- Goldman Sachs reveals ties to Libya fund, says FT(20 Sep 2014 18:23:12)
- [$$] Citigroup Shortlists Buyers for Japan Retail Unit(20 Sep 2014 08:58:16)
- 4:24 am JPMorgan Chase announces redemption of $1.7 bln of Fixed/Floating Rate Subordinated Notes(20 Sep 2014 08:24:00)
- Goldman Sachs reveals ties to Libya fund, says FT[AFP] - Goldman Sachs has admitted in court documents to having used small gifts, occasional travel and an internship to cement its ties with Libya's sovereign wealth fund under Moamer Kadhafi, the Financial Times reported Saturday. The details were in the investment bank's defence to a lawsuit filed by the Libyan Investment Authority (LIA) in London in January, which accused Goldman Sachs of exploiting its position to make money on failed derivative trades. The fund accused the investment bank of gaining the "trust and confidence" of its inexperienced managers before advising them to enter into $1 billion worth of trades (779 million under current rates) which subsequently lost their value, but earned the bank a $350 million profit, the FT reported. According to details provided in January by the High Court, the fund claimed that senior bankers -- including a former Goldman vice-president, Youssef Kabbaj -- tried to influence LIA staff with small gifts and a trip to Morocco.(20 Sep 2014 08:23:12)
- [$$] Bank of America Could Rise 50% or More(20 Sep 2014 04:01:00)
- Merrill Lynch fires brokers for promoting outside hedge fund - source(19 Sep 2014 23:35:11)
- Merrill Lynch fires brokers for promoting outside hedge fund -source[Reuters] - Merrill Lynch fired two veteran brokers from its Private Banking and Investment Group two weeks ago for guiding clients to invest in a hedge fund outside of the brokerage firm. The brokers, Stephen S. Brown and James P. Goetz, were based in Pittsford, New York, a suburb of Rochester, and managed about $2.5 billion of assets for clients, according to a source familiar with their practice. Brown and Goetz, who had been with Merrill since 1991 and 1998, respectively, according to regulatory records, could not be reached for comment.(19 Sep 2014 23:26:45)
- World Bank Issues a 5 million USD Callable Step-Up Green Bond[Business Wire] - Today, the World Bank , announced a USD 5 million 10-year callable step-up green bond. This green bond was lead managed by J.P.(19 Sep 2014 22:27:00)
- U.S. court tosses Argentina, Citigroup appeal in bond case(19 Sep 2014 22:06:10)
- Final Glance: Banks companies(19 Sep 2014 22:02:20)
The United States financial sector is the largest and most developed in the world, comprising 50% of all US profits. This industry is lead by major investment banks offering investment management, equity underwriting, and selling financial products. Other major companies offering lending, however many decline greatly during the recent housing bubble collapse.
As a result of the recent sub-prime mortgage crisis, many new regulations have been put into place to curb aggressive behaviors such as mixed risk class products, bank proprietary trading, and lending to high-risk customers. These new measures will result in lower financial sector profits, but also less risk associated too.
The US financial sector is largely based the north-eastern coast, centered in New York City’s Wall Street, housing the New York Stock Exchange and the NASDAQ stock exchange. There is also a sophisticated venture capital industry in the west coast where many high-tech and start-ups are based.