The FDIC sued 16 of the world's largest banks on Friday, accusing them of collusively suppressing interest rates, Reuters reported.» Read More
WASHINGTON-- The United States has now spent $1 trillion more than it's taken in for four straight years. The Treasury Department confirmed Friday what was widely expected: The deficit for the just-ended 2012 budget year _ the gap between the government's tax revenue and its spending _ totaled $1.1 trillion.
TORONTO, Oct 12- Toronto's main stock index pulled back on Friday and marked its worst weekly performance in four months as worries about the euro zone's crisis strategy, the upcoming U.S. election and slowing global economic growth limited the appeal of riskier assets. 0.5 percent at C $53.22, and Bank of Montreal.
NEW YORK, Oct 12- The New York- traded shares of Coca Cola Hellenic rose sharply on Friday, a day after the bottling company said it was leaving Greece, making the shares a standout in an otherwise flat market. The BNY Mellon index of leading American depositary receipts.
Oct 12- JP Morgan Chase. reported record net income of $5.7 billion on the back of strong business performance across the company's major business lines. Adjusting for these items, Fitch Ratings estimates JPM had pretax income of $7.7 billion vs. reported pretax income of $7.9 billion.
The country's two biggest mortgage lenders, Wells Fargo and JPMorgan Chase, reported Friday that a surge in home lending pushed them to record profits. JPMorgan CEO Jamie Dimon declared that the housing market "has turned the corner." JPMorgan wrote $47 billion in mortgages, compared with $37 billion last year.
NEW YORK, Oct 12- U.S. stocks posted their worst week in four months, led lower on Friday by financial shares as results from Wells Fargo and JPMorgan ignited concerns about shrinking profit margins for big lenders. The Nasdaq Composite Index shed 5.30 points, or 0.17 percent, to close unofficially at 3,044.11.
Oct 12- Standard& Poor's Ratings Services today said that its ratings on JPMorgan Chase& Co. are not affected by the company's third-quarter results, which were above our expectations, given current operating conditions. Standard& Poor's adjusted pretax earnings were roughly $7.3 billion, up from roughly $3.9 billion in the prior-year period.
*Pay falls at JPMorgan's investment bank in 3rd qtr. Oct 12- JPMorgan Chase& Co's investment bank set aside less revenue to pay employees last quarter, another sign that Wall Street bonuses are on the decline this year.
By Rick Rothacker and Jed Horowitz. Oct 12- Wells Fargo& Co's. The No. 4 U.S. bank by assets has expanded in mortgage lending while others such as Bank of America Corp.
PARIS, Oct 12- STMicroelectronics said it was not planning to split itself up contrary to a report that Europe's top semiconductor maker was considering a breakup, which sent its shares up by nearly a fifth.
*JPMorgan's Dimon: housing has turned a corner. NEW YORK, Oct 12- U.S. consumer sentiment unexpectedly rose to its highest in five years in October in the latest in a string of encouraging signs from the economy that may boost President Barack Obama's re-election hopes next month.
NEW YORK-- Jamie Dimon, the CEO of JPMorgan Chase, is known as much for his swagger as for his banking savvy. Friday, when his bank reported triumphant results for the third quarter, was no exception.
Oct 12- MPM Escrow LLC and MPM Finance Escrow Corp on Thursday sold $1.1 billion of first-priority senior secured notes in the 144 a private placement market, said IFR, a Thomson Reuters service.
*Wells Fargo weighs on financials. The Thomson Reuters/ University of Michigan's preliminary October reading on consumer sentiment rose to 83.1, well above the 78 forecast for the index as optimism about the economy improved. Wells Fargo, the biggest U.S. home lender, dropped 2.5 percent to $34.40.
Shares of JPMorgan Chase and Wells Fargo& Co. both fell after they released their results, even though JPMorgan posted record profits, prompting Canadian financials to follow suit, dropping 0.2 percent. Bank of Nova Scotia was down 0.3 percent at C $53.31, and Toronto-Dominion Bank was 0.2 percent lower at C $80.85.
Oct 12- Wells Fargo& Co reported record quarterly profit on Friday on a surge in mortgage lending, but revenue and a key banking measure fell short of analysts' estimates, sending shares down 3.3 percent. Wells Fargo posted third-quarter earnings of 88 cents per share, topping the analysts' consensus estimate of 87 cents, according to Thomson Reuters I/B/E/S.
LONDON-- Upbeat earnings from JP Morgan Chase& Co. and a strong U.S. consumer confidence survey helped shore up markets Friday, though investors remained cautious after buying up stocks aggressively the previous day.
Stocks rose on Friday after a government report showed that inflation was tame in September, which will leave consumers with more money to spend if the trend holds up. The Labor Department said Friday that wholesale prices rose 1.1 percent in September. This week saw mixed results from U.S. corporations like Alcoa, Safeway and Yum Brands.
PARIS/ MILAN, Oct 12- Europe's top semiconductor maker STMicroelectronics denied planning a demerger, saying it had no plans to undo the group's "unity" in response to a report that it planned a breakup which had sent its shares up by nearly a fifth.
MOSCOW, Oct 12- Russian private healthcare company MD Medical Group's London share listing made a smooth start on Friday, with the global depositary receipts trading at a 2 percent premium to their issue price of $12.