European Central Bank officials cautious despite recovery

Fans of President Donald Trump who use marijuana say Attorney General Jeff Sessions' move to tighten federal oversight of the drug is the first time they've felt let down by the man they helped elect. Missouri Gov. Eric Greitens acknowledges he was "unfaithful" in his marriage but denies allegations that he blackmailed the woman he had an extramarital affair with to stay quiet.

Ladenburg Thalmann Financial Services Inc. Grows Holdings in…

Ladenburg Thalmann Financial Services Inc. boosted its holdings in shares of ProShares UltraShort Lehman 20+ Yr by 77.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,358 shares of the exchange traded fund's stock after buying an additional 1,906 shares during the period.

Bank of America Names Maria Zuber to Board of Directors

Zuber, 59, currently serves as the E. A. Griswold Professor of Geophysics and the vice president for research at Massachusetts Institute of Technology , where she is responsible for research administration and policy. She chairs the National Science Board, having been appointed as a member by President Barack Obama in 2013.

Ag Officials: Rainfall Slightly Down, But Good Year For Crops

Greene County has received less precipitation than normal this year, but when it has rained, it has been at the right times, officials say. According to a report by the University of Tennessee AgResearch & Education Center at Greeneville, the county has received 34.53 inches of rain or melted snowfall from Jan. 1 through Oct. 31. October saw slightly more rain than average for the month, accumulating 3.16 inches of rain compared to the average 2.08.

The AP: Trump to announce Jerome Powell as next Fed chairman

In this Sunday, Oct. 15, 2017, file photo, U.S. Federal Reserve Chair Janet Yellen speaks during the G30 International Banking Seminar, at Inter-American Development Bank headquarters in Washington. On Wednesday, Nov. 1, 2017, the Federal Reserve releases its latest monetary policy statement after a two-day meeting.

AM markets: wheat dips as rains ease Russia dryness worries

Certainly, Russia's wheat farmers, having enjoyed a record harvest, again, this year, are seeing their prayers answered for rain to improve conditions for winter sowings . "Beneficial rains are improving the plantings perspectives in Ukraine and precipitation should hit the south of Russia later," said Agritel.

Scandal 101: Equifax repeated Wells Fargo’s mistakes

Wells Fargo botched its fake account fiasco so badly that the bank is being hauled back for a congressional hearing almost exactly a year after the first one. Get ready for more fireworks when Senator Elizabeth Warren interrogates Wells Fargo about the bank's newest scandals during Tuesday's testimony.

First Financial Bankshares (FFIN) & Hudson City Bancorp (HCBK) Head-To-Head Review


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First Financial Bankshares and Hudson City Bancorp are both finance companies, but which is the better business? We will contrast the two companies based on the strength of their dividends, valuation, institutional ownership, earnings, profitability, risk and analyst recommendations. This table compares First Financial Bankshares and Hudson City Bancorp's net margins, return on equity and return on assets.

After Irma, America Should Scrap the Jones Act

Another big hurricane, another temporary waiver of the Jones Act -- the 1920 law mandating that goods and passengers shipped between U.S. ports be carried in U.S.-flagged ships, constructed primarily in the U.S., owned by U.S. citizens, and crewed by them or by U.S. legal permanent residents. Circumstances did indeed demand a new stay on this dumb law -- but it would be better to get rid of it altogether, as Senator John McCain and others have argued.

Citigroup sees third-quarter markets revenue down 15 percent versus year-earlier

Citigroup Inc third-quarter total markets revenue is running about 15 percent less than a year earlier when volatility was boosted by reactions to the Brexit vote and U.S. elections, Chief Financial Officer John Gerspach said on Monday at an investor conference. NEW YORK: Citigroup Inc third-quarter total markets revenue is running about 15 percent less than a year earlier when volatility was boosted by reactions to the Brexit vote and U.S. elections, Chief Financial Officer John Gerspach said on Monday at an investor conference.

