Journalists
Antony Currie has more than a decade of experience as a financial journalist, having worked with Euromoney since 1996, most recently as a US editor. He has worked on assignments in the major financial centres of Europe and the US and written stories on capital markets, global economies and the investment banking industry. He holds a bachelor's degree in German language and literature and a master's degree in politics and international relations from the University of Bristol
The influential US congressman wants to keep on standby the FDIC’s bank debt guarantee programme, saying it “made a profit for the federal government”. With FDIC still on the hook, that sounds a bit like the book profits now, worry later attitude on Wall Street before the crisis.
But they are still welcome. Sure, the carmaker is still losing money. But it’s a much healthier-looking company with a surfeit of cash – and paying back the US, Canadian and German governments will cut costs. Returning all taxpayer aid, though, remains a pipe-dream.
Boss John Stumpf has cooled the anti-Tarp rhetoric. He still wants to pay back Wells’ $25bn in US aid “shortly”. He also wants to do it in a shareholder-friendly way. But relying on earnings alone would take time. There might, however, just be a way to square the circle.
The Fiat boss’s plan to take the Motown carmaker out of the wrecker’s yard sounds promising. His success in Turin gives him some credibility. But like his statement that the unprofitable firm has boosted its cash by $1.7bn, Marchionne’s vision must do more than stand up on paper.
The Motown carmaker followed up its $1bn earnings surprise with a deft bit of balance sheet restructuring. Ford hopes to raise up to $3bn of new capital while also paying back almost as much debt. That should add confidence the firm is properly planning for long-term success.
Former Thundering Herd wrangler Bob McCann arrives with impressive credentials but a big challenge. Even he isn’t expecting more than modest profitability. That might be sufficient to ensure independence, or a sale, of the broker – even if McCann says it’s not the goal.
Ken Feinberg will soon unveil his plan to limit pay at Tarp-dependent firms. With the best intentions, there could be damaging unintended consequences, like skewed incentives and mass defections - potentially creating a mess. Let's hope Feinberg has asked the right questions.
Al de Molina must feel aggrieved to lose his job. But his replacement, Michael Carpenter, oversaw Kidder Peabody’s demise and helped build the monster that became Citigroup. If he can make a comeback, de Molina, whose main fault seems to be outspokenness, should have no trouble.
The case against Bear fund managers Cioffi and Tannin was the closest anything came to a trial over Wall Street's role in the financial crisis. Their acquittal suggests blame isn't easy to apportion. Like Dick Fuld and others with skin in the game, incompetence is no crime.
The megabank is hiving off the insurer, one of Sandy Weill’s first acquisitions. But it’s not a clean break. Citi is keeping much of Primerica’s earnings and will remain a major shareholder for now. It’s a fittingly complex way to mark the dismantling of Citi’s sprawling empire.
It’s bad enough that Ken Lewis’ resignation under fire left directors scrambling to find a replacement. Now they’re reportedly having a hard time finding a candidate who’ll move to Charlotte – while an investor claims they still haven’t contacted the most obvious contenders.
The Wall Street firm’s third-quarter earnings show its three main businesses firing on all cylinders. That's a fitting send-off for Lazard’s late chief and a sound base for whoever takes over. But that doesn’t mean his successor can sit back comfortably.
Some results looked good, but usually when juiced up by accounting, mergers or trading. The pace of defaults slowed, yet partly because banks tightened standards - and are lending less. With commercial mortgages worsening, banks are hardly out of the woods.
The Wall Street firm made money for the first time in a year – and beat consensus. But the firm oozes caution, holding a third of its capital on the sidelines. And increasing leverage hasn’t added much juice. That, along with integrating Smith Barney, is keeping returns low.