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Banking

WireTap 1400 13/01/12

A round-up of the key stories across the specialist financial media, including how JPMorgan Chase has shown “modestly disappointing” results, as weak trading in its investment bank contributed to a 23 per cent year-on-year drop in fourth-quarter net income.


JPMorgan earnings drop on weak trading 

JPMorgan Chase launched Wall Street’s earnings season with what chief executive Jamie Dimon called “modestly disappointing” results, as weak trading in its investment bank contributed to a 23 per cent year-on-year drop in fourth-quarter net income.

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TPG willing to invest $1 billion in Olympus 

Private equity firm TPG Capital is willing to invest about $1 billion in Japan's Olympus Corp in a joint deal with Sony Corp or another suitor circling the scandal-hit firm, a person familiar with TPG's thinking said.

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Lloyds chief waives right to bonus

António Horta-Osório, chief executive of Lloyds Banking Group, has waived his entitlement to a bonus for last year. The move comes a week after he returned to the state-backed bank from two months of medical leave.

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RBS securities capitulation a blueprint for banks in Europe

Royal Bank of Scotland Group Plc’s decision to cut its European investment bank by more than a quarter may kick-start a wider shake-up among its rivals in the region as a fee drought and greater regulation force middle- ranking firms to shrink their operations. 

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Italy bond auction fails to match Spanish success

Italy's three-year debt costs fell below 5 percent but its first bond sale of the year failed to match the success of a Spanish auction the previous day, reflecting the heavy refinancing load Rome faces over the next three months.

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