TIMELINE-Unraveling of Wells Fargo sales scandal

Wells Fargo & Co on Aug. 31 raised the estimate of accounts opened without customers' knowledge by 1.4 million, bringing the total to about 3.5 million. The scandal over phony accounts came to light last September after the company announced a $185 million settlement with regulators to atone for the sales abuses.

Wells Fargo review finds 1.4M more suspect accounts

Nearly a year after Wells Fargo's fraudulent account scandal burst into public view, the bank said Thursday it had turned up more than a million additional accounts that customers may not have authorized. The news set off a fresh wave of criticism from those frustrated by the bank's slow pace in coming clean about its misdeeds.

Wells Fargo review finds 1.4M more unauthorized accounts

Review says 3.5M consumer and small business accounts may have been affected by sales scandal, up from 2.1M in initial 2016 estimate Wells Fargo review finds 1.4M more unauthorized accounts Review says 3.5M consumer and small business accounts may have been affected by sales scandal, up from 2.1M in initial 2016 estimate Check out this story on pressconnects.com: https://usat.ly/2wV7WLJ File photo taken in 2017 shows a Wells Fargo sign at one of the bank's branches in Philadelphia, Pa. Wells Fargo's fake accounts scandal expanded Thursday with the disclosure of roughly 1.4 million more potentially unauthorized accounts than the bank originally estimated when embarrassing episode erupted nearly a year ago.

HSBC Converts Sterling Wave From Brits Spooked by Corbyn, Brexit

HSBC Holdings Plc isn't plastering Heathrow with its "world's local bank" tagline anymore, but a Brexit-battered pound and a political swing to the left have spurred internationally minded Brits to snap up its foreign-currency accounts. Demand for HSBC Currency Accounts, which let customers hold cash in foreign currencies in the U.K., spiked 23 percent in June from the previous month, spokesman Ankit Patel said.

Barclays faces criminal charges; Warren seeks to toss Wells directors

Receiving Wide Coverage ... Charged: British officials have brought criminal charges against Barclays and four past executives, including former CEO John Varley, over allegedly fraudulent deals it made with Qatar to avoid a government bailout during the 2008 financial crisis. "The case marks the first time that top executives at a U.K. bank face criminal charges for their actions during the financial crisis," the Wall Street Journal noted.

Early reviews praise Megyn Kelly’s controversial interview with far-right provocateur Alex Jones


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NBC anchor Megyn Kelly faced more than a week of withering backlash over her decision to interview Alex Jones, the far-right founder of Infowars.com, a site that has perpetuated conspiracy theories about 9/11 and the 2012 school shooting in Newtown, Connecticut. Kelly was uninvited as a guest at a gala hosted by relatives of the victims of the Sandy Hook elementary shooting in Connecticut, which left 20 children dead, and J.P. Morgan pulled its ads from the broadcast.

Today in the press

AIB SETTLED CITIGROUP DISPUTE OVER RUSNAK AT FRACTION OF $872m CLAIM - AIB received only a fraction of the $872 million it had sought from Citigroup when it agreed last year to settle a 12 -year case against the US bank in relation to the John Rusnak trading scandal. The Irish Times has established that the amount received by AIB under a settlement struck in January 2016 came to less than 5% of its original claim.

The Latest: VP Pence lauds officers who defended congressman

The Latest on U.S. and Central American officials meeting as President Trump signals a policy shift : Vice President Mike Pence started a speech to a Central American security conference by expressing gratitude for the Capitol police officers who defended members of Congress in a shooting that wounded several lawmakers and their aides at a baseball field outside Washington. Pence noted that he served in Congress with some of the people who came under attack Wednesday and that he is friends with Rep. Steve Scalise, who is recovering from wounds suffered in the shooting.

Trump’s OCC Chief Will Stay Away From Big Banks to Avoid Conflicts

The new acting chief of one of Washington's major banking regulators has agreed to stay away from issues involving dozens of former legal clients, including 14 banks that the agency oversees, according to his ethics agreement. Keith Noreika, who represented lenders as a private lawyer, plans to recuse himself from matters related to JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc. and Citigroup Inc., firms the Office of the Comptroller of the Currency regulates.  Democratic lawmakers had already questioned whether Noreika's close ties to the industry would prevent him from being an impartial watchdog.

