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.
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.
Wells Fargo Profit Up Nearly 4%: Q2 Earnings
Meanwhile, net income of Wells Fargo's Wealth, Brokerage and Retirement unit rose 25% year over year.
Fed Says Economy Has Picked Up as It Trims Bond Buying Further
The Federal Reserve said the economy is gaining momentum as consumers spend more, and said it would continue to trim the pace of bond purchases.
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.
Wall Street Bond Dealers Whipsawed on Bearish Treasuries Bet
Betting against U.S. government debt this year is turning out to be a fool’s errand. Just ask Wall Street’s biggest bond dealers.
Fed Minutes Ease Concern on Rate Rise, Lifting Stocks
Several Fed policy makers said a rise in their median projection for the main interest rate exaggerated the likely speed of tightening.
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.