A Brief, Non-Technical Summary Of The Financial Crisis

The financial crisis that began in August 2007 and continues today (October 2009) has—at least for now—brought consumer banking back to “savings and loan” basics. Up to the 1980s, before loan securitization found its footing, consumer banking was community focused, bank reps knew their clients’ current and projected finances intimately, and funded home loans from

WAMU To Cut 1600 Bay Area Jobs

After being taken over by the FDIC and sold to JP Morgan Chase for $1.9b, WAMU announced that it is closing its Pleasanton campus and cutting about 1600 jobs in the Bay Area: The bank’s East Bay call center, where roughly 1,200 workers answer customer inquiries about credit cards and consumer banking, will close by

Wells Muscles Out Citi, Will Pay $15.1b for Wachovia, No FDIC Involvement

On Monday night Wells Fargo was in first position to acquire Wachovia. Then on Tuesday morning, it turned out that Citigroup would pay $2.16 billion for the bulk of Wachovia, including five depository institutions, and assume its senior and subordinated debt. Wachovia would retain ownership of its retail brokerage unit, AG Edwards, and its asset-management