Bank of America has agreed to pay $131.8 million to settle charges that it misled investors about mortgage securities.» Read More
*Lazard will meet 25 percent margin target by 2014- CEO. Oct 25- Lazard Ltd plans to cut $125 million in costs each year, mainly through staff reductions, the investment bank said on Thursday, as it works to meet an aggressive profit goal in a weak market for its financial advisory services.
NEW YORK, Oct 25- U.S. consumers will have to dig deeper into their pockets next year to pay for costlier healthcare, more expensive grocery bills and higher taxes, an extra drag on the country's already slow-moving economy.
HONG KONG/ SHANGHAI, Oct 25- Hong Kong's commitment to its 29- year-old currency peg to the U.S. dollar risks making the already pricey city even more expensive as policymakers try to manage a wave of foreign money seeking to cash in on a potential Chinese recovery.
Oct 24- Visa Inc said Charles Scharf, a former head of JPMorgan Chase& Co's retail financial services division, will succeed Joseph Saunders as chief executive, effective Nov. 1. Scharf worked closely with Jamie Dimon, chairman and CEO of JPMorgan, when the two men were at Citigroup Inc in the 1990 s.
Oct 24- Eli Lilly and Co and Bristol-Myers Squibb Co posted lower-than-expected profit as their former top medicines were pounded by cheaper generics and sales of other products disappointed, sending their shares lower. Lilly earned $1.33 billion, or $1.18 per share, in the third quarter. That compared with $1.24 billion or $1.11 per share a year earlier.
Oct 24- Visa Inc said Charles Scharf, a former head of JPMorgan Chase& Co's retail financial services division, will succeed Joseph Saunders as chief executive. Scharf is currently managing director at One Equity Partners, which manages $10 billion of investments and commitments for JPMorgan Chase.
Oct 24- Visa Inc said Charles Scharf, a former head of JPMorgan Chase& Co's retail financial services division, will succeed Joseph Saunders as chief executive officer. Scharf, whose appointment is effective Nov. 1, has also been appointed to the payment network's board.
DALLAS-- US Airways turned in a strong performance during a three-month stretch that covers much of the peak summer vacation season. The results are especially important to US Airways Group Inc. as it pursues a merger with American Airlines.
Bank of America was the best performer, improving its key capital ratio under Basel III rules by more than 1 percent, to 8.97 percent, Fitch said. To do so, Bank of America reduced riskier securities held in its portfolio. JPMorgan Chase improved the same ratio by a half-percentage point, reducing its riskier assets by $21 billion.
Bank of America, the country's second-biggest bank, reported Wednesday that mortgage originations jumped over a year ago _ up 18 percent to $21 billion. Bank of America's chief financial officer was ambiguous when asked whether the housing market had turned, as JPMorgan Chase and Wells Fargo, the country's two largest mortgage lenders, suggested last week.
MERRILL LYNCH FALLOUT: Bank of America's third-quarter profits suffered after the bank agreed last month to settle a big shareholder lawsuit. REFINANCING BOOM: Mortgage originations rose over the year, echoing a trend this quarter that also helped JPMorgan Chase and Wells Fargo.
Bank of America, the country's second-biggest bank, reported Wednesday that mortgage originations jumped over a year ago _ up 18 percent to $21 billion. Bank of America's chief financial officer said Wednesday he thought the housing market had turned, noting that home prices are rising more consistently.
In the hours after Tuesday's surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's third-largest bank. It trails JPMorgan Chase, with $2.3 trillion, and Bank of America, with $2.1 trillion.
The financial overhaul law passed in 2010 called for new oversight of derivatives, the complex investments blamed for hastening the financial crisis, and required the SEC to write the rules.
In between its founding and its near-death, the company now called Citigroup has played a central role in U.S. financial history. On Tuesday, Corbat was named Citi's new CEO after the abrupt departure of Vikram Pandit, who had led the company through the financial crisis and its aftermath.
Vikram Pandit, who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank on Tuesday, stepping down as CEO and as a director. The move shocked Wall Street, and Citigroup offered no explanation.
The most dangerous job on Wall Street is looking like the corner office. CEOs and CFOs are getting their jobs whacked faster than the post-Lufthansa heist crew in the movie Goodfellas.
NEW YORK-- Goldman Sachs turned in third-quarter earnings Tuesday that easily beat analysts' estimates, but the bank's mood seemed more cautious than celebratory. Trading for clients in mortgages also propelled Goldman's results higher, echoing what Wells Fargo and JPMorgan Chase reported last week as mortgage refinancing surged.
Vikram Pandit, who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank on Tuesday, stepping down as CEO and as a director. A second top executive resigned as part of the shake-up: President and Chief Operating Officer John Havens, who also served as CEO of Citi's Institutional Client Group.
WASHINGTON-- Higher costs for gasoline and other fuel likely pushed up consumer prices in September for the second straight month. The Labor Department will release the consumer price index at 8:30 a.m. Eastern time Tuesday.