Citigroup, Merrill Lynch and other US banks also have tapped shareholders rather than the actual culprits for payment of fraud fines.
The club's managing director, Christian Purslow, has been trying to find new investors for several months with the help of investment banks Merrill Lynch and Rothschilds.
He doubled the size of his securities enforcement division to 20 lawyers and, in April 2001, delivered the first set of subpoenas to Merrill Lynch and other investment banks.
With the demise of Lehman Brothers and the sale of Merrill Lynch, the biggest banks in the country--Citibank, JPMorgan Chase and Bank of America--will own most of Wall Street's real estate.
's Merrill Lynch unit, with the banks expressing concern about Facebook's ability to generate advertising revenue as users gravitate toward mobile devices, which have commanded less revenue.
Rival Nasdaq is already planning its own merger with the electronic-trading platform of Instinet, and Merrill Lynch and a consortium of banks and hedge funds are pumping money into building up the trading capabilities of the Philadelphia and Boston exchanges.
Deposits at the medium-sized banks covered by Merrill Lynch have risen by 14% in the past year.
ECONOMIST: Hard times have been good to America's smaller banks
That was an inauspicious year for many investment banks, particularly Merrill Lynch.
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In investment banking, he claims, such people tend to get sidelined when the good times roll though big investment banks such as Merrill Lynch and Morgan Stanley have belatedly rejigged their risk set-ups.
It has also invited domestic banks, foreign banks such as Merrill Lynch, and even the best domestic corporations, to invest in asset-management companies that would buy bad loans to liquidate them at a profit.
Wachovia, Washington Mutual and Merrill Lynch were pushed into rescue mergers with other banks, Lehman Brothers collapsed, and mortgage lenders Fannie Mae and Freddie Mac were basically taken over by the government.
He says Wall Street's business model is broken: While banks such as Citigroup and Merrill Lynch are raising millions through investments by sovereign wealth funds they're doing little to change the way they price risk.
The cme Group is going up against its own customers--banks like Barclays, jpmorgan and Merrill Lynch, that is--by introducing over-the-counter derivatives, including interest-rate swaps.
That favours larger banks, particularly the Americans such as Merrill Lynch and Goldman Sachs.
Other banks have also been hit, and Merrill Lynch's boss Stan O'Neal and Citigroup's chief executive Charles Prince have both left their posts recently.
Nor have investors grown any more confident about their ability to price the banks' toxic mortgage-backed assets: Merrill Lynch's cut-price sale of collateralised-debt obligations in July has had few imitators.
Wall Street's five big investment banks Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers and Bear Stearns have piled into potentially illiquid (and thus risky) assets, from bridge loans to collateralised-debt obligations (pools of tranched debt), over the past three years.
Goldman Sachs , Morgan Stanley, BofA Merrill Lynch and JP Morgan Chase were joint lead managers and 8 other investment banks were co-managers.
Headline tier-one capital ratios show all three banks at 11-12% (with BoA including Merrill Lynch).
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Deals such as the takeovers of Bear Stearns by JPMorgan Chase, and of Merrill Lynch by Bank of America, have further blurred the boundaries between retail and investment banks, not sharpened them.
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Three banks have 45% of the counterparty exposure, Citigroup, UBS and Merrill Lynch, making the chances of a banking industrywide rescue remote, even bank executives acknowledge.
Bear has been notching record earnings along with fellow investment banks, but it is dwarfed in size by peers Morgan Stanley, Merrill Lynch and Goldman Sachs and half the size of its closest rival, Lehman Brothers.
Virtually all the packaging of those loans into MBAs was done by Wall Street Investment Banks such as Bear Stearns, Goldman Sachs, Morgan Stanley, Lehman Brothers, and Merrill Lynch.
Although the banks have been raking in loan-arrangement fees, Edward Najarian, an analyst at Merrill Lynch, thinks that these have been partially offset by the loss of servicing fees on the older loans.
ECONOMIST: Hard times have been good to America's smaller banks
Investment banks like Citigroup who structured more than half of these deals, Bear Stearns, UBS, Merrill Lynch and Morgan Stanley, have taken in millions in fees.
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Wall Street firms such as Goldman Sachs and Merrill Lynch have been buying stakes in, and forming partnerships with, several e-stockbrokers, e-investment banks and electronic share-trading systems.
But when the crisis hit in 2008 regulators played a huge role in making our biggest banks even bigger with the marriages of JPMorgan Chase and Washington Mutual, Bank of America and Merrill Lynch, Wells Fargo and Wachovia.
The cme Group is going up against its own customers--banks like Barclays (nyse: BCS - news - people ), jpmorgan and Merrill Lynch (nyse: MER - news - people ), that is--by introducing over-the-counter derivatives, including interest-rate swaps.
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