badly, leave it to the Glass-Steagall Act to save the day.
Such has been the mantra in the years following the 2007-2008 financial crisis -- the latest from U.S. senators Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.). The Depression-era law prevented commercial banks from also taking on business ordinarily done at investment banks. Its repeal MORENin-Hai Tseng, Writer - Jul 15, 2013 10:23 AM ET
Profits bolstered by lower loan losses and a better stock market.
FORTUNE -- Citigroup, the No. 4 U.S. bank by assets, said it earned $4.2 billion in the second quarter. That's a good bottom line: growth of 44%, and, at $1.34 per share, 14% ahead of estimates.
Much of the gain, nearly $900 million, came from lower losses from bad loans. The bank said the volume of delinquent loans in its core MOREStephen Gandel, senior editor - Jul 15, 2013 8:39 AM ET
Fed votes to up the amount of capital banks have to have to cover loan losses, but leaves rules for subprime mortgages mostly in place.
FORTUNE -- The Federal Reserve voted Tuesday to approve rules that will require banks to hold more capital against the loans they make or risky assets they buy. The rules, proposed in the Dodd-Frank banking reform law, are a result of the financial crisis, when a MOREStephen Gandel, senior editor - Jul 2, 2013 10:18 AM ET
Citigroup, Goldman Sachs, and Morgan Stanley preach caution, even as their bankers return to pre-crisis deals.
FORTUNE -- On Citigroup's recent conference call, CEO Michael Corbat said he was still worried about the economic recovery and the market.
"Looking ahead, I believe the environment is going to remain challenging," Corbat told his bank's investors. "Europe's issues, as the situation in Cyprus shows, still have the potential to rattle the markets and impact MOREStephen Gandel, senior editor - Apr 24, 2013 10:15 AM ET
Goldman Sachs and JPMorgan get the go-ahead from the Federal Reserve for their capital plans - but with conditions.
Correction: March 15, 3:55 PM.
FORTUNE -- The Federal Reserve approved the capital plans of 16 of the nation's 18 largest banks on Thursday as part of the final leg of their required stress tests.
Ally Financial, the former finance arm of General Motors (GM), and BB&T (BBT), a regional bank based in Winston-Salem, MOREStephen Gandel, senior editor - Mar 14, 2013 6:49 PM ET
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