FDIC: Banks Post Higher Profits In Q2, But Problem Banks Too Increase – Update
The Federal Deposit Insurance Corp. said Tuesday that the number of troubled banks kept growing in the second quarter of 2010, even as banks reported the best quarterly earnings for the industry in nearly three years.
JPMorgan To Reportedly Close Down Proprietary-trading Desks – Update
Financial services giant JPMorgan Chase & Co. (JPM) is reportedly looking to close down its proprietary-trading desks around the globe that trades stocks, bonds and commodities as the bank strives to fall in line with the regulatory changes in U.S. financial services rules. It is said to have given notice about 20 of its proprietary-commodities traders, one in the U.S. and the others in the U.K., on the impending elimination of their jobs.
SEC Not To Pursue Fraud Case Against Moody’s, But Cautions Credit Rating Agencies – Update
The U.S. Securities and Exchange Commission or SEC said Tuesday that it will not sue credit ratings agency Moody’s Investors Service, owned by Moody’s Corp. (MCO), citing uncertainty over whether Moody’s could be sued by the agency in U.S. federal court for an alleged fraud in Europe. The SEC was investigating whether Moody’s committed fraud in 2007 by giving certain debt instruments in Europe a higher credit rating than they deserved.
SeaDrill Q2 Profit Decreases Despite Higher Revenues – Update
SeaDrill Ltd., an offshore deepwater drilling company, Tuesday reported a decline in its profit for the second quarter despite higher revenues. The decline reflected higher operating costs and tax expenses as well as a loss on derivative financial instruments.