Wall Street reporter for Bloomberg News, covering Citigroup and Wells Fargo. Tips welcome at dcampbell27[at]bloomberg[dot]net

Bank Branches Disappear From Poor Neighborhoods Like Longwood, Bronx

bloomberg.com — Photographs by Clement Pascal for Bloomberg Businessweek After opening more than 15,000 branches across the U.S. in the decade leading to the financial crisis, banks are retreating from lower-income neighborhoods, even as the industry posted its second most profitable year on record.

Google's New CFO Underscores Deep Ties Between Silicon Valley and Wall Street

bloomberg.com — Google's recruitment of Ruth Porat from Morgan Stanley to be chief financial officer is the latest example of Wall Street executives being lured to Silicon Valley to join the technology boom. Porat, who helped stabilize Morgan Stanley after the firm almost collapsed in the 2008 financial crisis, will join Google after a 28-year career with the bank.

Citigroup Says Judge Allowing Two Argentina Bond Payments

bloomberg.com — (Bloomberg) -- Citigroup Inc. said a U.S. judge is allowing it to process two bond payments in Argentina while the bank exits a custody business there that got stuck in a legal battle between the government and hedge funds.

Citigroup Said to Dismiss Two Traders Over Alleged Mismarking

bloomberg.com — (Bloomberg) -- Citigroup Inc. fired a trader on Friday for allegedly mismarking an inflation options book and dismissed his boss for lax oversight, according to a person familiar with the matter. Carl Bonde lost his job in New York after the bank determined he'd inflated the value of his trading positions by less than $30 million, the person said.

Citigroup Would Defer Pay 10 Years Under Shareholder Proposal

bloomberg.com — (Bloomberg) -- Citigroup Inc. shareholders will vote next month on whether to defer a chunk of top executives' pay for 10 years, using the money to cover fines if the bank breaks laws. The proposal would put "a substantial portion" of total annual compensation for executive officers at risk, according to the measure submitted by Bartlett Naylor and included in the New York-based bank's proxy statement.

Moody’s mulls shakeup after rule changes

iol.co.za — New York - Moody's Investors Service may upgrade 214 senior unsecured debt and issuer ratings for banks after regulatory changes made it easier to impose losses on junior creditors. Firms without such a cushion could be downgraded.

Moody’s Mulls Shakeup for Global Bank Ratings After Rule Changes

bloomberg.com — (Bloomberg) -- Moody's Investors Service may upgrade 214 senior unsecured debt and issuer ratings for banks after regulatory changes made it easier to impose losses on junior creditors. Firms without such a cushion could be downgraded. The broad review disclosed late Tuesday in New York stems from methodology changes that Moody's published March 16, analysts Greg Bauer and Ana Arsov said in an interview.

Wells Fargo Leaves CEO Stumpf’s Pay Unchanged at $19.3 Million

bloomberg.com — (Bloomberg) -- Wells Fargo & Co. left Chief Executive Officer John Stumpf's pay unchanged at $19.3 million after the firm generated a bigger profit than any other U.S. bank for a second straight year. Stumpf got $12.5 million in long-term equity incentive awards and a $4 million bonus for 2014 on top of his $2.8 million salary, the lender said Tuesday in a regulatory filing.

JPMorgan Said to Buy $45 Billion of Ocwen’s Servicing Rights

bloomberg.com — (Bloomberg) -- JPMorgan Chase & Co., the second-largest servicer of U.S. mortgages, is buying the right to handle $45 billion of home loans from Ocwen Financial Corp., according to a person familiar with the transaction. Ocwen said March 2 that it had signed a letter of intent to sell a rights portfolio of that size to a firm it didn't identify.

Citigroup Leads Wall Street Banks Higher After Stress-Test Win

bloomberg.com — (Bloomberg) -- Citigroup Inc. rose 3.3 percent in early trading, leading Wall Street banks higher, after winning approval from the Federal Reserve for its plan to return capital to shareholders. The company, which has gained 11 percent since the end of January, climbed to $54.06 at 7:53 a.m. in New York.
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Mar 30, 2015

RT @BartNaylor: BoA break-up made simple: 1. Buy all stock for $160b. 2. Sell all assets and pay all debts, netting $220b. 3. Profit $60b. --Financial @FT

Mar 24, 2015

@JoshZumbrun @JodyShenn @mserhardt i would argue much of that due to heightened regulation. not saying good/bad, just fact of life

Mar 24, 2015

Morgan Stanley’s CFO Ruth Porat to Leave Firm to Be Google CFO bloom.bg/1IpG9zc via @business

Mar 23, 2015

This is sort of crazy to me “We are at the tip of the iceberg for milk.” nyti.ms/1Oeb31w

Mar 23, 2015

RT @PeterEichenbaum: Ted Cruz details his wife's bread-baking exploits. Her decade at Goldman Sachs? Not so much. bloom.bg/1xWQV9P

Mar 23, 2015

ICYMI over the weekend: Citigroup Said to Dismiss Two Traders Over Alleged Mismarks bloom.bg/1CDHuSx via @business $C

Mar 21, 2015

@Ian_Fraser excellent. I do a bit myself and always like to find other journos who enjoy also. Haven't found too many

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