John Reed, who helped engineer the merger that led to the creation of Citigroup, told the SEC that the agency needs strengthen the rule to avoid the high-risk trading activities that helped cause the collapse of the world's financial system.
Moody's Investors Service placed 114 financial firms , as well as 17 banks and securities firms with global capital markets operations, under ratings review due to the ongoing Eurozone crisis.
Wall Street stocks were set to open little changed on Thursday as concerns about a possible downgrade of global banks by Moody's were offset by upbeat U.S. data on the labor and housing sectors.
Moody's Investors Service placed the ratings of Bank of America Corp., Citigroup Inc. and Goldman Sachs Group Inc. on review for possible downgrade because it says the business' profitability will be diminished longer term.
Moody's Investor Service warned Thursday it could downgrade the credit ratings of 17 global banks and securities firms due to more fragile funding conditions, increased regulatory burdens and a more difficult operating environment.
Citigroup Inc has agreed to pay $158.3 million to settle U.S. civil claims that it defrauded the government into insuring thousands of risky home loans made by its CitiMortgage unit.
Citigroup Inc has agreed to pay $158.3 million to settle U.S. civil claims that it defrauded the government into insuring thousands of risky home loans made by its CitiMortgage unit.
Citigroup Inc has agreed to pay $158.3 million to settle U.S. civil claims that it defrauded the government over some home loans from its CitiMortgage unit.
The rumors about Apple's next generation iPad - dubbed iPad 3 - are always buzzing around the Internet, but it won't keep for long, if the latest report of iMore that the new tablet will be unveiled on March 7, is true.
Stocks rose Monday, led by banks after Greece's parliament approved strict financial reforms needed to obtain an international bailout package.
Stocks rose Monday as Greece's parliament approved strict financial reforms needed to obtain its latest international bailout package.
Empire State Realty Trust, owners of the iconic Empire State Building, filed to sell up to $1 billion of its Class A common stock, giving ordinary investors a chance to own a piece of the building that has been fought over by billionaires.
Turn the clock back 13 years to 1999. Seek out the Chief Information Officer of every large business. What was the big worry? Y2K.
Security researchers said they found vulnerability in the Google Inc mobile payments platform which is currently available in phones sold by Sprint Nextel Corp. They said that Google Wallet has security risk.
Security researchers said they found a vulnerability in the Google Inc mobile payments platform which is currently available in phones sold by Sprint Nextel Corp.
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.
