Breaking News This Morning ...
Hudson City Warning: The New Jersey bank expects to post a
Receiving Wide Coverage ...
I Know Nothing! During a tense Congressional hearing, Jon Corzine once again denied any knowledge of improper use of MF Global customers’ money, contradicting CME Group chief Terrence Duffy’s repeated testimony. The Journal’s story leads with Corzine’s acknowledgment that he was aware of a transfer of funds to a JPMorgan Chase account in London the last day before MF Global filed for bankruptcy protection. This transfer, he told lawmakers, was approved by the brokerage’s back office in Chicago, whose workers “explicitly confirmed to me that the funds were appropriately transferred.” Meanwhile, the Times' "DealBook" reports that CFTC commissioner Bart Chilton is calling on Congress "to
Job Cuts at Morgan Stanley: The investment bank plans to ax 1,600 jobs, or 2.6% of its work force, by the first quarter of next year, following big layoffs at several other big securities firms. “DealBook” in the Times quotes an anonymouse as saying the layoffs will affect “all job levels in all divisions,” with the notable exception of the 17,000 financial advisers in the Morgan Stanley Smith Barney unit (where 300 underperformers were let go in March). “Heard on the Street” in the Journal says the cuts are likely to be concentrated in “parts of the firm's fixed-income business that are
It’s Official: As
Wall Street Journal
The question of the
“Citigroup's Japan units were
Financial Times
Years ago, when we covered commercial real estate, someone once told us the difference between a corporate treasurer and a property mogul: the corporate type will look at a potential financing and say “250 basis points over Treasuries? I dunno” while the developer, looking at the same deal, will say, “5.4%? That’s cheap. I’ll take it.” Which way of thinking was right, we asked? “Well, how many great fortunes have been made working as a corporate treasurer?” was the response. In that light, we suspect that Jamie Dimon will be happy with the results of JPMorgan Chase’s $1.25 billion bond offering, which
New York Times
On the retail side of JPMorgan Chase, the "Bucks" blog reports on the bank's adoption of
Simon Johnson writes of the proposed