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Finance Banks

  • Wells Fargo is due to be deemed a bank that "needs to improve" under the Community Reinvestment Act, a law meant promote fair lending. Wells Fargo has struggled since September to overcome its admission that employees wrongly created as many as 2 million accounts without customer authorization. Wells Fargo may win an appeal to the downgrade through an...

  • BANK REGULATOR SEEKS TO DOWNGRADE WELLS FARGO'S FAIR LENDING RATING- SOURCES.

  • WASHINGTON, Dec 7- Bank lobbying groups are pressing the U.S. Senate to once again work on reforming the country's consumer financial watchdog agency- but this time around they may see those changes become reality. In a letter to Senate leaders released on Wednesday the groups, including the Consumer Bankers Association and the Credit Union National...

  • BRUSSELS, Dec 7- European lawmakers are set to give their first backing to a plan to revive the market for asset and mortgage backed securities on Thursday, the EU lawmaker responsible for the initiative said. Last year the European Union's executive arm proposed loosening rules on securitisation, the process through which banks pool and sell loans, in a bid to...

  • OTTAWA, Dec 7-- The Bank of Canada pointed to a "significant" amount of slack in the Canadian economy as it held interest rates steady on Wednesday, but also used language suggesting a rate cut is off the table as global growth picks up. Sounding less dovish than several analysts had expected, the central bank trod a fine line in moving away from a possible interest rate...

  • MOSCOW, Dec 7- Russian authorities arrested a large number of suspects in May in connection with the recently revealed electronic theft of $19 million from accounts held at the Russian central bank, an official said on Wednesday. The bank said last week that hackers had this year used fake client credentials to steal money from correspondent accounts-- used to...

  • A trader takes a break outside the New York Stock Exchange (NYSE) on Wall Street in New York City, U.S., July 11, 2016.

    On that day, longer-term bond yields hit what market experts believe was a multidecade low not to be seen again soon.

  • *Banks lead European shares higher, Wall St seen lower. *Oil dips on doubts over impact of OPEC deal. NEW YORK, Dec 7- Wall Street's rise was held back by health stocks on Wednesday while European stocks rose on reports Italy would step in to rescue troubled bank Monte dei Paschi and on expectations the European Central Bank would extend its bond-buying.

  • CIBC, Canada's fifth biggest lender, said in June it planned to buy Chicago- based PrivateBancorp in a $3.8 billion cash-and-share deal, its biggest ever acquisition. Major Canadian banks are looking for growth in the United States to offset sluggish activity in their domestic market. However, some PrivateBancorp shareholders have argued in recent weeks the...

  • NEW YORK, Dec 7- The euro gained slightly on the dollar on Wednesday as investors focused on Thursday's European Central Bank meeting for possible indications on when the central bank may begin paring bond purchases under its quantitative easing program. The euro has been the main focus for traders this week after Italian Prime Minister Matteo Renzi's loss in...

  • NEW YORK, Dec 7- The euro gained slightly on the dollar on Wednesday as investors focused on Thursday's European Central Bank meeting for possible indications on when the central bank may begin paring bond purchases under its quantitative easing program. The euro has been the main focus for traders this week after Italian Prime Minister Matteo Renzi's loss in...

  • OTTAWA, Dec 7-- The Bank of Canada pointed to undiminished uncertainty and a "significant amount" of slack in the Canadian economy as it held interest rates steady on Wednesday, noting that inflation is below expectations and growth set to slow as 2016 draws to a close. Dropping its usual language about the balance of risks, the Bank of Canada said the current state of...

  • Jean-Claude Trichet, ECB president between 2003 and 2011, who oversaw the global financial crisis and the start of the euro zone debt crisis, said elections in France, Germany and the Netherlands next year should not deal a killer blow to support for the monetary union. On the sidelines of an event in London, Trichet said Austria's decision on Sunday to choose a...

  • TORONTO, Dec 7- Canada's main stock index touched a fresh 18- month high in early trade on Wednesday as banking and materials stocks pushed higher ahead of a Bank of Canada rate decision. A Bank of Canada rate decision due at 10:00 a.m EDT. At 9:45 a.m. EDT, the Toronto Stock Exchange's S&P/TSX composite index was up 40.78 points, or 0.27 percent, to 15,166.58, its...

  • *Cuts profit targets for Asia-Pacific, wealth management. ZURICH, Dec 7- Credit Suisse on Wednesday pledged to cut another 1 billion Swiss francs in costs and pared back profit targets amid challenging markets which have made it harder for banks to make money. Chief Executive Tidjane Thiam stuck with his strategy of focusing Switzerland's second-biggest bank...

  • *Bank of Canada meeting eyed. LONDON, Dec 7- Most major currencies treaded water on Wednesday with traders looking ahead to a meeting of the European Central Bank on Thursday that could set the tone for markets after the sharp moves in the wake of last month's U.S. elections. It had slumped on Monday to $1.0505, its lowest since March 2015, in a knee-jerk reaction after...

  • Dec 7- Digital Asset Holdings, a blockchain startup backed by some of the world's largest banks, said on Wednesday it had developed a platform to allow traders to use blockchain technology without giving out confidential information on their trades. The new platform will form the basis of the technology that Digital Asset is building for financial...

  • *India central bank leaves repo rate at 6.25 pct. MUMBAI, Dec 7- India's central bank unexpectedly kept its key policy rate unchanged at 6.25 percent on Wednesday, despite calls for action in the face of an intense cash shortage that threatens to slam the brakes on the world's fastest-growing large economy. Pressure on the central bank and its governor, Urjit Patel,...

  • *India central bank leaves repo rate at 6.25 pct. MUMBAI, Dec 7- India's central bank unexpectedly kept its key policy rate unchanged at 6.25 percent on Wednesday, despite calls for action in the face of an intense cash shortage that threatens to slam the brakes on the world's fastest-growing large economy. Pressure on the central bank and its governor, Urjit Patel,...

  • It's the oldest world lender and it has been making headlines amid concerns it doesn't have the financial capacity to cover its bad debts.

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