CNBC's Dominic Chu and Scott Wapner, discuss the outlook for the banks and if financials are ready make a big move.» Read More
Federal Reserve should avoid waiting too long to raise interest rates, a top policymaker said on Thursday, arguing that there was no longer a lot of slack in the labor market.
WASHINGTON— Bank of America's record $16.65 billion settlement for its role in selling shoddy mortgage bonds— $7 billion of it geared for consumer relief— offers a glint of hope for desperate homeowners. "It is certainly better than nothing," said Bruce Marks, chief executive of the nonprofit Neighborhood Assistance Corporation of America.
Bank of America will pay a nearly $17 billion settlement to the Justice Department. CNBC's Herb Greenberg provides perspective.
Aug 21- Deutsche Bank has sold its North American natural gas trading book to Morgan Stanley, a source familiar with the deal said on Thursday. Deutsche Bank and Morgan Stanley declined to comment. Last month, Morgan Stanley bought Deutsche Bank's bulk commodities trading book in coal, iron ore and freight forward contracts.
Wall Street banks may appear to be offering higher salaries to junior employees, but the increase may not be as generous as it looks.
NEW DELHI, Aug 21- Indian government officials painted an upbeat picture for the economy on Thursday as it struggles to emerge from the longest spell of sub-par growth in decades and promised to tighten up risk management at the country's dominant state banks.
ALBANY, N.Y.— New York state will get $800 million as its share of a national $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis, New York Attorney General Eric Schneiderman said Thursday.
Bank of America agreed to pay $16.65 billion to end investigations into mortgage securities that it sold in the run-up to the financial crisis.
*Letter sent to BCBS, IOSCO. HONG KONG, Aug 21- The international banking industry has asked regulators for more time to implement derivatives rules that could add $800 billion to the global financial industry's cost of doing business, people familiar with the matter said.
The long-anticipated settlement is expected to consist of a penalty of $9.6 billion and a package of consumer-relief measures valued at $7 billion.
ABU DHABI, Aug 21- Banking group Standard Chartered is liable to legal action in the United Arab Emirates after it agreed to close some customers' UAE accounts in an anti-money laundering settlement with U.S. regulators, the UAE central bank said on Thursday.
"It's definitely politics. It has nothing to do with justice or restitution to the innocent victims," former Wells Fargo chief Dick Kovacevich says.
*Jackson Hole conference to begin. *Bank of America gains before expected settlement deal. NEW YORK, Aug 21- U.S. stock index futures edged higher on Thursday, ahead of a flurry of economic data and the start of the meeting of top central bankers and economists in Jackson Hole, Wyoming.
HONG KONG/ SHANGHAI, Aug 21- China's Bank of Communications Co Ltd said on Thursday it expects bad loans to rise this year as businesses in major manufacturing regions suffer in a slowing economy, the second big lender to make such a forecast this week.
Leaders are expected to agree that top banks must issue special bonds to increase the amount of capital which can be tapped in a crisis.
Douglas Lebda, LendingTree CEO, and Roger Cregg, AV Homes CEO, share their take on the housing industry, mortgage lending and home construction. Jobs have the biggest impact on the industry, says Cregg.
How much will Bank of America's expected $17 billion mortgage settlement cost the company? The answer is, almost certainly not that much.
Dick Kovacevich, former Wells Fargo chairman & CEO, explain why he thinks the massive $17 billion Bank of America settlement with the Justice Department is extortion. Companies don't commit crimes, people do, contends Kovacevich.
LONDON, Aug 21- Any speculation about the timing of a Federal Reserve rate hike at this week's central bank forum at Jackson Hole could raise fears of a fall in demand for bonds in the euro zone periphery, but holders should be reassured by the weak correlation between Spanish and Italian bond yields and their U.S. counterparts.
Roger Myerson, professor of economics at teh University of Chicago and 2007 Nobel Prize Laureate, says Europe needs to "fundamentally" rethink its banking regulatory environment.
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