BofA to Pay $16.65 Billion to End U.S. Mortgage Probes
The settlement, which includes $7 billion in consumer relief and a $5 billion penalty, is the harshest penalty yet related to the 2008 financial crisis.
Morgan Stanley Beats Estimates on Smaller Drop in Fixed Income: Q2 Earnings
Morgan Stanley saw a smaller drop in second-quarter fixed income trading revenue than Citigroup or JPMorgan.
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.
U.S. Stocks Fluctuate With Treasuries on Fed Comments; Oil Drops
U.S. stocks fell as the Fed said valuations for smaller companies in social media and biotech appear “substantially stretched.”
JPMorgan, Goldman Beat Estimates: Q2 Earnings
Bond trading revenue fell at both banks, though less than expected, but CEO Jamie Dimon's health issues overshadowed JPMorgan's results.
Citigroup Profit Falls 96% on Costs to End Mortgage-Bond Probe
The third-biggest U.S. bank, said second-quarter profit tumbled 96% on $3.7 billion in costs tied to a mortgage-bond settlement with U.S. authorities.
Yellen’s Economy Echoes Arthur Burns More Than Greenspan
Federal Reserve Chair Janet Yellen faces an economy that is starting to look more like the 1970s than the 1990s.
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.
Wealthy Clintons Use Trusts to Limit Pain of Estate Taxes
Bill and Hillary Clinton have long supported an estate tax to prevent the domination of inherited wealth. That doesn’t mean they want to pay it.
AIG Promotes Peter Hancock to CEO
Hancock, head of property-casualty, will replace Benmosche Sept. 1.