CEO Brian Moynihan said the bank faces up to an additional $9 billion in costs related to the financial crisis and mortgages beyond its reserves.» Read More
*Santander to buy 8 pct Bank of Shanghai stake from HSBC. MADRID/ LONDON, Dec 10- Santander, Spain's largest bank, is to buy HSBC's 8 percent stake in Bank of Shanghai, just as many international rivals are beginning to sell out of China.
ST. LOUIS-- Express Scripts has entered into an accelerated $1.5 billion share buyback deal with Bank of America. Shares will be bought pursuant to a share repurchase program previously announced by Express Scripts. Express Scripts Holding Co. is the nation's largest pharmacy benefits manager.
NEW YORK, Dec 9- Charles Schwab Corp on Monday said it will rebate quarterly fees paid by clients in its fee-based investment advisory programs "if, for any reason, they are not happy" with the service they receive. Firm founder Charles Schwab told Reuters he hoped the move would be disruptive to the financial advisory industry.
WASHINGTON, Dec 9- The Obama administration on Monday urged big U.S. banks to improve how they implement a government anti-foreclosure program, saying more can be done with the federal funds that go toward helping struggling homeowners.
CARACAS, Dec 8- Venezuelan President Nicolas Maduro pledged to deepen his "economic offensive" to force businesses to cut prices after his ruling Socialist Party won the most votes in weekend municipal elections.
M&A activity looks to pick up. Debt markets should expand. Clients may stop nagging about fees. What's not to like?
NEW YORK, Dec 6- General Electric Co has agreed to pay as much as $18.25 million to settle a class action lawsuit accusing it of rigging bids for municipal securities, court papers filed on Friday show.
The S&P continues to soar, but a Nobel warns of a bubble and 'the smartest guys in the room' get plenty wrong: This week's market winners and losers.
Dec 6- A federal judge has granted final approval to Bank of America Corp's record $500 million settlement with investors who claimed they were misled by the bank's Countrywide unit into buying risky mortgage debt. Countrywide had been the largest U.S. mortgage lender before Bank of America bought it in July 2008.
Goldman Sachs may be one of the last firms standing as a rocky romance between Wall Street and raw material markets turns sour.
NEW YORK/ LONDON, Dec 6- Just over three decades ago, Goldman Sachs bought a niche coffee-and-gold trading firm called J. Aron& Company, becoming one of the first banks to enter the commodity markets. On Thursday, Deutsche Bank, one of the five biggest players of the past decade, said it would quit commodities trading under regulatory pressure, cutting 200 jobs.
Dec 6- PNC Financial Services Group Inc will pay Freddie Mac $89 million to resolve all repurchase liabilities on home loans sold to the government-backed housing agency through the end of 2008.. Earlier this week, Bank of America said it settled with Freddie Mac on all claims arising from residential mortgages sold to the agency through the end of 2009..
Thefts of bitcoin, including a reported $100 million heist, have been growing, but law enforcers have largely stayed out of investigations. The NYT reports.
A ban on the use of cryptocurrencies cannot be ruled out, although China’s latest rulings are an acknowledges the growing use of digital currencies.
A US judge is considering an alternative that could result in Bank of America paying much less than the $863.6 million the government is seeking.
NEW YORK, Dec 5- A U.S. judge is considering an alternative that could result in Bank of America Corp paying much less than the $863.6 million the government is seeking as a penalty for the sale of defective mortgages before the financial crisis.
Lululemon Athletica's lesson in yoga public relations: don't stretch the truth.
NEW YORK, Dec 5- Morgan Stanley is offering its brokers an unusual pay incentive over the next two years to convince certain clients to disclose assets held outside the firm, according to the firm's 2014 compensation plan unveiled this week.
Rob Mawhinney desperately wanted to become a rockstar. Instead, he found fame when he pleaded guilty to money laundering and loan fraud.
NEW YORK, Dec 4- The 2014 compensation plan that Merrill Lynch introduced on Wednesday rewards brokers who work in teams and pays them a premium for attracting money from wealthy clients that is put into trusts.