JPMorgan
Volcker Rule under intense scrutinyPosted by RJ and Makay on Feb 14, 2012 |
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In dozens of comment letters filed Monday, bankers and their trade associations said the Volcker Rule would increase risk and costs for investors, hurt U.S. competitiveness and be vulnerable to legal challenge. The comments came as the world’s largest banks demanded a list of changes to a proposed U.S. ban on proprietary trading five months before the Volcker Rule is scheduled to take effect.
Ameriprise Financial, JPMorgan Chase and State Street Corp. are among the final bidders toward the purchase of Deutsche Bank AG’s asset management division, according to inside sources. Deutsche Bank had announced in November that it was mulling the sale of several of its asset management businesses and cited new regulations, rising competition and costs as key factors behind their decision.
release of the 50 biggest banks and thrifts in the U.S. by assets revealed just what a takeover can do with to a bank ranking. First Niagara Financial Group’s acquisition of NewAlliance Bancshares, Inc., worth $1.15 billion, propelled the regional bank up from number 46 to number 38 among the largest 50. First Niagara’s acquisition of NewAlliance will increase its balance sheet by 42%, plus expands its presence into Connecticut and Massachusetts. Currently, First Niagara Financial serves upstate New York and western and eastern Pennsylvania. The deal is expected to close in the second quarter of 2011.
