Tag Archive
Banks We Need Clarity On Pay Rules
NEW YORK: Banks that received bailout funds said they are trying to comply with executive pay curbs imposed by the Treasury Department, but the firms are worried about changing rules and an inability to keep top talent, according to a report relesed Wednesday by a TARP overseer.Neil Barofsky, special inspector general for the Treasury Department’s… »
Big Banks Cashing In On Rash Of Smaller Bank Failures
NEW YORK (Fortune) — Shares of BB&T Corp. shot higher Friday after reports that it might be scooping up the remains of Colonial BancGroup. It’s no wonder: Such purchases give healthier banks a chance to grow on the cheap. That’s valuable at a time when many institutions have been shrinking in response to the recession.More… »
Banks Wary Of Small Business ARC Loans
NEW YORK: More than 1,000 emergency loans have been granted to struggling companies since the Small Business Administration launched the much-anticipated America’s Recovery Capital program in mid-June, according to a lending tally released this week. While the list confirms that the program is likely to hit its goal of making 10,000 loans by the time… »
Banks To Collect 385B In Overdraft Fees In 09
NEW YORK: U.S. banks will collect a record 38.5 billion in overdraft fees this year, with nearly all the revenue paid by just 10% of customers, according to a research report released Monday.The windfall is nearly double the 19.9 billion collected in 2000, as overdraft fees drift higher despite the recession, said Mike Moebs, chief… »
Banks Lining Up For Second Helping Of TARP
NEW YORK: For some banks, the grim reality is that another dose of TARP may be their best shot at salvation.Overwhelmed by loan losses, some hard-hit lenders are hitting up the Treasury Department for even more money from the Troubled Asset Relief Program. Last week, Midwest Banc Holdings (MBHI), a community bank based just outside… »
4 Banks Are Shuttered Friday Night
NEW YORK: Regulators shut down four regional banks Friday, the Federal Deposit Insurance Corporation said, bringing the total number of banks to fail in the United States to 68 this year.Friday’s bank closures will cost the FDIC fund 215.7 million, bringing the total cost for failed banks to 14.43 billion this year. That compares with… »
TARP Banks Paid Big Bonuses Despite Poor Performance
NEW YORK: Even as top banks delivered abysmal performances last year, they still managed to pay out billions of dollars employee bonuses, according to a study published Thursday by New York Attorney General Andrew Cuomo.In an analysis of compensation practices of the original nine banks that received money under the Troubled Asset Relief Program, or… »
Big Banks Cashing In On Rash Of Smaller Bank Failures
NEW YORK (Fortune) — Cleaning up after bank failures is one chore you won’t hear bankers complaining about. Since the start of 2008, 89 banks have failed, including giants Washington Mutual, IndyMac and BankUnited. Scores of additional failures are expected in coming years, as the industry works through trillions of dollars worth of residential and… »
Banks Offer Little Love For Savers
NEW YORK: Americans may be saving more nowadays, but they certainly aren’t getting paid for it.Over the past year, interest rates offered by banks on a wide variety of accounts have steadily declined, only to sink to their lowest levels in years in recent weeks.A survey by Bankrate.com published this week revealed, for example, that… »
Regional Banks Face A Big Commercial Real Estate Problem
NEW YORK (Fortune) — Regional banks can no longer ignore the elephant in the room — their exposure to the commercial real estate bust.Though housing markets remain weak, analysts expect credit problems over the next year to center on commercial real estate — mortgages on office and apartment buildings and shopping malls, as well as… »