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Bankers in Davos; Deutsche Bank Settles with FERC; Why Firms Keep ‘Foreign’ Cash in U.S. Bank Accounts

Bankers in Davos; Deutsche Bank Settles with FERC; Why Firms Keep ‘Foreign’ Cash in U.S. Bank Accounts

Highlights from Davos: The World Economic Forum just began in Davos, Switzerland, but has already produced plenty of interesting news for bankers. According to the FT, preliminary buzz around the event is that arriving executives“are plagued with concerns about growth, restive shareholders and declining margins.” The article goes on to note that Goldman Sachs CEO Lloyd Blankfein is attending the event for the first time since 2008, though it’s unclear how he specifically feels about his bank’s balance sheet or the “fractious relationships with shareholders” the FT suggests is collectively percolating among top execs. JPMorgan CEO Jamie Dimon, who spoke earlier this morning, however, may have inadvertently nodded to investor concerns when he dropped this qualified apology for the London Whale: “If you’re a shareholder might I apologize deeply. But we did have record results and life goes on.” He also went on to criticize regulators, saying “It’s five years after the crisis OK, we still have not fixed a lot of the things you are talking about. Part of the reason we are trying to do too much too fast.” Meanwhile, a Dealbook article criticizes the forum itself for not devoting enough of its agenda to dissecting the financial crisis. “The World Economic Forum and its leaders appear to be moving on,” the author writes. “but if the financial titans gathered there are really going to fight off the small but growing number of critics who are calling for the breakup of the big banks or even more likely a stronger Volcker Rule, they should put forth an alternative or an explanation for why these blowups keep occurring.”

Those looking for more WEF news throughout the day can follow the FT‘s, theJournal‘s or Reuters live blogs of the event. Or you can simply keep hitting the refresh button over at Dealbook, which has been in Davos overload since this weekend, going so far as to cover its (dwindling) party scene. “For those worried that there won’t be any parties on Friday, fear not: Marissa Meyer, ex-Google who now heads up Yahoo, has stepped in to sponsor a cocktail party,” writes Andrew Ross Sorkin. “And rumors are rampant that Sean Parker, the Internet entrepreneur, is holding an exclusive party Friday night.”

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