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President Obama, responding on Friday to months of debate set off by the disclosures of Edward J. Snowden, said he would require intelligence agencies to get court permission before tapping into a vast trove of phone data.
Weekend Reading: Bank Earnings QuizHow well do you know your earnings reports? Most of the Wall Street giants released fourth quarter results this week, including Bank of America, BlackRock, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo. Match the financial company with the quote about its latest earnings report. Answers below.
"Importantly, we are continuing to address many of the legal issues from the financial crisis," the chief executive said.
"Telling the employees that the comp ratio is permanently down is a bit demoralizing," said Brad Hintz, an analyst with Sanford Bernstein.
The chief executive's "star is still high," said Mike Mayo, a CLSA bank analyst. "But there is no blind faith among bank investors."
"We saw growth across all of our businesses," the chief executive said in a statement.
"They are not out there trying to be a broad-based mortgage banker," said Moshe Orenbuch, a banking analyst at Credit Suisse. "They are trying to cater to their upscale customers."
"It's a very small market," the chief financial officer said in a conference call. "One we haven't seen the likes of since the year 2000."
"I've never met a customer yet who said, 'I want to bank with you because you're so big I can just be a number,'" the chief executive said.
A look back on our reporting of the past week's highs and lows in finance.
Key Witness Takes Stand in Martoma TrialDr. Sidney Gilman, the key witness for prosecutors in the insider trading trial of Mathew Martoma, a former portfolio manager at SAC Capital Advisors, testified that he passed confidential information to Mr. Martoma and that he retired from the University of Michigan rather than be fired after his actions came to light.
Deal Professor: Apollo's Rush to Get the Chuck E. Cheese Deal DoneThe deal to buy out the parent company of Chuck E. Cheese contains a number of provisions which seem to suggest that Apollo is concerned about a competing bid or a challenge, Steven M. Davidoff writes in the Deal Professor column.
Life@Work: In Praise of DepthWhat we chase through our digital devices is instant connection and information. What we get is no more nutritious or enduringly satisfying than a sugary dessert. We need instead more wisdom, insight and understanding, writes Tony Schwartz.
Reuters Breakingviews: Time for More Competitiveness at CitigroupThe bank wasn't alone in its struggles at the end of 2013. But its rivals managed to keep on the right side of Wall Street guesstimates.
Citigroup Report Urges Deal-Making, Activist ThinkingMany companies are enjoying record high valuations not because of strong results but because of investor optimism, Citigroup says in a new report. It has suggestions for bolstering earnings so that valuations are based not on wishful thinking but on the bottom line.
British Regulator Steps Up Review of R.B.S. LoansThe Financial Conduct Authority has hired Promontory Financial and an accounting firm to assist in its review of the Royal Bank of Scotland's lending practices.
Judge Disallows Plan by Detroit to Pay Off BanksIn a decision that surprised many, a bankruptcy judge said it was "reasonably likely" that Detroit could free itself of costly swap contracts if it sued the two banks holding them.
News Analysis: Banks Keep Their Mortgage Litigation Reserves a SecretSome investors are upset that banks will not divulge the amount of money set aside, but some banks say they don't want regulators to know the number lest the authorities increase settlement totals.
Goldman Sachs Keeps a Lid on PayThe value of the bank's compensation and benefits for 2013 is the lowest it has been since 2009, measured as a proportion of net revenue, according to results released on Thursday.
Citigroup's Earnings Jump 21%, but Still Disappoint AnalystsDespite a leap in earnings, analysts instead focused on mixed results in the bank's trading business and a slender 1 percent rise in overall revenue.
Earnings Soar Beyond Forecast at BlackRockThe money manager reported that fourth-quarter profit rose to $841 million, from $690 million in the same period a year ago, helped by the popularity of its exchange-traded funds.
Bank of America's Profit Exceeds EstimatesBank of America's gains were driven by decreasing expenses in its mortgage business - a further sign that the bank has dug out from the worst of its housing problems.
Ex-SAC Trader's Drug Data a Surprise, Doctor TestifiesOn the witness stand for a second day on Wednesday, Dr. Joel S. Ross told the jury that a former SAC Capital Advisors hedge fund manager, Mathew Martoma, knew the specific results of a clinical drug trial before they were publicly known.
As Refinancing Wanes, Banks Are Wary of New LoansMany potential borrowers are shut out of the mortgage market, despite evidence in earnings reports that banks are strong enough to provide them with credit.
Regulators Ease Volcker Rule Provision on Smaller BanksThe revision will permit most United States banks to continue to hold a special type of collateralized debt obligation that contains trust-preferred securities.
Deal Professor: Nader, an Adversary of Capitalism, Now Fights as an InvestorThe consumer advocate Ralph Nader has taken on a new fight: shareholder rights, which he sees as a natural extension of his work, writes Steven M. Davidoff.
Secretive Apple Squirms in Gaze of U.S. MonitorAn inspector appointed by a federal judge to make sure that Apple complies with antitrust laws has drawn strong objections from the company, which says he is intruding on operations.
DealBook Column: The Man Behind Alibaba's Eventual I.P.O.Joe Tsai holds the keys to what will most likely be the largest initial public offering of this generation - Alibaba, the Chinese e-commerce giant, writes Andrew Ross Sorkin.
Europeans Struggle to Set Derivatives RulesThe E.U. plans a last-ditch effort to reach agreement on one of the biggest issues highlighted by the financial crisis: how to rein in trading of derivatives and other complex instruments.
Stung by Scandal, Giant Pension Fund Tries to Make It RightRéal Desrochers, head of private equity investments at the California Public Employees' Retirement System, hopes to improve the fund's performance, and reputation.