Swiss bank UBS AG has said that it has suffered a $2 billion loss stemming from unauthorized trading even as London police arrested a 31-year-old man on suspicion of fraud by abuse of position.
UBS said a trader has lost about $2 billion in unauthorized dealing and warned it might post a loss in the third quarter, a huge blow as the Swiss bank struggles to rebuild its credibility after years of crises.
U.S. Treasury Secretary Timothy Geithner said Wednesday the global financial crisis, which has experienced two stages, is not likely to see a third -- as least not one emanating from Europe's banking sector.
JPMorgan Chase & Co. expects capital markets activity, both debt and equity, to decline by 30 percent and investment banking fees to decline to $1 billion in third quarter of 2011 from $1.9 billion last quarter.
Star bond fund manager Jeffrey Gundlach and his inner circle plotted to destroy Trust Company of the West by forming a competing firm while they were still employed by TCW, a TCW attorney said in closing arguments in a trial over alleged theft of trade secrets.
Star bond fund manager Jeffrey Gundlach made a surprise third appearance on the witness stand on Monday in his high-stakes trial with his former employer, Trust Company of the West.
Concerned over cover bonds and government-backed securities, JP Morgan Chief Executive Officer Jamie Dimon thinks that the Basel III banking regulations are anti-American.
The United States should consider pulling out of the Basel group of global regulators, Jamie Dimon, chief executive of JPMorgan Chase, said in an interview with the Financial Times.
The recent executive shakeup at Bank of America followed by reports of massive layoffs at the bank may leave you wondering what the turmoil means for you - either as a client of the banking colossus and Merrill Lynch, the brokerage firm it owns, or as a shareholder.
Without qualification or conditions, amid a tepid U.S. economic recovery, the U.S. housing market remains a buyer's market. That said, are there ways home sellers can better-position their home for a sale amid such intense competition? Indeed there are, and here are five.
Weak jobs and housing starts data for August doused any hopes for robust growth after a bleak second quarter, underscoring its vulnerability to a struggling U.S. economy and the widening European debt crisis.
Regulators are close to an agreement with Fannie Mae and Freddie Mac to settle a case over disclosing their exposure to risky subprime loans, The New York Times reported on Thursday.
President Barack Obama proposed a $447 billion package of tax cuts and spending measures on Thursday aimed at spurring growth and hiring.
A lawsuit accusing several mortgage lenders of fraud over home loans maintained within the industry's private electronic database cannot proceed, according to a U.S. appeals court ruling.
General Electric Co said it would vigorously contest a lawsuit by the Federal Housing Finance Agency, which said the conglomerate's former WMC unit made inaccurate statements about the sale of two residential mortgage-backed securities.
Demand for U.S. home loans fell for a third straight week last week although mortgage rates fell to or near record lows, an industry group said on Wednesday.
JPMorgan Chase & Co and Bank of America led bank stocks lower on Tuesday after mortgage lawsuits filed late on Friday aggravated investor fears that the biggest banks could face massive legal liabilities.
JPMorgan Chase & Co, the second largest U.S. bank by assets, led a broader decline in bank share prices, as investors feared lenders face a growing list of lawsuits due to problem mortgages.
Wall Street stock futures pointed to a lower open for equities on Tuesday on renewed fears the euro zone's sovereign debt crisis is worsening, with shares seen tracking a slump in European stocks on Monday when the U.S. market was closed.
European financial markets steadied Tuesday, with the euro jumping against the Swiss franc, after a sharp sell-off a day earlier due to fears for the euro zone's future and that of its banking sector.
State prosecutors accusing major U.S. banks of improper mortgage practices have offered them a deal that may limit their legal liabilities in return for a multibillion-dollar payment, the Financial Times reported Tuesday.
Big U.S. banks in talks with state prosecutors to settle claims of improper mortgage practices have been offered a deal that may limit their legal liabilities in return for a multibillion-dollar payment, the Financial Times reported on Tuesday.
