Bank Watch roundup: Only Wells Fargo gets an ‘A’
04/23/2014 7:00 AM
04/22/2014 10:33 PM
ONLY WELLS FARGO GETS AN 'A': MarketWatch's opinion writer gives the San Francisco bank the top mark for its earnings report this month, citing its lending, deposit taking and continuing record profits. Bank of America got a "C," JPMorgan got a "D" and other banks fell elsewhere along the spectrum.
GUESS WHO MAKES MORE THAN BANKERS? REGULATORS: Sure, big bank top executives bring in a boatload of money, but the average banker wage isn't much higher than the national average, says a new report from the American Enterprise Institute. Who makes a lot more? The regulators overseeing them. While the average wage for a bank employee is $49,540, the average salary at three big regulatory bodies is $190,000. The author of the report writes in the Wall Street Journal that "runaway labor costs" go without check. Check out the report for yourself here.
CAPITAL ONE IN TOWN TODAY: The credit card lender is bringing its small business roadshow to Charlotte, hosting a filmmaker and cinematographer at Boulevard at South End as part of their tour documenting small businesses.
NEWBRIDGE BANK CUTS JOBS IN RESTRUCTURING: The Greensboro bank is cutting 5 percent of its workforce (22 jobs) as it revamps its branch operations to keep up with customers who are moving online, the Winston-Salem Journal reports.
BOFA WORKER AVOIDS JAIL TIME: Because he cooperated with the government for eight years to help it build a bid-rigging case against Bank of America and other banks, Reuters reports.
INVESTMENT BANKS SET FOR 'GOLDEN DECADE': Former Barclays chairman Hans-Joerg Rudloff says once securities firms adjust to all the new rules, they'll be able to grow quickly, Bloomberg reports. U.S. firms have an advantage, he said.
SEN. WARREN PUSHES TOUGHER REGULATIONS: The Massachusetts senator with possible presidential aspirations has been bending the ear of regulators like SEC head Mary Jo White and a CFTC commissioner to press for swift action, the Wall Street Journal reports.
HERE'S A REVIEW OF WARREN'S BOOK: It's a political narrative tracing her rise from a struggling Midwestern family to the architect of the Consumer Financial Protection Bureau, the Washington Post reports.
BANKS CAN STAY INTERCONNECTED: International regulators have weakened a rule about deriative contracts that will allow banks to continue dealing them among themselves, Bloomberg reports.
CITIGROUP GETS THUMBS UP ON EXEC PAY: It wasn't necessarily a given that shareholders would OK the executive pay packages, since they didn't just two years ago. But it surely was a relief for the bank, which has been dealt its share of setbacks recently, the Wall Street Journal reports.
TREE.COM MIGHT GET INTO SMALL BUSINESS LOANS: The Charlotte company primarily known for its online mortgage tool LendingTree says it may soon branch into matching small business borrowers with banks.
DIXON HUGHES GOODMAN NAMES NEW CEO: Matt Snow, who had been Charlotte regional managing director, will take the top job at the Charlotte accounting and advisory firm June 1.
PLEXUS CAPITAL BUYS NORTH CAROLINA CANDY COMPANY: The Charlotte private equity firm provided equity and debt for Piedmont Candy Company out of Lexington, which makes the Red Bird brand peppermint candy you might have seen. It's the ninth investment out of Plexus Fund 3.
STATE EMPLOYEES ASSOCIATION BLASTS COWELL'S HANDLING OF PENSION FUND: The organization has criticized fees paid by the State Treasurer's office to Wall Street investment management companies, and a report released Tuesday says it's found "compelling evidence of wrongdoing," including concealing $30 billion in investments from public view. Cowell's office says they're "simply wrong."
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