Wall Street banks may appear to be offering higher salaries to junior employees, but the increase may not be as generous as it looks.» Read More
Aug 21- Deutsche Bank has sold its North American natural gas trading book to Morgan Stanley, a source familiar with the deal said on Thursday. Deutsche Bank and Morgan Stanley declined to comment. Last month, Morgan Stanley bought Deutsche Bank's bulk commodities trading book in coal, iron ore and freight forward contracts.
NEW DELHI, Aug 21- Indian government officials painted an upbeat picture for the economy on Thursday as it struggles to emerge from the longest spell of sub-par growth in decades and promised to tighten up risk management at the country's dominant state banks.
ALBANY, N.Y.— New York state will get $800 million as its share of a national $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis, New York Attorney General Eric Schneiderman said Thursday.
*Letter sent to BCBS, IOSCO. HONG KONG, Aug 21- The international banking industry has asked regulators for more time to implement derivatives rules that could add $800 billion to the global financial industry's cost of doing business, people familiar with the matter said.
ABU DHABI, Aug 21- Banking group Standard Chartered is liable to legal action in the United Arab Emirates after it agreed to close some customers' UAE accounts in an anti-money laundering settlement with U.S. regulators, the UAE central bank said on Thursday.
*Jackson Hole conference to begin. *Bank of America gains before expected settlement deal. NEW YORK, Aug 21- U.S. stock index futures edged higher on Thursday, ahead of a flurry of economic data and the start of the meeting of top central bankers and economists in Jackson Hole, Wyoming.
HONG KONG/ SHANGHAI, Aug 21- China's Bank of Communications Co Ltd said on Thursday it expects bad loans to rise this year as businesses in major manufacturing regions suffer in a slowing economy, the second big lender to make such a forecast this week.
Leaders are expected to agree that top banks must issue special bonds to increase the amount of capital which can be tapped in a crisis.
Douglas Lebda, LendingTree CEO, and Roger Cregg, AV Homes CEO, share their take on the housing industry, mortgage lending and home construction. Jobs have the biggest impact on the industry, says Cregg.
How much will Bank of America's expected $17 billion mortgage settlement cost the company? The answer is, almost certainly not that much.
Dick Kovacevich, former Wells Fargo chairman & CEO, explain why he thinks the massive $17 billion Bank of America settlement with the Justice Department is extortion. Companies don't commit crimes, people do, contends Kovacevich.
LONDON, Aug 21- Any speculation about the timing of a Federal Reserve rate hike at this week's central bank forum at Jackson Hole could raise fears of a fall in demand for bonds in the euro zone periphery, but holders should be reassured by the weak correlation between Spanish and Italian bond yields and their U.S. counterparts.
Roger Myerson, professor of economics at teh University of Chicago and 2007 Nobel Prize Laureate, says Europe needs to "fundamentally" rethink its banking regulatory environment.
LONDON, Aug 21- Government leaders are expected to agree in November that the world's top banks must issue special bonds to increase the amount of capital which can be tapped in a crisis instead of calling on taxpayers to come to the rescue, industry and G20 officials said.
*Gold drops for a fifth straight session. SINGAPORE, Aug 21- Gold extended losses to a fifth session on Thursday, sliding 1 percent to its lowest in two months, after the U.S. dollar strengthened on indications from the Federal Reserve that it could raise interest rates sooner than expected. "Gold had already been under pressure from the dollar.
NEW YORK, Aug 21- U.S. regulators are sending some of the biggest global banks verbal warnings as they crack down on the firms' poor grasp of their own weaknesses, and push for rapid improvements in risk assessment, according to two sources familiar with the matter.
Bank of America is expected to pay more than $16.5 billion to end investigations into mortgage securities that the bank and its units sold.
TOKYO, Aug 21- Japanese government bond prices slipped on Thursday, tracking U.S. The Bank of Japan refrained from making any purchases under its massive asset-buying programme, as it typically does on days when the Ministry of Finance conducts a sale. A stronger U.S. dollar and rising Tokyo stocks also had some negative impact on JGBs.
US prepares a lawsuit against Angelo Mozilo in a final effort to target the figure most associated with the subprime mortgage boom which preceded the financial crisis.
NEW YORK, Aug 20- JPMorgan Chase& Co and Bank of America Corp are planning to hike salaries of junior employees by at least 20 percent, people familiar with the proceedings said. Junior bankers at Bank of America Corp will also receive a raise of at least 20 percent, according to a person familiar with the matter.
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