IBT Staff Reporter

Bank of America Corp's current chief executive is doing the right things to fix the company, but it will take time, said Hugh McColl Jr., the retired architect of the second biggest U.S. bank.

There is still a lot of work to do before hundreds of millions of dollars can be returned to customers of bankrupt MF Global , the woman leading the Commodity Futures Trading Commission's investigation said on Friday.

A law firm that led mortgage bondholders to extract a $8.5 billion settlement from Bank of America Corp is turning its sights on JPMorgan Chase & Co .

Bill Gross's PIMCO Total Return Fund, the world's largest bond fund, keeps shrinking as investors look to put their money with some of his competitors.

American viewers have chosen the three singers who will compete in the finals of The X Factor after a first season that underwhelmed critics and raised questions about audience fatigue ahead of returning TV contests American Idol and The Voice.

Grammy-winning R&B singer Etta James is terminally ill, her live-in physician said in an interview this week that confirmed reports of the singer's fading health.

Even the safest euro zone banks could start queuing up at the European Central Bank for cash in the next few months as their massive exposure to government debt freezes them out of money markets.

A rally in stocks fizzled, leaving major indexes with modest gains on Friday, as Wall Street was torn between hope that U.S. economic data signals better times ahead and fear Europe's debt crisis will engulf world economies.

U.S. health officials will allow states to select the basic set of medical benefits that must be offered by insurance plans participating in new exchanges mandated by the federal healthcare overhaul, the U.S. government said on Friday.

Six former top executives at Fannie Mae and Freddie Mac were sued by U.S. regulators on charges of misleading investors about the mortgage finance companies' exposure to risky home loans in the run-up to the 2008 financial crisis.

Many U.S. surgeons fail to discuss their patients' wishes in case a risky operation goes awry, and even more would not operate if patients limited what could be done to keep them alive, a survey found.

Europe's financial crisis poses a threat to U.S. banks and the economy but it is up to the continent's leaders -- not the Federal Reserve -- to find a resolution, a top official at the central bank said on Friday.

Home-run king Barry Bonds avoided a prison sentence on Friday over a single criminal conviction related to an investigation of steroids in sports, a punishment one prosecutor called a slap on the wrist.

U.S. securities regulators on Friday charged Daniel Ruettiger -- the inspiration behind the 1993 movie Rudy -- and 12 others with running a scheme to deceive investors into buying stock in Ruettiger's sports drink company.

Ian Meldrum, Australia's top music journalist and a friend of singer Elton John is in critical condition after falling from a ladder while hanging Christmas decorations, doctors said on Friday.

Comic book artist Joe Simon, who created Captain America with the late Jack Kirby, has died at age 98, a family spokesman said on Thursday.

Artist leads Golden Globes. Do Oscars await?

Actor Christian Bale was roughed up by Chinese security guards as he attempted to visit a blind legal activist whose detention has sparked a domestic and international outcry, CNN reported on Friday.

NBC's new quiz show Who's Still Standing? has contestants dropping through the floor, and the burgeoning Israeli TV industry whooping with delight.

When Roman calls, Kate goes to work. Holidays can wait.

Iconic California surf band The Beach Boys will reunite in 2012 to release a new album and embark on a 50-date worldwide tour celebrating their 50th anniversary, the band said on Friday.

Apple Inc is famous for relying on low-cost Asian manufacturers to both source and assemble its popular gadgets, but the consumer device giant recently started receiving a critical component in its iPad and iPhones from closer to home - Texas.

Soros Fund Management, the investment company of billionaire George Soros, has laid off a handful of analysts and portfolio managers in recent months.

French silicon company Soitec SA said it will invest more than $150 million in a manufacturing facility in California to produce concentrator photovoltaic modules (CPV) for the U.S. renewable-energy market.

Warren Buffett's MidAmerican Energy Holdings made its second foray into solar energy in as many weeks, saying on Friday it will buy a 49 percent stake in an Arizona power plant from NRG Energy Inc.

The search is over for the most-Googled names in 2011: The most popular and fastest-rising terms include Rebecca Black, Ryan Dunn and Casey Anthony.

Jazz musician Wynton Marsalis will join U.S. television network CBS as a cultural correspondent to provide coverage of cultural and educational topics, CBS said on Thursday.

The fierce debate over anti-piracy legislation currently rocking Capitol Hill is pitting Hollywood against Silicon Valley, and has left some wondering if the latest effort to crack down on illegal downloads will be shot down over free speech concerns.

The official site for The Amazing Spider-Man has crawled onto the Web, shedding light on the plot of Marc Webb's reboot.