BRUSSELS — A meeting of European Union finance ministers turned a little unruly late Wednesday when George Osborne, Britain’s chancellor of the Exchequer, accused his counterparts of making him look like an “idiot” because he pushed for approval of stricter banking laws. When the meeting finally broke up, Britain stood ...
NEW YORK (CNNMoney) — New fees and poor customer service have sparked an exodus among big bank customers, many of whom switched to smaller institutions last year. The defection rate for large, regional and midsize banks averaged between 10% and 11.3% of customers last year, according to a J.D. Power ...
Hundreds of small community banks across the country are joining forces under the national brand Kasasa, in order to take on big banks. NEW YORK (CNNMoney) — Faced with growing competition from the likes of Chase, Bank of America and Wells Fargo, more than 100 community banks have joined forces ...
As part of a billion-dollar settlement, four federal agencies handed out fines to lenders totaling $2.2 billion. NEW YORK (CNNMoney) — Not to be outdone by the U.S. attorneys general, four other federal agencies were quick to lay claim to $2.2 billion of the massive mortgage settlement reached Thursday with ...
U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department’s criminal division, were partners for years at a Washington law firm that represented a Who’s Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows. The firm, Covington ...
By John W. Schoen, Senior Producer The nation’s biggest banks are getting back to the business of writing loans to businesses and consumers after another year of dismal returns from in-house investment trading. That increased lending, by itself, won’t add much to future economic growth, though, at least not unless ...
Uwe Zucchi/European Pressphoto Agency Mario Draghi, the president of the European Central Bank. “Talk tough, and open the vaults.” That should be the slogan of Mario Draghi, the president of the European Central Bank. In recent weeks, the new president publicly insisted the central bank would never do any of ...
The Federal Reserve is expected to release this week new details on the kinds of financial buffers bank should have. WASHINGTON (CNNMoney) — The Federal Reserve is expected this week to release a set of proposed rules detailing how much reserve capital big banks will need to keep on hand ...
In a clash of New York City mayors past and present, Mayor Michael Bloomberg and former Mayor Ed Koch took opposing sides at a panel discussion Tuesday over the Occupy Wall Street protests — with Bloomberg coming to the defense of banks and Koch angrily calling for criminal prosecutions of ...
Morgan Stanley’s and Goldman Sachs’ stock price sink in 2011. Click chart for more market data. NEW YORK (CNNMoney) — August and September’s see-sawing stock market may have induced nausea among equity investors, but for Wall Street’s major investment banks, this volatility has most likely taken a huge toll on ...
Jean-Philippe Defaut for The New York Times Adam Posen speaking in Gloucestershire, England. He has been pressing his case for a much more aggressive monetary policy. Jean-Philippe Defaut for The New York Times The economist Adam Posen wants central banks to start printing more money — a lot more money.
Click chart for more on the bank index. NEW YORK (CNNMoney) — Bank stocks sank Friday amid reports that federal housing authorities were planning to sue several financial firms for allegedly misrepresenting the value of mortgage-backed securities. And indeed, after the market closed the government agency that oversees Fannie Mae ...
When the U.S. filed suit against Swiss bank UBS in July for allegedly misrepresenting the soundness of mortgage-backed securities bought by mortgage giants Fannie Mae and Freddie Mac, analysts speculated it was just the opening act in what promised to be a drawn-out courtroom drama. The next act ...
Bank stocks have helped lead the broader market lower. And some investors are worried that BofA, Citi and Goldman are among the walking dead. NEW YORK (CNNMoney) — I don’t come to praise the big banks. But I am not here to bury them either — even though several of ...
NEW YORK — Emboldened by a favorable court ruling, JPMorgan Chase & Co and UBS AG urged a federal judge to throw out many claims by the bankruptcy trustee seeking to recover billions of dollars for victims of Bernard Madoff’s Ponzi scheme. The requests came after U.S. District Judge Jed ...
Banks could make nearly $2 billion by 2015 from selling your shopping data. NEW YORK (CNNMoney) — Banks have found a new revenue stream — and this time, it doesn’t involve hitting you up with a new fee. Many of the nation’s leading banks and card issuers, including Wells Fargo ...
Big bank stocks have plummeted this year. Click on the chart for a look at the performance of the KBW Bank Index. NEW YORK (CNNMoney) — I realize the next sentence will prompt many readers to thrust a finger above their shoulders in order to play a sad song on ...
