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- Large banks offer help after superstorm Sandy
JPMorgan Chase, Wells Fargo, Bank of America and other major banks in the areas most affected by superstorm Sandy have reopened many branches, are waiving customer fees and have pledged to contribute financially to storm recovery efforts. "While all natural disasters are heartbreaking, as a New York-based bank, this one literally hits home," said JPMorgan CEO Jamie Dimon. "We are prepared to offer unprecedented help from all areas of our firm through charitable relief, loans, fee waivers, and other commitments." Learn more about the Industry in Action. AmericanBanker.com (free registration)
(11/1), Reuters
(11/1), Time.com
(11/1), American City Business Journals/Boston
(10/31), Boston Herald
(10/31)      
- Market closure shows humans still have a role
This week's market shutdown shows that the financial system hasn't become an entirely digital world. New York Stock Exchange executives decided Sunday evening that the trading floor would not open Monday but that electronic trading would continue. They then decided to shut down completely, a move supported by financial firms. Tom Price, SIFMA's head of operations, said safety was the key issue. "I think absolutely, unequivocally the major concern was about safety for individuals coming into downtown Manhattan and the potential for them to be in harm's way," Price said. The Wall Street Journal/National Public Radio
(11/1)
- Commentary: NYSE was right to close because of Sandy
Columnist David Weidner writes that the New York Stock Exchange made the right decision by closing for two days in response to superstorm Sandy. While NYSE Euronext faced criticism for its decision, some "realistic minds" have spoken out as well. SIFMA President and CEO Tim Ryan said closing the markets was essential for the safety of those involved. "The system has worked quite well," Ryan said. The Wall Street Journal
(11/1)
| Industry News | | |
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- G-20 leaders will discuss systemic risk
Officials from the Group of 20 nations will discuss the nearly 30 banks considered systemically important when they meet next week in Mexico, a German official said. Germany plans to push its insistence that institutions deemed "too big to fail" should never again gain taxpayer-funded rescues. The Financial Stability Board named JPMorgan Chase, Citigroup, Deutsche Bank and HSBC Holdings as the banks key to the global financial system. Bloomberg
(11/1), The Wall Street Journal
(11/1)
- Next week's G-20 summit will miss key figures
Elections and storm aftermath in the U.S. as well as a power transition in China are among the factors keeping key figures, including European Central Bank President Mario Draghi and U.S. Treasury Secretary Timothy Geithner, away from next week's Group of 20 summit in Mexico. "The G-20 rose to the challenge during the global crisis of 2008-09, but it seems irrelevant now. This makes all countries worse off," said Athanasios Vamvakidis, the London-based head of G-10 currency strategy at Bank of America. Lael Brainard, the U.S. Treasury undersecretary for international affairs, is poised to attend the G-20 meeting. Bloomberg
(10/31), Reuters
(10/29)
- Quiet FX market might soon see action
Given the time of year and potentially dramatic developments, including the U.S. "fiscal cliff" and Spanish and Greek debt issues, the quiet foreign exchange market could come to life soon, according to Deutsche Bank. Currency strategist George Saravelos expects the euro to soon gain against the U.S. dollar. The Wall Street Journal/MarketBeat blog
(11/1)
| Washington Roundup | | |
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- Bair raises concerns about money fund compromise plan
Sheila Bair, former chairwoman of the Federal Deposit Insurance Corp., said a compromise plan touted by the money market mutual fund industry could exacerbate a crisis. "While I commend responsible members of the industry for trying to find solutions, I am concerned that gates coming down or fees going up in the middle of a crisis could make matters worse," Bair said. "Another layer of complexity is not going to calm an already very risk-averse market." Reuters
(11/2)
| Asset/Wealth Management Report | | |
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- Financial advisers recruit wealthy through YouTube
Financial advisers are finding that high-net-worth investors are interested in watching financially oriented videos on YouTube, and advisers are using the website to introduce themselves. Among investors with $5 million in assets excluding their main home, 27% use YouTube, Spectrem Group found in a study. The Wall Street Journal
(11/1)
| SIFMA News | | |
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- SIFMA's industry compensation reports now available for purchase
SIFMA's 2012 compensation reports, Management & Professional Earnings and Office Salaries in the Securities Industry, are now available for purchase. These reports provide 2012 base salary and 2011 base salary, bonus, other cash compensation and total compensation for 240 management and professional positions and 96 clerical positions nationwide. Click here for more details on the Report on Management & Professional Earnings. Click here for more details on the Report on Office Salaries in the Securities Industry.
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