Deutsche Bank asks for more time for U.S. query on Trump, Russia: source

Germany's largest bank has asked for more time to respond to a request from Democrats on a U.S. House of Representatives panel for details about U.S. President Donald Trump's possible ties to Russia, a person familiar with the matter said on Monday. external counsel sent a letter dated Friday June 2 to the Democrats saying it needed additional time, the source told Reuters.

Largest Indian Bank’s Profit Surges as Bad-Loan Ratio Narrows

State Bank of India , the country's largest lender by assets, more than doubled its fourth-quarter profit as its bad-loan ratio narrowed. Net income climbed to 28.1 billion rupees , or 3.55 rupees a share, in the three months ended March 31 from 12.6 billion rupees, or 1.64 rupees, a year earlier, the Mumbai-based lender said in an exchange filing on Friday.

China pressures South Korea about missile system

The D-11 meet was held in Chappell and the Morrill girls and the Crawford boys earn... -- The host of the next World Cup will be decided sooner than expected.FIFA approved a plan to fast-track the bidding process that determines which country w... -- Sen. Mike Lee raised eyebrows in Washington, D.C., Thursday for his suggestion that former Supreme Court nominee Merrick Garland could lead the FBI, a pitch th... -- Wednesday's episode of Empire, "Absent Child," begins with a meeting between the Lyon and Dubois families.

A Fresh Bailout Deal for Greece


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Greece and its international creditors have struck a deal that would allow the country to receive bailout funds in exchange for more cuts to government pensions and higher taxes. Under the terms of the agreement, Greece will, among other things, cut pensions in 2019 and reduce the amount at which taxes must be paid in 2020 in order to save 2 percent of gross domestic product.

Toomey will move NEPA office to W-B

U.S. Sen. Pat Toomey will relocate his Northeast Pennsylvania office to Wilkes-Barre's Stegmaier Building on May 5, according to a news release. The new office will replace his current Northeast office on Spruce Street in Scranton.

The Global Liquidity Party Is Alive and Well, in Charts

In fact, real interest rates around the world are poised to fall in 2017 as inflation outpaces oncoming hikes in benchmark interest rates, creating a technical support that's expected to be a boon for the global hunt for yield. Global markets, in other words, will still be dancing to a looser monetary beat in the coming months in real terms.

HSBC Said Close to Naming AIA’s Mark Tucker as Chairman

HSBC Holdings Plc has made insurance executive Mark Tucker the preferred candidate to be chairman, replacing Douglas Flint, according to two people familiar with the decision, as Europe's largest bank takes the first step to overhaul its top management team. Prudential Plc , is in discussions with the bank, according to the people who asked not to be identified because the succession process is private. Flint, 61, is expected to step down after six years as executive chairman and 21 years at the bank.

HSBC Said Close to Naming AIA’s Mark Tucker as Chairman

HSBC Holdings Plc has made insurance executive Mark Tucker the preferred candidate to be chairman, replacing Douglas Flint, according to two people familiar with the decision, as Europe's largest bank takes the first step to overhaul its top management team. Prudential Plc , is in discussions with the bank, according to the people who asked not to be identified because the succession process is private. Flint, 61, is expected to step down after six years as executive chairman and 21 years at the bank.

Corzine: MF Global’s demise was not due to big bond bet

It was not a huge bet on European bonds that caused the 2011 demise of Wall Street brokerage firm MF Global, but rather "confusion" created by its accountants about the company's financial condition, former New Jersey Gov. Jon Corzine testified on Thursday. Corzine, who ran MF Global after leaving the governor's office, took the stand in a New York trial pitting the legal remnants of the collapsed brokerage against its accounting firm, PricewaterhouseCoopers.

Former NJ Governor Corzine testifies in MF Global trial

Former New Jersey Governor Jon Corzine has begun testifying in the $3 billion trial between the brokerage he once ran, MF Global, and its accounting firm, PricewaterhouseCoopers. The legal remnants of the brokerage are suing the accounting firm, claiming that its negligence and malpractice led to the collapse of MF Global.

