A New York City investment banker is dead after allegedly jumping from his apartment building, continuing an alarming streak of suicides that has descended upon the financial world.
The latest death occurred on March 12, when 28-year-old Kenneth Bellando was found on the sidewalk outside his six-story Manhattan apartment building.
According to the Daily Mail, police investigators said the case was still under investigation, but that they do not suspect a third party to be involved and that Bellando – who had been working for Levy Capital since January – likely took his own life.
Before moving into his last position, the New York Post reported Bellando worked as an investment banker at JP Morgan Chase. His brother, John Bellando, also works at JP Morgan as an investment officer; the Post stated that multiple emails by John Bellando were presented as evidence during Senate hearings regarding the “London Whale” trading scandal.
Kenneth Bellando’s death now marks the 12th time this year that an employee in the financial world has taken his or her own life around the globe. Bellando graduated from Georgetown University in 2007, and is the youngest banking professional to commit suicide this year.
Please read more here.
Wall Street is mobilizing to beat back an unexpected threat: a bank tax championed by a Republican lawmaker.
Bank of America Corp., Citigroup Inc., Goldman Sachs GroupInc., J.P. Morgan Chase & Co. and other big banks are marshaling opposition on Capitol Hill to kill a proposal by House Ways and Means Committee Chairman Dave Camp (R., Mich.) to tax the nation's largest financial firms, according to people familiar with the efforts. The companies are curtailing financing for GOP lawmakers and warning of an economic hit, these people say.
A New York trader has become the seventh employee in some of the world's major financial cities to commit suicide this year.
Vertical Group trader Edmund Reilly jumped in front a hurtling commuter train at 6am near the Syosset train station, according to the New York Post.
Passengers on board the express train spotted 47-year-old Reilly, who was declared dead at the scene, standing by the tracks before he jumped in front of the train.
Reilly's identity was confirmed by Salvatore Arena, a Long Island Rail Road spokesperson, who said an investigation into the incident was continuing.
Rob Schaffer, a managing director at Vertical, told the NYP: "Eddie was a great guy. We are very upset and he will be deeply missed."
Please read more here.
A series of untimely deaths at J.P. Morgan Chase and other banks has left observers wondering if there are more to come.
The International is a 2009 German–American action thriller film directed by Tom Tykwer. The film follows an Interpol agent and an American attorney who investigate corruption within the IBBC, a fictional merchant bank based in Luxembourg. It serves organized crime and corrupt governments as a banker and as an arms broker. The bank's ruthless managers assassinate potential threats including their own employees.
Inspired by the Bank of Credit and Commerce International scandal of the 1980s, the film's script, written by Eric Warren Singer, raises concerns about how global finance affects international politicsacross the world. Production began in Berlin in September 2008, including the construction of a life-size replica of the Guggenheim Museum in New York for the film's climactic shoot-out scene. The film opened the 59th Berlin International Film Festival on 5 February 2009. Reviews were mixed: some praised the sleek appearance and prescient themes, The Guardian called it a thriller with "brainpower as well as firepower" but The New Yorker criticised the characterisation saying the two protagonists were not believable humans.
(Reuters) - The savings of the European Union's 500 million citizens could be used to fund long-term investments to boost theeconomy and help plug the gap left by banks since the financial crisis, an EU document says.
The EU is looking for ways to wean the 28-country bloc from its heavy reliance on bank financing and find other means of funding small companies, infrastructure projects and other investment.
"The economic and financial crisis has impaired the ability of the financial sector to channel funds to the real economy, in particular long-term investment," said the document, seen by Reuters.
The Commission will ask the bloc's insurance watchdog in the second half of this year for advice on a possible draft law "to mobilize more personal pension savings for long-term financing", the document said.
Banks have complained they are hindered from lending to the economy by post-crisis rules forcing them to hold much larger safety cushions of capital and liquidity.
Please read more here.