The documents show that a JPMorgan program designed to prevent questionable hiring practices was ultimately viewed inside the company as "a gateway to doing business with state-owned companies in China," the Times said, adding that it had reviewed copies of the emails and computer spreadsheets.» Read More
*Shares surge on earnings, Sydney Airport proposal, dividend. SYDNEY, Nov 1- Australia's top investment bank Macquarie Group Ltd booked a better-than-expected 39 percent increase in first-half net profit on Friday, helped by an upswing in IPOs and a strong performance from its asset management division.
LONDON, Oct 31- Europe's leading investment banks took a trading revenue battering in the third quarter that shows no signs of reversing before the end of the year and gives a glimpse into the upheaval facing the industry as a whole.
Hammered by their role in the 2008 crisis and the rigging of the LIBOR, the global banking sector looks set to take another battering.
The fiduciary bill, sponsored by freshman Republican Representative Ann Wagner of Missouri, targets rulemaking efforts at both the U.S. Securities and Exchange Commission and the Department of Labor that would impose a fiduciary duty on certain kinds of financial advisers.
Around 1.2 trillion euros ($1.7 trillion) of non-performing loans are parked on European banks' balance sheets.
But Britain's biggest domestic lender Lloyds Banking Group will buck the trend by reporting a sharp rise in third-quarter profit, benefiting from the improving health of the UK economy.
Mizuho Financial Group said the chairman of its banking unit will resign following a loans-to-mobsters scandal.
DUBAI, Oct 28- Morgan Stanley Inc is seeing a resurgence in investment banking activity in the Gulf Arab region and expects an end to large-scale retrenchments by global lenders as financial markets improve, senior executives at the bank told Reuters.
DETROIT, Oct 25- Cuts to Detroit's public pensions and retiree healthcare were inevitable given the city's sagging finances, a top consultant for the city testified on Friday during the third day of a trial to determine whether the city is eligible for bankruptcy.
*China to retain ban on overseas exchange's warehouses in free-trade zone. SHANGHAI, Oct 25- Conditions are ripe for the launch of commodities options, China's securities regulator said on Friday, a sign that it will soon approve some of the options contracts proposed by local futures exchanges.
*Credit Suisse Q3 net 454 mln Sfr vs 705 mln Sfr poll avg. ZURICH, Oct 24- Credit Suisse will shrink interest rate trading after revenue and profit at its investment bank slid in the third quarter, it said on Thursday, further scaling back an area squeezed by strict new regulation and a drop in activity.
Traffic to Barajas airport has dropped as Spain's economic crisis cut domestic tourism and business travel. Investment bank Lazard and Spain's N +1 brokerage are helping with a search for investors for a public launch of at least 49 percent of Aena, which operates 46 Spanish airports and London's Luton, and has stakes in 14 Latin American airports.
*Credit Suisse Q3 net 454 mln Sfr vs 705 mln Sfr poll avg. *Ups cost-cutting target by 100 mln Sfr to 4.5 bln Sfr. ZURICH, Oct 24- Credit Suisse will shrink interest rate trading after revenue and profit at its investment bank slid in the third quarter, it said on Thursday, further scaling back an area squeezed by strict new regulation and feeble activity.
Financial services professionals based in Singapore – Southeast Asia’s financial hub – have high hopes for bonuses this year, according to a new survey.
NEW YORK, Oct 21- A former Jefferies Group Inc managing director must face trial on criminal charges that he defrauded a federal bank bailout program by falsifying the prices of mortgage securities, a Connecticut federal judge ruled on Monday.
JPMorgan's tentative $13 billion mortgage settlement with federal and state regulators is a "terrible deal," former prosecutor and SEC lawyer Jacob Frenkel told CNBC.
Retail banks care becoming increasingly concerned about being left behind by trends in social networking and mobile computing, according to a survey of the industry.
The slowdown won't affect financial forecasts for Boeing, analysts said, because production of the jet is so limited. Analysts expect Boeing to report solid third-quarter results on Wednesday, and many predict its stock, currently at record levels, will continue climbing. The decision also reflects Boeing's prescience in deciding to build the 787 a decade ago.
Oct 18- Morgan Stanley trimmed its commodity trading risk in the third quarter from the previous quarter, the bank reported on Friday, but held its position as the Wall Street firm with the most money at play in the sector.
NEW YORK, Oct 18- Morgan Stanley's risk-weighted assets related to fixed-income trading fell by 2.7 percent last quarter, Chief Financial Officer Ruth Porat said on Friday. Morgan Stanley is working to shrink some fixed-income trading assets while growing its book of loans, particularly to wealth-management clients.