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Tom Storrs, who set a small North Carolina bank on the path to becoming one of the largest U.S. financial institutions, died Friday at age 93.

Tom Storrs, who set a small North Carolina bank on the path to becoming one of the largest U.S. financial institutions, died Friday at age 93.

U.S. stocks dropped on Friday as the most recent flare-up in Greek negotiations for a financial bailout package put the S&P 500 on track to snap a three-day winning streak.

Stocks dropped on Friday as the most recent flare-up in Greek negotiations for a financial bailout package put the S&P 500 on track to snap a three-day winning streak.

The Federal Reserve announced on Thursday it has reached an agreement with five U.S. banks on penalties totaling $766.5 million over problems in their mortgage servicing businesses as part of a larger $25 billion foreclosure deal struck between the banks and state and federal agencies.

The Federal Reserve announced on Thursday it has reached an agreement with five U.S. banks on penalties totaling $766.5 million over problems in their mortgage servicing businesses as part of a larger $25 billion foreclosure deal struck between the banks and state and federal agencies.

Officials Thursday detailed a nationwide settlement with five large banks over foreclosure practices. Negotiators defended the deal as a way to give immediate relief to homeowners and victims of foreclosure abuses.

U.S. banking regulators are using the agreement announced on Thursday between large U.S. banks and state and federal agencies over foreclosure abuses as a vehicle for levying their own fines on banks for problems in their mortgage servicing businesses.

The massive $26 billion mortgage settlement between states and banks is designed to help millions of American homeowners -- but not everyone is eligible.

Forty-nine states and five major banks reached a $26 billion mortgage settlement that will aid about two million homeowners, government officials announced Thursday.

Credit Suisse posted a surprise fourth-quarter net loss as business at its investment bank slumped and it took almost 1 billion Swiss francs ($1.1 billion) of charges for slashing costs and risky assets to meet tough new capital rules.

The announcement caps more than a year of chaotic negotiations among state and federal officials, and the banks, who have been accused of using robosigners and unlawful documentation to deal with a flood of foreclosures.

Credit Suisse posted a surprise fourth-quarter net loss as business at its investment bank slumped and it took almost 1 billion Swiss francs ($1.1 billion) of charges for slashing costs and risky assets to meet tough new capital rules.

JP Morgan has replaced Asia ex-Japan fixed income investor sales head Simon Derrick with Sharad Desai and Sudhir Goel as part of a reorganization of its business in the region, according to sources familiar with the matter.

California and New York, two big holdout states in a $25 billion mortgage settlement, are expected to join the deal, smoothing the way for an announcement on Thursday, according to a person familiar with the matter.

California and New York, two key holdout states for a multi-state mortgage settlement, are expected to join the deal, smoothing the way for an announcement expected on Thursday, according to a person familiar with the matter.

Foreign and U.S. banks warned lawmakers on Wednesday that broad application of U.S. swaps rules could undermine U.S. competitiveness abroad, increase the cost of hedging and even provoke brinkmanship among international regulators.

Wall Street has been lashing out against the Volcker rule since it was proposed, but a senior Goldman Sachs executive said on Wednesday the trading restriction might actually help the investment bank's profitability.

A broad settlement with major banks over mortgage servicing abuses that would bring relief to distressed U.S. homeowners could be announced as early Thursday, two people familiar with the matter said.

As the nation's five largest mortgage lenders edge close to a $25 billion settlement over foreclosure abuses, it's becoming clear that the deal will have little or no impact on their future bottom lines.

Delaware stands to leave up to $40 million in homeowner relief on the table, if it does not join a multi-state mortgage settlement, according to a letter from the state's banking commissioner seen by Reuters on Tuesday.

A multi-state mortgage settlement in the works for more than a year will likely be pushed back again as dissident U.S. states continue to press specific concerns and ignore a Monday deadline to decide whether they will sign it.

In the weeks leading up to Facebook's $100 billion initial public offering, Mark Zuckerberg reportedly told Goldman Sachs, Morgan Stanley, JPMorgan Chase and the other banks involved in the action to stop leaking information to the media.

California and New York may join a settlement between states and major lenders over foreclosure fraud, potentially boosting the banks' aid to homeowners to $25 billion from $19 billion.

Almost every major global economy showed positive momentum in the manufacturing sector during January, according to data compiled by various economic-research organizations.

The lawsuit accuses banks of creating a registry service that fails to accurately track mortgage ownership and lacks any legal authority to initiate foreclosures.

The top aftermarket NYSE gainers Thursday were: Sony Corp, PerkinElmer, Genworth Financial, Covanta Holding, Neustar, Iamgold Corp, Investment Technology Group, Netsuite and Weyerhaeuser Co.

Stock index futures pointed to slight gains at the open on Thursday after jobless claims fell more than expected, boosting optimism about the upcoming January payrolls report.

Stock index futures were little changed on Thursday as investors looked ahead to weekly jobless claims data, one last clue about the state of the labor market before Friday's key non-farm payrolls report.