BofA Halts Buybacks, Dividend Increase After Error; Stock Dives
Bank of America made a mistake in its stress-test report to the Federal Reserve; the stock took a 5.2% intraday slide.
Sales of Existing U.S. Homes Fall for Third Straight Month
Sales of previously owned homes fell in March for the third consecutive month as rising prices and cold weather discouraged would-be buyers.
Morgan Stanley Beats Estimates on Fixed Income Surprise
A jump in fixed-income results helped Morgan Stanley post the only increase in trading revenue among the six biggest U.S. banks this year.
Banker Deaths Worry Industry as Coroners Probe
London coroners are preparing to investigate two apparent suicides as unexpected deaths around the world have raised concerns about mental health in the finance industry.
Stress Test Shows 29 of 30 Banks Meet or Top Capital Target
The Federal Reserve’s annual stress tests found 29 of the 30 largest U.S. banks could withstand a deep recession and still pay dividends, fueling speculation about which firms will win approval next week to raise payouts.
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.
Citigroup Earnings Miss as Bond Trading Slump Slows Recovery
Net income at Citigroup more than doubled to $2.69 billion from $1.2 billion a year earlier.
Goldman Reports Highest Profits in 3 Years
Underwriting revenue at Goldman Sachs surged to a record, and the firm’s reliance on trading fell to the lowest level in more than a decade.
Banned Stocks Held by SEC Employees Trigger Agency Ethics Review
SEC attorneys are reviewing the stock holdings of about 3,400 employees after some New York staffers were found to own securities prohibited by ethics rules.
JPMorgan CEO Meets With Attorney General Amid MBS Charges
A government official familiar with ongoing negotiations said an $11 billion national settlement is under review to resolve claims against JPMorgan.