JPM Ceo Dimon on U.S. Growth, Regulation, Tax Reform

Jamie Dimon, chairman and chief executive officer at JPMorgan Chase & Co., discusses the growth agenda in place in the United States, markets, financial regulation, Brexit, and the benefits of U.S. tax reform. He speaks with Bloomberg's Francine Lacqua from the 2017 J.P. Morgan Global Market Conference in Paris, on "Bloomberg Daybreak: Americas."

Oscars debacle hovers over trial between PwC and MF Global

In this Thursday, Dec. 15, 2011, file photo, former MF Global Holdings Ltd. Chairman and CEO Jon Corzine testifies on Capitol Hill in Washington, before the House Financial Services Committee. The dispute between brokerage firm MF Global, run by former New Jersey Gov. Jon Corzine, and the accounting firm PwC goes to trial Monday, March 6, 2017.

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President Donald Trump on Friday plans to sign an executive action to scale back the 2010 Dodd-Frank financial-overhaul law, in a sweeping plan to dismantle much of the regulatory system put in place after the financial crisis. Mr. Trump also plans another executive action aimed at rolling back a controversial regulation scheduled to take effect in April that critics have said would upend the retirement-account advisory business.

Sen. Warren asks for answers about Wells Fargo complaint website that vanished

A website soliciting complaints from Wells Fargo employees, www.dol.gov/wellsfargo , has not been working since Jan. 20, the day President Donald Trump took office, according to U.S. Sen. Elizabeth Warren, D-Mass. A website soliciting complaints from Wells Fargo employees, www.dol.gov/wellsfargo, has not been working since Jan. 20, the day President Donald Trump took office, according to U.S. Sen. Elizabeth Warren, D-Mass.

Trump rally makes stock options great again for some CEOs


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Donald Trump once described Jamie Dimon as "the worst banker in the United States," but the president-elect has helped make the boss of JPMorgan Chase & Co $50 million richer. Dimon is the top beneficiary among the 30 chief executives who run companies in the Dow Jones Industrial Average index from a stock rally inspired by Trump's election, according to a Reuters analysis of their option grants.

Corzine to pay $5M penalty to resolve MF Global case

Jon Corzine, the former New Jersey governor who led the collapsed brokerage MF Global, has been ordered to pay a $5 million penalty for his role in the firm's alleged illegal use of almost $1 billion in customer funds. A federal court in Manhattan on Thursday granted the order against Corzine to the U.S. Commodity Futures Trading Commission, which brought civil charges against him in 2013.

Private Equity Firms Could Help Deutsche Bank With MBS Settlement

Deutsche Bank AG is considering an unusual approach to providing relief to subprime mortgage borrowers as part of a $7.2 billion settlement with the U.S. government: lending money to private equity firms and hedge funds. Germany's biggest bank, dogged last year by questions about its capital levels, is exploring ways to avoid using its balance sheet to buy soured mortgages that it can partially forgive, according to a person with knowledge of the matter.

Hans Tietmeyer, Former Bundesbank President, Dies at Age 85

Former Bundesbank President Hans Tietmeyer, the last guardian of the German mark and one of the architects of Europe's single currency, has died. He was 85. "Hans Tietmeyer was an outstanding president, who always acted with a clear and firm hand that followed the goal of monetary stability," Bundesbank President Jens Weidmann said in the statement.

Deutsche Bank tells staff no bailout needed for US settlement: source

Deutsche Bank sought to reassure staff about its financial strength on Friday, in the wake of a US$7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities. The logo of Germany's largest business bank, Deutsche Bank is seen in front of one of the bank's office buildings in Frankfurt, Germany, October 27, 2016.

Deutsche Bank to Settle Toxic Mortgage Case with US for $7.2 Billion

Deutsche Bank has agreed to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis. The agreement in principle, announced by Deutsche Bank's Frankfurt headquarters early Friday morning, offers some relief to the German lender, whose stock was hit hard in September after it acknowledged the Justice Department had been seeking nearly twice as much.

