Bank of America Corp and U.S. Bancorp have been sued by a Chicago pension fund that said they failed to protect investors in their roles as trustees for mortgage-backed securities for Washington Mutual Inc.
That Wall Street expects J.P. Morgan to outperform its peers shouldn't come as a surprise. Besides being the biggest, it's arguably among the three or four most stable big banks.
Apple Inc shares set a record high on Tuesday after Piper Jaffray supported Topeka Capital Market's assertion that the stock should breach $1,000 in a year or two, propelled by emerging markets growth and new products that could include a revolutionary TV set.
The Federal Reserve plans to fine eight more bank holding companies for improper home mortgage foreclosures, the latest fallout from the so-called robo-signing scandal in which banks filed foreclosure documents without verifying their accuracy.
The companies that are expected to see active trade on Wednesday are: Goldman Sachs Group, eBay, U.S. Bancorp, Bank of New York Mellon, Charles Schwab Corp, State Street Corp, F5 Networks, Xilinx, Amphenol and Fastenal Co.
As the U.S. government nears a deal with top banks to resolve mortgage abuses, the Justice Department has begun reaching out to other banks to gauge their interest in joining the wide-ranging settlement, according to a person familiar with the matter.
The top aftermarket NYSE gainers on Wednesday were: Methode Electronics, Titan International, C&J Energy Services, Talbots, Goldman Sachs Group, Morgan Stanley, McMoRan Exploration, Huntsman Corp, U.S. Bancorp and Novartis AG.
Standard & Poor's Ratings Services downgraded five more North American banks late Tuesday, a move to better reflect a recalibration of its view of the banking sector. The downgrade is a result of the application of the revised bank criteria published on Nov. 9, rather than any sudden and striking changes in creditworthiness.
America may seem to be at the forefront of innovation and technology, but when it comes to credit card payment systems, we're still a step behind.
Even after Bank of America backed off its $5 monthly debit card fee, banks are still raising existing fees and tacking on new fees in order to garner additional revenue.
Wells Fargo & Co., the fourth-largest U.S. bank by assets, is launching a boutique business to serve families with $50 million or more in assets, as more banks look toward wealth management to replace transaction-based fees.
The Minnesota Vikings and state officials were scrambling to find funding for a proposed $1.1 billion stadium after state lawmakers rejected plans to increase a local sales tax without a public referendum.
Bank of America will keep the $5-a-month fee for debit card use that's scheduled to start early next year, while other banks, like J.P. Morgan Chase and Wells Fargo, announced Friday that they are shying away from the fees.
Nara Bancorp Inc , which posted a better-than-expected third-quarter profit, said it had commenced an underwritten public offering of about $55 million of its common stock, nearly a fifth of its current market value.
With the majority of the banking industry by assets having reported third quarter results, FBR Capital Markets believes that some of the dire scenarios discussed may have hit bank valuations harder than underlying fundamentals indicate.
U.S. solar company Evergreen Solar Inc filed for bankruptcy on Monday, its once cutting-edge technology falling victim to competition from cheaper Chinese rivals and to solar subsidy cuts in Europe.
The much-debated proposal to implement the Durbin amendment cap on debit-card interchange fees came in focus once again Wednesday as Fed raised the debit interchange rate cap to 21 cents.
The much-debated proposal to delay implementation of the Durbin amendment cap on debit-card interchange fees failed in the U.S. Senate on June 8 despite a 54-45 vote in its favor.
On May 22, the Federal Reserve Bank of New York added 32 new money market funds in addition to the existing set one of Primary Dealer counterparties.
The companies whose shares are moving in pre-market trade on Tuesday are: First Solar, Netflix, MEMC Electronic Materials, U.S. Bancorp, American International Group, Capital One Financial, Motorola Mobility Holdings, Advanced Micro Devices and Jds Uniphase.
RBC Capital Markets said banks with strongest capital and increased profitability are expected to get green light on dividends. The Federal Reserve is expected to approve dividend increases.
The companies that reported earnings before the markets open on Wednesday are: Goldman Sachs, Wells Fargo, U.S. Bancorp, State Street, Northern Trust, Bank of New York Mellon and Hudson City Bancorp.