Word: jpmorgan
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Citi is not the first bank to hit the wall. When Washington Mutual, which had a balance sheet less than a third the size of Citi's, went down, the FDIC immediately flipped the company to JPMorgan Chase. But marrying off Citi was not a viable option. "There isn't anyone to hand Citi to," says Roy Smith, a professor of finance at New York University's Stern School. "This is the King Kong of banks." (See pictures of the global financial crisis...
...lenders insist they need neither carrot nor stick to do what's right in this emergency, and indeed, many banks, including JPMorgan Chase, Citigroup and Wells Fargo, have already instituted loan-modification programs (if only, critics say, to head off any government-imposed solution). "We've always been committed to foreclosure outreach," says Joe Ohayon, vice president at Wells Fargo Home Mortgage, one of seven lending institutions that voluntarily took part in the Miami Gardens clinic and have won praise from Miami Gardens officials. "And we're just as committed to working with the cities, because they're viewed...
...about 20% of delinquent U.S. mortgages, announced Nov. 11 that some customers will see their monthly payments adjusted to no more than 38% of their gross income. The companies, now under government control, plan to reduce interest rates and give borrowers more time to pay off their mortgages. Citigroup, JPMorgan Chase and Bank of America are modifying loans to slow or stop foreclosures...
Many of the hundreds of banks left to get funding are small and will qualify for far less than the $25 billion investment that was received by Citigroup, JPMorgan and others. Still, every day new companies are announcing that they will receive TARP funds. Last week, brokerage firm E*Trade said it expects to receive $800 million. And there are still a number of large banks that have yet to receive TARP funds, including Synovus Financial (of Columbus, Ga.) and Colonial Bancgroup (of Montgomery, Ala.), which could collectively swallow an additional $1.5 billion in TARP funds...
...silver lining - for consumers anyway - may be discounted goods at the 155 outlets that the chain announced late last week it would close. JPMorgan's Christopher Horvers reported flush inventory and 10% off everything from TVs to notebook computers. Good luck finding a salesperson...