Lawrence Summers to Step Down After Midterm Elections
By JONATHAN WEISMAN And ELIZABETH WILLIAMSON
WASHINGTON—Lawrence Summers, the economist who helped design and secure President Barack Obama's top economic policy priorities, will return to Harvard University at the end of the year.
http://jlne.ws/c7D6Gr
Factbox: Potential candidates to replace Summers
LAURA TYSON, Reuters
White House economic adviser Larry Summers is stepping down from his job at the end of the year to return to his position as a professor at Harvard University, the administration said on Tuesday.
http://ow.ly/2HTA8
Geithner Says TARP Costs Shrinking as Allison Leaves
By Rebecca Christie and Ian Katz, Bloomberg
U.S. Treasury Secretary Timothy F. Geithner said taxpayer losses from the Troubled Asset Relief Program are shrinking, and he credited departing TARP chief Herbert Allison with helping the government stabilize financial markets.
http://jlne.ws/bUaqY1
Deutsche Bank warns of quarterly net loss
By Alistair Barr, MarketWatch
SAN FRANCISCO (MarketWatch) -- Deutsche Bank AG warned Tuesday that it will likely report a third-quarter net loss because it may take a big charge related to its planned acquisition of Deutsche Postbank.
http://jlne.ws/dscKQi
BOJ Official Suggests More Easing Ahead
BY TOMOYUKI TACHIKAWA, WSJ.com
TOKUSHIMA, Japan—A Bank of Japan policy board member said Wednesday that the central bank would take "timely and appropriate" action if downside risks to the Japanese economy materialize, suggesting the BOJ is inching toward a looser monetary policy stance amid growing concerns over the health of the global economy.
http://jlne.ws/c5vmlt
Euro-Zone Consumers More Upbeat
BY NICHOLAS WINNING AND PAUL HANNON, WSJ.com
LONDON—Consumers in the 16 countries that use the euro were slightly more upbeat in September, but other official data showed that new industrial orders in the currency area posted their sharpest monthly drop in 19 months in July.
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Rosenblatt Securities latest Liquidity Tracker Newsletter reported Citi Match leapfrogged Turquoise and edged Credit Suisse Crossfinder to become the region's biggest dark pool.
http://jlne.ws/cK4gQY
HSBC Goes Live With Liquidity Risk Calculation And Reporting Solution From FinArch
Press Release
International provider of integrated risk and finance solutions, Financial Architects (FinArch), delivers Liquidity Risk Calculation and Reporting solution to HSBC Europe to meet the UK FSA Liquidity Risk Reporting requirements.
http://jlne.ws/cxgbC5
Fidelity Clearing Canada strengthens management team
Investment Executive
Fidelity Clearing Canada has strengthened its senior management team with three appointments, the company said Tuesday. Tom White has been hired as chief operating officer, Ron White as chief financial officer, and Bryan Moffitt as chief compliance officer.
http://jlne.ws/9XYBWo
SWIFT Links Securities Matching Solution To Multiple CCPs
Wall Street and Technology
EuroCCP, SIX x-clear and LCH.Clearnet Ltd are the first CCPs to sign up with SWIFT and will enable a direct connection between SWIFT Accord and their clearing platforms.
http://jlne.ws/dormVD
Banks' Derivatives Clients Expect Cost Increase
TheStreet.com
A study finds companies expect increased costs from new derivatives rules.
http://jlne.ws/aXV5H5
HSBC Chief May Quit If Not Given Chairman Role
New York Times
HSBC 's chief executive, Michael Geoghegan, is considering leaving his position at the bank after a meeting last week that implied he might be passed over for the role of chairman, The Financial Times reported, citing two people familiar with the matter.
http://jlne.ws/aBeDoD
HSBC Declines to Comment on Report Geoghegan Threatened to Quit
Bloomberg
HSBC Holdings Plc , Europe's largest bank, wouldn't confirm or deny a report that Chief Executive Officer Michael Geoghegan threatened to resign if he wasn't promoted to chairman.
http://jlne.ws/9RWKlA
Liquidnet Announces Trading Statistics
NEW YORK--(BUSINESS WIRE)--Liquidnet, the premier institutional investment community, today announced performance highlights and monthly and year-to-date trading statistics for U.S. and international equities.
http://jlne.ws/9KKgq8
Jefferies Third-Quarter Profit Declines 46% on Lower Revenue From Trading
Bloomberg
Jefferies Group Inc. , the first Wall Street firm to release third-quarter results, reported earnings that missed analysts' estimates as trading revenue declined.
http://jlne.ws/b4y1os
Jefferies Group Hires Michael Sharp as General Counsel of New York Firm
Bloomberg
Jefferies Group Inc. , the New York- based securities firm that added 20 percent more staff in one year, hired Michael J. Sharp as general counsel.
http://jlne.ws/cIZGcS
Goldman Sachs, Morgan Stanley Earnings Estimates Reduced by Deutsche Bank
By Ambereen Choudhury
Morgan Stanley and Goldman Sachs Group Inc. had their third-quarter earnings estimates cut by Deutsche Bank AG, which cited weak trading revenue.
http://jlne.ws/8X7WzI
UBS Americas Backs U.S. Infrastructure Bank
New York Times
The chief executive of UBS 's Americas unit threw his support behind the Obama administration's proposal for a U.S. infrastructure bank on Tuesday, but warned against creating a quasi-government agency like housing finance enterprises Fannie Mae and Freddie Mac , Reuters reported.
http://jlne.ws/csgFOG
UBS vows Brazil growth with wealth business return
Reuters
SAO PAULO (Reuters) - UBS, the world'ssecond-largest money manager for the rich, relaunchedTuesday its wealth management unit in Brazil, as the fastesteconomic expansion in almost two decades is boosting the numberof millionaires and demand for specialized investment advice.
