What is historically the worst month for stocks may turn out to be the third quarter's best month for traders.» Read More
Bank of America directors are supportive of its proposed $16 billion to $17 billion mortgage-securities settlement, according to someone familiar with the matter.
JOHANNESBURG, Aug 7- Investors fled African Bank Investments on Thursday, sending its shares tumbling to a near-20 year low as the South African lender looked unable to plug a $790 million hole in its finances from a tide of unsecured loans that have gone bad.
Goldman said it was being investigated for its U.S. alternative trading system and for the potential misuse and circulation of non-public information.
*Draghi expected to flag risks from Ukraine. FRANKFURT, Aug 7- The European Central Bank held borrowing rates on Thursday as it pinned its hopes on lending measures to bolster a struggling euro zone economy facing further damage from the Ukraine conflict. "The euro zone is at a crossroads and the economy can go either way," said James Knightley, an economist with ING.
FRANKFURT, Aug 7- The European Central Bank left interest rates unchanged on Thursday, holding off fresh policy action as it prepares to launch fresh funding for banks next month that it hopes will lift inflation from rock-bottom levels. The first such loans will be available on Sept. 18.
CNBC's Kate Kelly reports the Bank of America is close to a settlement with the government over mortgage bonds.
*Concerns over Portuguese banks hits Lisbon market. LONDON, Aug 7- Concerns about Portugal's banking system hit the Lisbon stock market on Thursday and weighed on European equities, which were also kept in check by tensions between Western powers and Russia.
HONG KONG, Aug 7- Banks are being penalized too harshly for lapses in anti-money laundering efforts, Standard Chartered Plc's head of Asia operations said- the second senior bank executive this week to voice frustration over what many in the industry see as overzealous regulation.
According to sources, Bank of America is nearing a settlement deal with the Department of Justice. Nothing is final yet, reports CNBC's Kate Kelly.
WASHINGTON, Aug 6- Atlanta Federal Reserve Bank President Dennis Lockhart said on Wednesday that despite recent strong U.S. economic growth he still feels the Fed should not raise interest rates until likely the second half of next year.
Atlanta Federal Reserve President Dennis Lockhart, says monetary policy can "deal with the expansion of the pie," but "can't do much" about the distribution of the pie, in discussing trends in income distribution.
CNBC's Kelly Evans asks Atlanta Federal Reserve President Dennis Lockhart whether the U.S. economy can afford to wait to raise interest rates until higher confidence in sustainable economic trends.
Atlanta Federal Reserve President Dennis Lockhart, discusses the next move for interest rates in the U.S. Lockhart says he needs "more evidence" to have high confidence the U.S. will not see a reversal of the current economic trends.
According to sources, Bank of America is nearing a settlement deal with the Department of Justice, with CNBC's Kayla Tausche.
Aug 6- JPMorgan Chase& Co has won the dismissal of a lawsuit by the City of Los Angeles accusing the largest U.S. bank of steering minority borrowers into mortgages they could not afford, even after similar cases against the next three largest banks were allowed to go forward.
Bank of America and the Justice Department are closing in on a deal to settle mortgage probes that could reach as much as $17 billion.
Moody's Investors Service has put a negative outlook on the U.K. banking sector. Johannes Wassenberg, managing director at Moody's, explains that the changing regulatory framework will add pressure on U.K. lenders.
Ian Gordon, equity research analyst at S&P Capital IQ, discusses Standard Chartered's results, and says the group's losses should be lower in the second half.
OTTAWA, Aug 6- Canada followed the U.S. and European Union on Wednesday by announcing more sanctions on Russian individuals and entities, including VTB Bank OAO, Russia's second-largest bank by assets. In addition to VTB, Canada targeted Bank of Moscow and the Russian Agricultural Bank.
The U.S. Federal Reserve approved a resubmitted capital plan from Bank of America, which announced it has raised its dividend.