Lauren's Feed
Sep 17, 2013

Former Lehman President Gregory puts antiques on auction block

NEW YORK, Sept 17 (Reuters) – Former Lehman Brothers
President Joseph Gregory, who often commuted by helicopter to
work before his bank went bust, is auctioning off a collection
of centuries old furniture and artwork from his Long Island
mansion which sold in June.

Auction house Sotheby’s said on Tuesday that
“important English furniture from some of the most notable
cabinet makers, along with European porcelain and decorations”
would be auctioned next month in a sale devoted to the
collection of Gregory and his wife, Niki.

Sep 16, 2013

U.S. banks say they are safer by their own measures

NEW YORK (Reuters) – The biggest U.S. banks, including JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) and Bank of America Corp, (BAC.N: Quote, Profile, Research, Stock Buzz) said that by their own reckoning they are better equipped to withstand global downturns now than they were in March.

The results may have been helped by the banks having built capital levels in recent months as the economy showed some signs of improvement and they earned more money.

Sep 16, 2013

Goldman names Chavez as CIO, when Scopellite retires

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) has named R. Martin Chavez to become chief information officer when Steven Scopellite, a 28-year veteran of the bank’s technology group, retires at year-end, according to internal memos on Monday.

Chavez is now co-chief operating officer of Goldman’s equities business. He is known for his technological and analytical skills, having overseen the creation in the 1990s of an internal software platform that is now called Marquee, but was first called “Marty.”

Sep 16, 2013

Exclusive – Goldman names Chavez as CIO, when Scopellite retires

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) has named R. Martin Chavez to become chief information officer when Steven Scopellite, a 28-year veteran of the bank’s technology group, retires at year-end, according to internal memos on Monday.

Chavez is now co-chief operating officer of Goldman’s equities business. He is known for his technological and analytical skills, having overseen the creation in the 1990s of an internal software platform that is now called Marquee, but was first called “Marty.

Sep 16, 2013

Exclusive – Goldman names Chavez CIO as Scopellite retires: memos

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) has named R. Martin Chavez to become its new chief information officer once current CIO Steven Scopellite, a 28-year veteran of its technology group, retires at year-end, according to internal memos.

Chavez is co-chief operating officer of the Wall Street bank’s equities business. He is known for his technological and analytical skill, having overseen the creation in the 1990s of an internal software platform that is now called Marquee, but was first called “Marty.

Sep 16, 2013

Goldman names Chavez CIO as Scopellite retires -memos

NEW YORK, Sept 16 (Reuters) – Goldman Sachs Group Inc
has named R. Martin Chavez to become its new chief information
officer once current CIO Steven Scopellite, a 28-year veteran of
its technology group, retires at year-end, according to internal
memos.

Chavez is co-chief operating officer of the Wall Street
bank’s equities business. He is known for his technological and
analytical skill, having overseen the creation in the 1990s of
an internal software platform that is now called Marquee, but
was first called “Marty.”

Sep 12, 2013

Analysis: Five years after Lehman, risk moves into the shadows

NEW YORK (Reuters) – Just days after UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) said that it would gut its fixed-income trading business last October, three of the Swiss bank’s senior executives left to launch a firm to go where big banks won’t anymore.

The fund, called Melody Capital Partners, is raising about $750 million to make loans or buy debt of companies and other entities with bad credit or no credit rating. Often the borrowers are in financial distress and the financing arrangements tend to be unusual in nature.

Sep 12, 2013

Five years after Lehman, risk moves into the shadows

NEW YORK, Sept 12 (Reuters) – Just days after UBS AG
said that it would gut its fixed-income trading
business last October, three of the Swiss bank’s senior
executives left to launch a firm to go where big banks won’t
anymore.

The fund, called Melody Capital Partners, is raising about
$750 million to make loans or buy debt of companies and other
entities with bad credit or no credit rating. Often the
borrowers are in financial distress and the financing
arrangements tend to be unusual in nature.

Aug 26, 2013

Goldman losses from options glitch in tens of millions: source

By Doris Frankel and Lauren Tara LaCapra

(Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) lost tens of millions of dollars after a computer glitch led to a flood of erroneous options trades last week, a source close to the matter said on Monday.

Last Tuesday, an upgrade of Goldman’s internal system affected options on stocks and some exchange-traded funds with symbols beginning with the letters H through L, leading to trades vastly out of line with market prices.

Aug 26, 2013

Insight: Trades from 1990s come back to haunt Wall Street

By Lauren Tara LaCapra and Dan Wilchins

(Reuters) – In the 1990s, U.S. banks came up with a clever idea: using life insurance to bet that their employees would eventually die. Now those wagers are coming back to haunt Wall Street banks for reasons that have little to do with their employees’ longevity.

For more than a decade, the lenders purchased life insurance policies, known as “bank-owned life insurance,” on employees in bulk. These policies were unusual: banks chose how the premium would be invested; and were on the hook for investment losses or gains over time, unlike typical policies where the insurer invests the premium.