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Legg Mason will take $316 million in after-tax charges this quarter to shore up money-market funds and has gotten more breathing room on its debt levels from lenders.

JP Morgan cutting 9,200 jobs

JP Morgan Chase will lay off 9,200 WaMu employees across the country, with 3,400 of the cuts in WaMu's hometown of Seattle.

FDIC cracks down on OneUnited Bank

A federal bank regulator accused the management of OneUnited Bank, one of the largest black-owned banks in the country, of running an unsound lending operation and ordered a review of executive perks, which included a 2008 Porsche and a housing allowance for a beach-front home in California.

Washington Bureau

Despite slump, banks have money to lend

Bankers swear they still have money to lend, even as bank profits fell to their second-lowest level in 18 years.

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