http://jlne.ws/bbfafc
Europe will not escape job cuts at BofA Merrill
eFinancial News
Staff in Europe will not escape job cuts in the investment banking business of Bank of America Merrill Lynch, with layoffs of about 3% of the 13,000 employed in the division globally shared across regions and business lines, the bank said today.
http://jlne.ws/aA8HLr
Buffalo-based bank said to be near Santander merger
Crain's New York Business
(Bloomberg)-M&T Bank Corp. may give up a majority stake to Banco Santander SA through a merger with the Spanish lender's U.S. unit, while retaining some elements of control, according to people with knowledge of the matter. The banks are in informal talks with the U.S. Federal Reserve to gauge how such a deal would be received, and expect to hear back within two weeks, said the people, who spoke ...
http://jlne.ws/blgE7r
Citigroup prepares new European strategy
eFinancial News
Citigroup is preparing to unveil a new strategy for its European investment banking business as it seeks to draw a line under three years of decline in the league tables and the loss of some of its biggest rainmakers to rivals.
http://jlne.ws/cd4Acc
Is Citigroup finally off the ropes?
CNN Money
A deal late last week to sell its student loan portfolio brings the value of Citigroup's "bad bank" down by half. Will Vikram Pandit emerge as the victor?
http://jlne.ws/dnjUNY
Lehman's holds $10m art firesale
Australian Broadcasting Corporation
Bankrupt financial group Lehman Brothers is selling off part of its art collection, including works by Gerhard Richter and Maya Lin, in the hope of returning millions to creditors.
http://jlne.ws/aJDr6B
Lehman and SocGen strike $445m settlement
Dow Jones Daily Bankruptcy Review
Lehman Brothers and Société Générale have struck a settlement of pending litigation under which Lehman stands to recover at least $445m.
http://jlne.ws/bneZUb
Deutsche Bank's Plan to Acquire Postbank May Cost Jobs, Ver.di Union Says
Bloomberg
Deutsche Bank AG 's plan to buy retail lender Deutsche Postbank AG may result in job cuts and pose risks to the financial system and the economy, according to Germany's Ver.di labor union.
http://jlne.ws/dd22v8
Deutsche Bank Q3 loss sends jitters across sector
Business Standard India
Deutsche Bank AG said sales and trading activity during July and August was weaker than a year ago, providing a warning shot that third-quarter investment banking earnings could be weak across the board.
http://jlne.ws/9hsCmK
Sinochem Asks Deutsche Bank, Citigroup to Assess Action on Potash, FT Says
Bloomberg
Sinochem Group has hired Deutsche Bank AG and Citigroup Inc. as it assesses a possible move to disrupt BHP Billiton Ltd.'s offer for Potash Corp. of Saskatchewan Inc., the Financial Times reported, citing people familiar with the matter.
http://jlne.ws/duzllF
Lehman May Sell Archstone Apartment Assets to Affiliates, Court Papers Say
By Linda Sandler and David McLaughlin
Lehman Brothers Holdings Inc. may sell its largest real-estate asset, the apartment-complex owner Archstone it acquired in a $22 billion leveraged buyout, to two affiliates for "yet undefined consideration," according to a court filing by Gerard Uzzi, a lawyer for Lehman creditors.
http://jlne.ws/azNl9S
Lehman to File New Reorganization Plan in 4th Quarter, Seeks March Approve
By Linda Sandler and David McLaughlin
Lehman Brothers Holdings Inc. plans to file a revised reorganization plan in bankruptcy court by the fourth quarter and aims to win creditor approval by March 2011, according to a regulatory filing.
http://jlne.ws/afoqYa
Lehman Suffers Setback in Derivatives Ruling
By KATY BURNE
WSJ.com
BNY Corporate Trustee Services Ltd. can appeal a Bankruptcy Court decision that originally went in favor of a Lehman Brothers Holdings Inc. unit.
http://jlne.ws/dwPmmu
Judge allows "game-changing" Lehman case appeal
NEW YORK (Reuters) - BNY Corporate Trustee Services Ltd may appeal a bankruptcy court decision over credit derivatives contracts with Lehman Brothers Special Financing Inc before Lehman collapsed two years ago, a judge ruled.
http://jlne.ws/asks4z
PFGBEST Gives Customers iPad Dollars to Spark Interest in Mobile Trading Applications
Twenty Apple store gift cards awarded to futures and forex customers to promote the PFGBEST mobile trading application on iPad
http://jlne.ws/dxdaTV
Glimmer of hope for Cattles as talks continue
Yorkshire Post Today
THE threat of big losses at Royal Bank of Scotland and other banks could help subprime lender Cattles steer clear of administration as restructuring talks drag on this week. (21/09/2010 20:30:05)
http://jlne.ws/b44Vbg
John Jennings Joins Wholesale Trading Co-Op as President and CEO
Marketwire
SAN FRANCISCO, CA--(Marketwire - September 21, 2010) - Wholesale Trading Co-Op LLC ("WTC") announces John Jennings has joined the firm as President and CEO. Mr. Jennings is an experienced wholesale brokerage industry veteran and will lead the WTC founding team managing retail broker members and key specialty insurance markets across the country.
http://jlne.ws/aTi2uC
Troika May Boost Assets 10-Fold on Growing Russian Wealth, Foreign Money
Bloomberg
Troika Dialog, Russia's oldest brokerage, seeks to increase assets under management 10-fold within five years by courting the country's growing middle class and foreign investors.
http://jlne.ws/d16JgL
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