Company: BB and T Corp

WASHINGTON (Reuters) - Bank of New York Mellon Corp <BK.N> faced off against the U.S. government on Thursday in closing arguments over a $900 million tax benefit that the Internal Revenue Service called "tax abuse."

In the Fed's latest round of bank stress tests, some analysts say Citigroup has the greatest potential to deliver a positive surprise to Wall Street.

In another milestone in the banking industry’s recovery from the financial crisis, the Federal Reserve this week will release the results of its latest stress tests, which are expected to show broadly improved balance sheets at most institutions, the New York Times reports.

Stocks spiked in the final minutes of trading Wednesday following a report that the G20 is considering a $600 billion IMF lending program to euro zone, but came off their highs after the IMF denied the report. Investors were also closely waiting for the key EU summit at the end of the week.