The Wall Street Journal reports, pressure is building on J.P. Morgan Chief Executive James Dimon, following the firm’s $2.3 billion trading loss, as a powerful advocate for stricter Wall Street oversight said, large banks will “lose their battle” to defang new regulations. On Thursday, the bank disclosed a massive trading bet that resulted in the $2 billion-plus loss. Losses have grown since then and are likely to result this week in the departure of three of the highest ranking executives with direct ties to the investments. Those expected to leave include Ina Drew, head of the unit with the losses, and trader Bruno Michel Iksil, known as the “London Whale” for big positions he took in credit markets.
Bloomberg reports, Yahoo said CEO Scott Thompson, is stepping down, after failing to correct errors in his credentials, and the company is revamping its board, handing a victory to activist investor Daniel Loeb, who had pushed for the overhaul and said the Web portal is mismanaged. Ross Levinsohn, Yahoo’s head of global media, was named interim CEO, and director Fred Amoroso will become chairman. Yahoo agreed to add Loeb to its board, along with two other directors, nominated by his fund, Third Point LLC, to end a proxy fight.
Reuters reports, Greece’s president met little enthusiasm from political leaders summoned to a final round of talks on Monday to avert a new election, reinforcing fears the country was firmly on the path to bankruptcy and an exit from the euro zone. European shares slid and Spanish and Italian bond yields, rose as the political deadlock threatened to reignite the euro zone debt crisis. Greek banking stocks tumbled 7 percent. Greece’s political landscape has been in disarray since an inconclusive election on May 6 left parliament divided between supporters and opponents of a 130 billion euro ($168.3 billion) EU/IMF bailout, with neither side able to form a government. With Greece set to run out of money as early as next month and no government in place to negotiate the next aid tranche, investors have begun betting that a long-speculated Greek default and euro exit will happen sooner rather than later.
The Wall Street Journal reports, pressure is building on J.P. Morgan Chief Executive James Dimon, following the firm’s $2.3 billion trading loss, as a powerful advocate for stricter Wall Street oversight said, large banks will “lose their battle” to defang new regulations. On Thursday, the bank disclosed a massive trading bet that resulted in the $2 billion-plus loss. Losses have grown since then and are likely to result this week in the departure of three of the highest ranking executives with direct ties to the investments. Those expected to leave include Ina Drew, head of the unit with the losses, and trader Bruno Michel Iksil, known as the “London Whale” for big positions he took in credit markets.
Bloomberg reports, Yahoo said CEO Scott Thompson, is stepping down, after failing to correct errors in his credentials, and the company is revamping its board, handing a victory to activist investor Daniel Loeb, who had pushed for the overhaul and said the Web portal is mismanaged. Ross Levinsohn, Yahoo’s head of global media, was named interim CEO, and director Fred Amoroso will become chairman. Yahoo agreed to add Loeb to its board, along with two other directors, nominated by his fund, Third Point LLC, to end a proxy fight.
Reuters reports, Greece’s president met little enthusiasm from political leaders summoned to a final round of talks on Monday to avert a new election, reinforcing fears the country was firmly on the path to bankruptcy and an exit from the euro zone. European shares slid and Spanish and Italian bond yields, rose as the political deadlock threatened to reignite the euro zone debt crisis. Greek banking stocks tumbled 7 percent. Greece’s political landscape has been in disarray since an inconclusive election on May 6 left parliament divided between supporters and opponents of a 130 billion euro ($168.3 billion) EU/IMF bailout, with neither side able to form a government. With Greece set to run out of money as early as next month and no government in place to negotiate the next aid tranche, investors have begun betting that a long-speculated Greek default and euro exit will happen sooner rather than later.