Napa Earthquake Could Cost $4 Billion as Wineries Close
Insurers will probably cover about $2.1 billion of the damage from the quake, the strongest Northern California has seen in 25 years.
BofA Q2 Earnings Tumble on $4 Billion Expense for Litigation
Bank of America spent $4 billion in the second quarter to cover litigation costs, including a mortgage settlement with American International Group.
JPMorgan Investors Show Support for Dimon in Cancer Fight
JPMorgan Chase CEO Jamie Dimon will start treatment for throat cancer, raising new questions about succession plans at the biggest U.S. bank.
Retirees Suffer as 401(k) Rollover Boom Enriches Brokers
A three-month Bloomberg investigation found that former employees at major companies say sales reps lured them into rolling their 401(k)s into unsuitable investments.
AIG Promotes Peter Hancock to CEO
Hancock, head of property-casualty, will replace Benmosche Sept. 1.
GOP Jumps on Minimum Wage Job-Loss Report
The CBO report said boosting the minimum wage may cost as many as 500,000 people their jobs.
BofA Should Pay $2.1 Billion in Fraud Case, U.S. Says
BofA’s Countrywide unit should pay the maximum of $2.1 billion in penalties for selling defective mortgage loans to Fannie and Freddie, the U.S. said.
AIG Seeks to Add 600 Advisors in Annuities Push
AIG plans to add 600 advisors in a push to increase sales of retirement products as some rivals retreat from annuities.
AIG Adds $1.5B to Government Payback
AIG’s remaining debt to the U.S. government is about $45 billion after paying an additional $1.5 billion to the U.S. Treasury Department, the company says.
Freddie Mac CEO and 3 Chairmen to Resign
Freddie Mac CEO Charles E. "Ed" Haldeman Jr. will resign within the next year, according to the government regulator that oversees the mortgage giant.