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GOLDMAN SACHS GROUP (GS)
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Major Banks Raise Concerns Over New Rules With Fed's Tarullo

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05/02/2012 | 09:45pm CEST

Top executives from six major banks on Wednesday discussed concerns over new industry rules with Federal Reserve Gov. Daniel Tarullo, the Fed said in a summary of the meeting.

The chief executives of Goldman Sachs Group Inc. (>> Goldman Sachs Group, Inc.), U.S. Bancorp (USB, J.P. Morgan Chase & Co. (>> JPMorgan Chase & Co.), Morgan Stanley (>> Morgan Stanley), State Street Corp. (>> State Street Corporation) and Bank of America Corp. (>> Bank of America Corp) talked about the Fed's 2012 capital analysis and raised fears that new regulations would constrain their industry, the Fed said.

The Fed said Tarullo told the executives that their comments would be considered part of the rule-making process under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Specifically, the banking officials said they were worried the new rules would overstate credit risk for some transactions and would establish more stringent credit exposure limits for the largest financial firms, according to the Fed. The banks are also worried about the extent to which the alternatives to credit ratings could overstate the risk of some of their assets.

The industry officials repeated fears that a rule restricting some financial firms, including hedge and private equity firms, from proprietary trading would "constrain market-making activity" and the depth of some financial markets.

Furthermore, the bank executives said they are worried the new rules could damage their international competitiveness.

-By Ian Talley, Dow Jones Newswires, 202-862-9285; [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA -0.43% 30.19 Delayed Quote.2.71%
GOLDMAN SACHS GROUP -1.69% 242.49 Delayed Quote.-3.18%
MORGAN STANLEY -1.06% 53.07 Delayed Quote.2.23%
STATE STREET CORPORATION -1.17% 101.1 Delayed Quote.2.10%
US BANCORP -0.24% 50.42 Delayed Quote.-5.90%
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Financials ($)
Sales 2018 35 327 M
EBIT 2018 12 217 M
Net income 2018 9 032 M
Debt 2018 -
Yield 2018 1,32%
P/E ratio 2018 10,55
P/E ratio 2019 10,02
Capi. / Sales 2018 2,65x
Capi. / Sales 2019 2,60x
Capitalization 93 495 M
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Lloyd Craig Blankfein Chairman & Chief Executive Officer
David Michael Solomon President & Chief Executive Officer
R. Martin Chavez Chief Financial Officer & Executive Vice President
James A. Johnson Independent Director
William W. George Independent Director
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1st jan.Capitalization (M$)
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