Editor In Charge, Banking and Insurance Companies
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Oct 19, 2012

Analysis: Mortgage demand too much for U.S. banks, who respond slowly

By Dan Wilchins and Rick Rothacker

(Reuters) – Big U.S. banks are hiring mortgage bankers to meet a surge in demand for home loans and refinancings, but they are still struggling to process applications, which could undermine the Federal Reserve’s attempts to stimulate the economy.

Since the Fed announced its plan in September to buy up to $40 billion of mortgages a month, consumer mortgage rates have fallen more slowly and by less than they would have done in more normal times.

Oct 16, 2012

Newsmaker: Touchdown for Corbat after 30 years on Wall Street

By Alex Chambers and Dan Wilchins

(Reuters) – Michael Corbat, Citigroup Inc’s new chief executive, is a survivor.

In a three-decade career that started at Salomon Brothers, the former offensive lineman for Harvard has endured countless mergers and succeeded in coming out on top.

Oct 16, 2012

Touchdown for Corbat after 30 years on Wall St

Oct 16 (Reuters) – Michael Corbat, Citigroup Inc’s new
chief executive, is a survivor.

In a three-decade career that started at Salomon Brothers,
the former offensive lineman for Harvard has endured countless
mergers and succeeded in coming out on top.

Oct 11, 2012

JPMorgan CFO Braunstein may step down

By Dan Wilchins

(Reuters) – JPMorgan Chase and Co’s (JPM.N: Quote, Profile, Research, Stock Buzz) chief financial officer, Doug Braunstein, may step down and take another position with the bank, a person familiar with the matter told Reuters on Wednesday.

The move would be the latest management change at the bank, which has been roiled by $6 billion of losses from bad bets on derivatives. The person familiar with the matter said any shift would be Braunstein’s decision, and would be unrelated to the trades.

Oct 5, 2012

Big funds seek to rein in pay at Wall Street banks

By Lauren Tara LaCapra and Dan Wilchins

(Reuters) – The days when Wall Street banks could blithely hand out half their revenue in compensation to their staff without a murmur from shareholders have come to an end.

In an era of leaner times and tighter regulation, big mutual funds and pensions are growing more vocal in pushing executives at investment banks to rein in pay and bonuses and consider more staff cuts. Investors worry that bank employees are getting too big a piece of a shrinking pie, leaving shareholders a much smaller slice.

Oct 4, 2012

Analysis: Big funds seek to rein in pay at Wall Street banks

By Lauren Tara LaCapra and Dan Wilchins

(Reuters) – The days when Wall Street banks could blithely hand out half their revenue in compensation to their staff without a murmur from shareholders have come to an end.

In an era of leaner times and tighter regulation, big mutual funds and pensions are growing more vocal in pushing executives at investment banks to rein in pay and bonuses and consider more staff cuts. Investors worry that bank employees are getting too big a piece of a shrinking pie, leaving shareholders a much smaller slice.

Sep 11, 2012

Treasury sells big chunk of AIG stock at a profit

Sept 10 (Reuters) – American International Group (AIG.N: Quote, Profile, Research)
shares fell 1.5 percent on Monday after the U.S. Treasury
Department said it will sell $18 billion of the insurance
company’s shares.

The offering represents the government’s biggest sell-down
of AIG since rescuing the insurer with a bailout in 2008, and
will reduce its stake to roughly 20 percent from a current level
of 53 percent.

Sep 10, 2012

AIG shares fall after U.S. says it plans $18 bln sale

Sept 10 (Reuters) – American International Group (AIG.N: Quote, Profile, Research)
shares fell 1.5 percent on Monday after the U.S. Treasury
Department said it will sell $18 billion of the insurance
company’s shares.

The offering represents the government’s biggest sell-down
of AIG since rescuing the insurer with a bailout in 2008, and
will reduce its stake to roughly 20 percent from a current level
of 53 percent.

Jun 4, 2012

Exclusive: Citadel accuses Jump employees of stealing secrets

By Dan Wilchins and Herbert Lash

(Reuters) – Citadel, one of the world’s biggest hedge fund manager, has accused employees of a rival Chicago high-frequency trading firm of stealing its trading programs.

It said in a court petition that at least one its former employees stole trading algorithms and brought them to Jump Trading, a firm that employs 325 people in Chicago, London and Singapore.

Jun 4, 2012

Citadel accuses Jump employees of stealing secrets

By Dan Wilchins and Herbert Lash

(Reuters) – Citadel, one of the world’s biggest hedge fund manager, has accused employees of a rival Chicago high-frequency trading firm of stealing its trading programs.

It said in a court petition that at least one its former employees stole trading algorithms and brought them to Jump Trading, a firm that employs 325 people in Chicago, London and Singapore.

    • About Dan

      "Dan Wilchins oversees a team of reporters covering U.S. commercial banks, investment banks, and insurance companies. Based in New York, he has also covered securitization, derivative markets, and corporate bonds."
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