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A top federal regulator says JPMorgan Chase had weak controls in place to contain risk in its investment division that suffered a $2 billion-plus trading loss. U.S. Comptroller of the Currency Thomas Curry is telling a Senate panel that the nation’s largest bank began reducing the amount of hedging it was doing to minimize potential… Continue Reading Regulator: JPMorgan had ‘inadequate’ risk controls

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The finance industry is where the job action is – three-quarters of organizations in the sector say they were hiring last year. Half of those companies reported having troubling filling jobs, according to a Society for Human Resource Management poll. The industry-specific SHRM poll findings show that 74 percent of organizations in the finance industry… Continue Reading Finance industry having trouble filling jobs, survey says

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Banks making more small business loans

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Small businesses are waking from a long economic slumber — with renewed energy and plans to expand their stores, their staffs and their inventories. Continue Reading Banks making more small business loans

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  U.S. bank earnings rose in the first three months of the year to the highest level in nearly five years. The number of troubled banks fell for the fourth straight quarter.   The Federal Deposit Insurance Corp. said Thursday the banking industry earned $35.3 billion in the January-March period. That’s up from $28.7 billion… Continue Reading U.S. bank earnings rose this winter to 5-year high

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  A Senate panel is reviewing Facebook’s high-profile stock offering last week amid allegations that the bank handling the IPO may have provided select clients with a negative assessment of the company.   A Democratic aide to the Senate Banking Committee says the panel wants to learn more about the initial public offering. The committee… Continue Reading Senate panel to launch review of Facebook IPO

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  Facebook is updating its status to “public company” as its stock jumps in its debut on the Nasdaq Stock Market.   The stock opened at $42.05 on Friday morning. It later settled at $39. CEO Mark Zuckerberg smiled as rang the opening bell from Facebook’s headquarters in Menlo Park, Calif. Surrounded by cheering Facebook… Continue Reading Facebook stock jumps in public debut

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Wells Fargo provided more SBA loans dollars to small businesses in Colorado than any other provider, according to information from the banking giant. In the first two quarters of 2012, Wells Fargo made 117 loans totaling nearly $35.8 million. “It’s a position we’ve held for a number of years,” said Cristie Drumm, Wells Fargo spokeswoman.… Continue Reading Wells Fargo approves $35 million in SBA loans in first two quarters

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  Treasury Secretary Tim Geithner said Tuesday that the recent $2 billion trading loss by JPMorgan “helps make the case” for tougher rules on financial institutions, as regulators continue to implement the 2010 law aimed at policing Wall Street.   Geithner said that the Federal Reserve, the Securities and Exchange Commission and the Obama administration… Continue Reading Geithner: JPMorgan loss shows need for tough rules

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  World stock markets dropped sharply Monday as worries intensified over the condition of the eurozone and whether Greece is edging towards exiting the single currency union.   In Athens, Greek party leaders struggled for a ninth day to form a coalition government. As the political wrangling dragged on, markets contemplated the threat that the… Continue Reading World stocks drop as worries over Greece intensify

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  Investors pulled money from U.S. stock mutual funds and added to bond funds in April as the stock market had its first losing month of the year. But investors were clearly willing to take on some risk, as funds investing in foreign stocks attracted new cash.   Investors withdrew a net $5.7 billion from… Continue Reading Investors retreat from US stock mutual funds

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