Word: megabanks
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Despite those numbers, the banking system is no longer at risk of collapse. Megabank JPMorgan Chase, for instance, announced on Oct. 14 it earned $3.6 billion in the third quarter. Most of the institutions in danger are small. But those failures are straining the FDIC, which underwrites the nation's saving and lending by insuring deposits. When a bank fails, the FDIC makes up the difference between what's left and what's owed depositors, up to $250,000 per person per bank. Two years ago, the FDIC had about $52 billion in its deposit-insurance fund. Today that fund...
...Megabank HSBC has been as much a part of Hong Kong history as Victoria Harbor, high tea at the Peninsula Hotel and martial-arts movies. Founded in 1865 as the Hongkong and Shanghai Banking Corporation, HSBC backed some of city's most important businessmen, including tycoon Li Ka-shing, and remains Hong Kong's No. 1 bank. But for much of the past 20 years, HSBC has expended a lot of its energy striving to be more than an Asian institution. With major acquisitions in the U.K., the U.S. and elsewhere, HSBC grew into one of the world's largest...
...canny deposits scooped up pre-tax profits of $21 billion last year. But it's also got a worldwide staff of 250,000, many of whom spend much of their time in the air shuttling among HSBC's 10,000 offices. And that makes the London-based megabank both a global building manager and a major travel company...
Today history is going full circle. The London-based megabank--the world's second largest bank by market value in mid-January--is returning to its roots. China, the world's fastest-growing economy, is the hottest market in global finance, sending international banks on a mad scramble for acquisitions and customers...
...your local paper, Gumbinger cautions. Smaller institutions such as credit unions and savings and loan associations often have the best rates, in part because they don't spend much on advertising and instead rely on word of mouth to bring customers to their doors. In Albany, N.Y., for example, megabank Fleet Boston is offering a rate of prime plus 1.25%, while tiny Troy Savings is offering prime minus 1% (currently 3.75%) for the first six months, then prime plus zero. Generally, interest on the first $100,000 of a home-equity line of credit is tax deductible as long...