Britain's Co-Operative Bank said it expected to make further job cuts having already reduced its staff numbers by 21 percent.» Read More
SINGAPORE/ ZURICH Aug 22- Royal Bank of Scotland plc might split its international private bank into separate European and Asian divisions to attract Asian buyers who have the financial muscle for a deal but are reluctant to take on European client risk.
WASHINGTON— The central bankers meeting this week at their annual conference in Jackson Hole, Wyoming, aren't exactly in sync. By contrast, the European Central Bank is considering more stimulus. This year, central banks in Mexico, Sweden and South Korea, among others, have lowered rates.
James Bullard, the president of the St. Louis Federal Reserve Bank, said that central banks operate in a global environment, and that he's worried about inflation expectations slipping in Europe.
Canada's largest bank reported net income of C $2.38 billion, or C $1.59 a share, for the third quarter ended July 31, compared with C $2.29 billion, or C $1.51 a share, a year earlier.
TORONTO, Aug 22- Royal Bank of Canada reported a 4 percent increase in quarterly earnings on Friday, driven by strong results from its wealth management and capital markets divisions. Canada's largest bank reported net income of C $2.38 billion, or C $1.59 a share, for the third quarter ended July 31, compared with C $2.29 billion, or C $1.51 a share, a year earlier.
WASHINGTON— Two days after the Federal Reserve revealed an intensifying internal debate over interest rates, Chair Janet Yellen will address the annual Fed conference in Jackson Hole, Wyoming, with investors seeking any clear hints of when it will start raising rates.
*Gold steady after five-day losing streak. SINGAPORE, Aug 22- Gold held near a two-month low on Friday and was headed for its worst week in five, hurt by strong U.S. economic data and fears that the Federal Reserve could hike interest rates sooner than expected.
*Shinsei rises on report it plans to bid for Citi's Japan retail banking business. TOKYO, Aug 22- Japan's Nikkei share average rose for the 10th consecutive session on Friday morning thanks to a record close on Wall Street after upbeat U.S. economic data.
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.
After Bank of America agreed to pay nearly $17 billion to the DOJ, CNBC's Larry Kudlow, and Andrew Stoltmann, Stoltmann Law Offices, debate former Wells Fargo CEO Dick Kovacevich's view that the government extorted Bank of America.
When Bank of America pays its $17 billion settlement charges of selling bad mortgages, do we really know where it goes? Andrew Jakabovics, Enterprise Community Partners, provides insight to the process.
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.
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