In little more than a decade, Promontory Financial Group LLC has evolved into a new kind of Washington player tapped by banks including Morgan Stanley and Citigroup Inc. to resolve regulatory disputes behind the scenes.
JPMorgan Chase & Co.’s efforts to hide trading losses, outlined in a Senate report yesterday, probably will ignite debate over whether the largest U.S. bank is too big to manage and ratchet up pressure on Chief Executive Officer Jamie Dimon to surrender his role as chairman.
Josh Rosner, managing director at Graham Fisher and Company, Christopher Whalen, senior vice president and managing director of Risk Analytics, and Bob Ivry, reporter with Bloomberg News, discuss banks. Rosner, Whalen, and Ivry talk with Bloomberg's Kathleen Hays of "The Hays Advantage" on Bloomberg Radio.
JPMorgan Chase & Co. was ordered by U.S. regulators to strengthen risk controls and enhance executive compensation practices after losing more than $6.2 billion on a wrong-way derivatives bet last year.
The falling cost of protecting against inflation in the German bond market portends a deeper slowdown in Europe’s largest economy, signalling the effects of the continent’s debt crisis are edging closer to the core.
The Federal Reserve may lend $1 trillion to central banks as Europe’s crisis roils markets and erodes confidence in the region’s lenders, Anthony Sanders, a George Mason University finance professor, told Congress.