Top Firm Now Seen As Real Threat To Goldman
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In the meantime, Reuters reports that JPMorgan CEO Jamie Dimon has warned that the US financial services / markets industry could suffer if it has too many regulators. Writing in The Wall Street Journal, Dimon said: 'Any regulatory overhaul should ensure that government oversight of the financial system is efficient....(but) we should avoid the temptation to have multiple regulators just for the sake of having them. Three or four regulators looking at (and fighting over) the same issue is not a wise use of taxpayer money. Companies can't operate that way. Neither should the government'.
The news agency also reports that analysts at KBW have increased their second-quarter earnings estimates for Goldman, but are predicting that Morgan Stanley will post a loss.
And Bank of America is said to be stepping up its hunt to find a successor to Ken Lewis as CEO. Although internal candidates Brian Moynihan (head of global banking and wealth) and CFO Joe Price are said to remain in the running, the board is thought to be leaning to favour the appointment of an outsider when Lewis and / or the board decide that his time is up.
Shares in Deutsche Bank were up Friday, after UBS raised its rating and earnings estimates. Financial News reports that UBS feels that Barclays, BNP Paribas, Credit Suisse, Deutsche and Societe Generale will make a combined $111bn from their investment banking units this year. The banks are expected to make $25bn more than originally thought.
Finally, The Sunday Times reports that Peter Nathanial, the head of risk over at Royal Bank of Scotland, has left the bank. The bank is now thought to be on the look out for a permanent replacement.
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