banks

Goldman Sachs on the Hot Seat

Jeff Neumann · 04/27/10 09:33AM

By now you've heard the news that investment bank Goldman Sachs is in some hot water with the government. Today, executives from the firm will testify on Capitol Hill. Will there be drama? Here is a quick guide.

Weak Security at America's Weakest Bank

cityfile · 12/22/09 01:52PM

Computer hackers can be so cruel. Not only did a "Russian cyber gang" decide to mount an attack on one of America's banks, they picked the nation's most feeble financial institution, too. According to the Journal, hackers likely used a $40 software program to gain access to Citibank accounts and make off with "tens of millions of dollars," although in typical Citi fashion, for now the bank is pretending the computer attack never happened. [WSJ]

Farewell, Diners Club

cityfile · 11/24/09 04:43PM

Who knew Diners Club still existed? It turns out it does and today Citigroup announced that it's selling off the near-dead credit card franchise to a Canadian bank for "an undisclosed sum" (read: not much) as it looks to shed "noncore assets and streamline operations." A look back at the glory days of America's first credit card below.

Goldman Goes for Broke

cityfile · 11/20/09 11:25AM

It was once thing when politicians and members of the media were haranguing Goldman Sachs over its plans to pay out massive year-end bonuses. But now shareholders are getting into the act, too, a move that shows "how anger over its big-money culture is spilling into the ranks of investors who typically shy away from debates over Wall Street pay." Naturally, these giant mutual funds aren't speaking up on principle. (They'd like to benefit a bit more from the firm's record earnings.) And whether they really plan to do anything about it is up in the air. But there's an indication that all the PR troubles that the firm has faced this week—and this may go down as the worst week in the firm's history from a public relations standpoint—are about to vanish instantly.

JPMorgan Splits It Down the Middle

cityfile · 11/19/09 01:42PM

Goldman Sachs decided against holding a holiday party this year. Condé Nast revealed yesterday that it plans to proceed with its annual fête, albeit at a slightly less expensive restaurant. Now JPMorgan has weighed in. The party is on this year, which is certainly nice to hear. Not as nice: It will take place in the company cafeteria. [Dealbreaker]

JPMorgan Chase Cleans Up Its Portfolio

cityfile · 10/27/09 10:16AM

Many have criticized Wall Street firms for not doing more to manage risk in the lead up to the financial crisis and many have wondered just how much has changed over the past year. Let it be known that JPMorgan Chase is no longer playing by the old rules when banks were handing out loans to anyone who asked. If you're an accused murderer? Well, then, the new JPMorgan Chase wants nothing to do with you.

Extreme Makeover: Wall Street Edition!

cityfile · 10/21/09 12:46PM

Wall Street CEOs make a fortune, as you're undoubtedly aware. Even the chief executives of banks that have been bailed-out by Washington or have gone bust usually end up doing nicely. But despite the riches and perks these men have accumulated and massive egos they've developed along the way, few of them would do all that well in a beauty contest. Because it's high time that Wall Street take advantage of the miracle of modern science—and because we care, dammit—we took the liberty of contacting Dr. Anthony Youn, a board-certified plastic surgeon who has made appearances on Dr. 90210 and the Rachael Ray Show, to ask him what procedures he'd suggest these titans of finance consider if they want to look their very best. Dr. Youn's answers and cost estimates—and our commentary—is below.

Banks ♥ America

cityfile · 10/07/09 08:39AM

How are banks repaying American taxpayers for providing them with billions of bailout dollars during the financial crisis? By jacking up ATM fees to the highest they've ever been in history. Thanks, guys! [Slate]

Role Reversal

cityfile · 09/22/09 09:13AM

"Tired of the government bailing out banks? Get ready for this: officials may soon ask banks to bail out the government. Senior regulators say they are seriously considering a plan to have the nation's healthy banks lend billions of dollars to rescue the insurance fund that protects bank depositors." Emphasis added, naturally. [NYT]

In Case of Emergency...

cityfile · 09/14/09 10:22AM

What should you do if you're downtown in the financial district and there's a massive crisis of some sort? Seek shelter at Goldman Sachs' new $2.4 billion, 43-story building on Vesey Street! It's the "the safest place you could possibly be" in the event of an attack, according to Michael Bloomberg. [NYP via Dealbreaker]