Banking Reporter, New York
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Oct 14, 2010

Bank shares take hit over U.S. foreclosure woes

WASHINGTON/NEW YORK, Oct 14 (Reuters) – Growing concerns
over the handling of U.S. home foreclosures hit bank shares
hard on Thursday, with analysts warning of harm to the fragile
housing market and broader economy if the issue escalates.

The attorneys general of all 50 states have started a
concerted investigation of the mortgage industry, focusing on
allegations that some banks did not review documents properly
or submitted false statements to evict delinquent borrowers.

Oct 14, 2010

US bank stocks roiled by foreclosure concerns

NEW YORK, Oct 14 (Reuters) – Top U.S. banks’ shares slid on
Thursday as concern grew that an extended foreclosure crisis
could hit their earnings more severely than initially feared.

Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz), the No. 1 U.S. bank, was down
5 percent, leading the rout. No. 3 Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) and
Wells Fargo & Co (WFC.N: Quote, Profile, Research, Stock Buzz) were off 4.5 percent.

Oct 14, 2010

Analysis: JPMorgan offers hope for Morgan Stanley, Goldman

NEW YORK (Reuters) – Maybe Wall Street’s much-hyped trading meltdown wasn’t so bad after all.

That, at least, is what some investors are hoping after JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) earnings beat forecasts, due in part to investment banking revenues whose decline, while noticeable, was less steep than feared.

Oct 14, 2010

JPMorgan offers hope for Morgan Stanley, Goldman

NEW YORK, Oct 14 (Reuters) – Maybe Wall Street’s much-hyped
trading meltdown wasn’t so bad after all.

That, at least, is what some investors are hoping after
JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) earnings beat forecasts, due in
part to investment banking revenues whose decline, while
noticeable, was less steep than feared.

Oct 12, 2010

Goldman asset management starts real estate unit

NEW YORK, Oct 12 (Reuters) – Goldman Sachs Group Inc’s
(GS.N: Quote, Profile, Research, Stock Buzz) asset management division said on Tuesday it is
launching a real estate investment unit and hired an ING
Clarion Partners veteran to run it.

Jeffrey Barclay will join Goldman in November from ING
(ING.AS: Quote, Profile, Research, Stock Buzz), where he was most recently a managing director at the
unit that makes direct equity investments in office, retail,
multifamily residential, industrial, self-storage, hotel and
other investment-grade properties.

Oct 8, 2010

Trading slump seen hitting Morgan Stanley, Goldman

NEW YORK (Reuters) – Morgan Stanley’s (MS.N: Quote, Profile, Research, Stock Buzz) multibillion-dollar acquisition of the Smith Barney wealth management business was supposed to help it soften the blow of weak trading quarters, but the firm is just as likely as rival Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) to report dismal third-quarter results.

Debt and equity underwriting profits for both banks are expected to be underwhelming in their quarterly reports later this month, and institutional trading volume was likely low.

Oct 7, 2010

Wall Street banks get a jump on impending rules

NEW YORK (Reuters) – Wall Street banks are taking incremental steps to scale back betting with their firms’ money in hopes it will dissuade regulators from forcing more draconian curbs.

Banks like Goldman Sachs Group Inc and JPMorgan Chase are shutting down proprietary trading groups in moves that amount to self-regulation, a time-honored technique for companies likely to face tighter government rules.

Oct 6, 2010

Citi sells $1.6 billion in store card loans to GE

NEW YORK (Reuters) – Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) sold to GE Capital $1.6 billion in credit card loans made to retail stores’ customers, the companies said on Wednesday, as it chips away at unwanted assets.

The bank is looking for a buyer for the largest portfolios in its $50 billion retail partner cards unit, including Macy’s (M.N: Quote, Profile, Research, Stock Buzz), Home Depot (HD.N: Quote, Profile, Research, Stock Buzz) and Sears (SHLD.O: Quote, Profile, Research, Stock Buzz).

Oct 6, 2010

Analysis: Wall Street banks get a jump on impending rules

NEW YORK (Reuters) – Wall Street banks are taking incremental steps to scale back betting with their firms’ money in hopes it will dissuade regulators from forcing more draconian curbs.

Banks like Goldman Sachs Group Inc and JPMorgan Chase are shutting down proprietary trading groups in moves that amount to self-regulation, a time-honored technique for companies likely to face tighter government rules.

Sep 22, 2010

Morgan Stanley in big Asia wealth management push

HONG KONG (Reuters) – Morgan Stanley is making the growth of its wealth management business a priority in Asia, its top ranking official in the region said, as the U.S. bank prepares to take on industry leaders such as UBS AG.

Morgan Stanley (MS.N: Quote, Profile, Research), which has consistently topped Asian M&A league tables, had aggressively hired advisers for its wealth management business this year, said Morgan Stanley’s Asia Chief Executive Owen Thomas told Reuters in an interview on Tuesday.

    • About Steve

      "Steve Eder, based in New York, covers investment banks for Reuters. He came to Reuters in May, 2009, after working as an investigative reporter for the Toledo Blade newspaper in Ohio. Eder has written about plant closings, the health insurance industry, poverty, and public corruption, helping to expose Ohio's 'Coingate' scandal. He also completed assignments to India and South Korea. Since joining Reuters, Eder has written about the aftermath of the financial crisis, Goldman Sachs and the debate over Wall Street bonuses."
      Hometown:
      Detroit
      Joined Reuters:
      May, 2009
      Awards:
      Loeb Award, 2006
      Finalist, Pulitzer Prize for Public Service, 2006
      National Headliner Award, 2006
      Finalist, IRE Award, 2006 and 2008
      Best Ohio Reporter, Cleveland Press Club, 2009
      Finalist, Livingston Award, 2009 and 2010
      Reuters Company News Story of the Year, 2009
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