Editor In Charge, Banking and Insurance Companies
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Feb 8, 2013

CIT has explored possible sale -sources

NEW YORK, Feb 8 (Reuters) – CIT Group Inc had
preliminary talks over the past year and a half to sell itself
to banks, including Toronto-Dominion Bank and Wells Fargo
& Co, but nothing came of the conversations, according
to three people familiar with the specialty finance company.

Goldman Sachs bankers have had informal talks on
behalf of CIT with a number of banks, but the Wall Street firm
has not been formally retained as an adviser, according to two
of the people. CIT Chief Executive Officer John Thain, who
formerly worked at Goldman, is not under any immediate pressure
to sell the company, the sources said.

Jan 18, 2013

Bank of America’s Moynihan, known for fixing and cutting, must now build

By Rick Rothacker and Dan Wilchins

(Reuters) – Bank of America Corp’s (BAC.N: Quote, Profile, Research, Stock Buzz) Brian Moynihan is known as a problem-fixer and cost-cutter and in his three years as the bank’s CEO, he has had that reputation tested like never before.

Now, proof of his abilities is beginning to show. On Thursday, the bank said its mortgage lending volume was growing and expenses were falling in the unit that handles problem home loans. Both are early signs that the second-largest U.S. bank is finally moving past its disastrous 2008 purchase of subprime lender Countrywide Financial.

Jan 18, 2013

BofA’s Moynihan, known for fixing and cutting, must now build

Jan 18 (Reuters) – Bank of America Corp’s Brian
Moynihan is known as a problem-fixer and cost-cutter and in his
three years as the bank’s CEO, he has had that reputation tested
like never before.

Now, proof of his abilities is beginning to show. On
Thursday, the bank said its mortgage lending volume was growing
and expenses were falling in the unit that handles problem home
loans. Both are early signs that the second-largest U.S. bank is
finally moving past its disastrous 2008 purchase of subprime
lender Countrywide Financial.

Nov 28, 2012

The biggest struggle yet for Citi’s repairman

By David Henry and Rick Rothacker and Dan Wilchins

(Reuters) – When Citigroup Inc’s board of directors was looking for a chief executive in 2007, it called Michael O’Neill, who had turned around Bank of Hawaii Corp a few years before.

O’Neill spoke to a Citigroup board member on the telephone, but the board was reluctant to consider O’Neill seriously because he had never run a bank of Citigroup’s size or complexity, according to a person familiar with the situation.

Nov 28, 2012

Analysis – The biggest struggle yet for Citi’s repairman

By David Henry and Rick Rothacker and Dan Wilchins

(Reuters) – When Citigroup Inc’s (C.N: Quote, Profile, Research) board of directors was looking for a chief executive in 2007, it called Michael O’Neill, who had turned around Bank of Hawaii Corp (BOH.N: Quote, Profile, Research) a few years before.

O’Neill spoke to a Citigroup board member on the telephone, but the board was reluctant to consider O’Neill seriously because he had never run a bank of Citigroup’s size or complexity, according to a person familiar with the situation.

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.

    • 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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