Ex-Deutsche Bank Russia Trader Accused of Stock Manipulation

Yuri Khilov, while head of Deutsche Bank AG's Russia equity trading desk, allegedly engaged in "large-scale" market manipulation from 2013 to 2015, using accounts that he opened in his relatives' names, according to the Russian central bank. Khilov is accused of booking trades in the name of Deutsche Bank's London office and then buying and selling stocks for his relatives within minutes, skimming the profit, the Bank of Russia said in a statement Tuesday.

Deutsche Bank May Reach Faster DoJ Deal on Trump, Barclays Says

European banks may reach faster, less costly settlements with the U.S. Department of Justice as a result of Donald Trump's unexpected triumph in the U.S. presidential election, according to Barclays Plc analysts. "Some Democrat appointments at the DoJ have only a few weeks left before they are replaced," London-based analysts Mike Harrison and Jeremy Sigee wrote in a note to clients on Friday.

Bay Area billionairea s ties to Clinton campaign revealed in WikiLeaks release

Bay Area billionaire philanthropist Herb Sandler, who was among those blamed for the 2008 mortgage meltdown that triggered the financial crisis, has edged back into the spotlight thanks to the WikiLeaks hacking of the email account of Hillary Clinton's campaign chairman, John Podesta. The hacked emails from Podesta show a close relationship between the wealthy Clinton donor and longtime Clinton confidante, who worked as the Sandler Foundation's grant consultant for the past 21 months.

Us Stocks-U.S. election, rate uncertainty rattle Wall Street

Wall Street sold off on Tuesday, with the S&P 500 closing at the lowest level since July 7, amid growing concern over the impending U.S. presidential election and prospects for higher U.S. interest rates. Stocks pared losses after falling steeply in early afternoon trading as the S&P 500 breached a key technical level.

Barclays Said Trying to Cap U.S. Mortgage Penalty at $2 Billion

Barclays Plc is trying to draw a line at $2 billion in penalties to settle a U.S. investigation into its sale of mortgage securities after it received an opening offer that it considered too high, according to a person with knowledge of the situation. The Justice Department's starting point for negotiations wasn't disclosed but was less than the $14 billion initially presented by the government to Deutsche Bank AG in its talks with the U.S. over similar allegations, two people with knowledge of the matter said.

Friday’s Bank Stocks: Indexes mixed as First NBC tumbles, SVB Financial soars

Stocks closed with mixed results in trading Oct. 21, with the Dow Jones Industrial Average retreating 0.09% to 18,145.71 and the S&P 500 dipping 0.01% to 2,141.16, while the Nasdaq composite index gained slightly, adding 0.30% to end at 5,257.40. revealed Oct. 20 that the Federal Reserve Bank of Atlanta and the Louisiana Office of Financial Institutions gave the company a "troubled condition" designation.

Asian stocks rise as Clinton, Trump argue economic policy

This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange. Major U.S. stock indexes edged mostly higher in early trading Wednesday, Oct. 19, 2016, as investors sized up the latest company earnings and new data showing residential construction slowed in the previous month.

Washington Wrap: Warren’s not done with Wells

Sen. Elizabeth Warren, D-Mass., and Sen. Bob Menendez, D-N.J., penned a letter to the Wells Fargo & Co. board of directors expressing concerns over the retirement compensation for former Chairman and CEO John Stumpf and the promotion of Timothy Sloan as the new CEO.

Deutsche Bank Is Said to Explore Shrinking Its U.S. Operations

Deutsche Bank AG, Germany's biggest bank, is exploring shrinking its U.S. operations as mounting legal expenses threaten to eat into the firm's capital, according to two people with knowledge of the matter. Such an option is being considered as part of the bank's broader strategy review, which evaluates businesses in the context of regulatory and capital requirements, said the people, who asked not to be identified because the talks are private.

Wells Fargo’s earnings fall as bank deals with scandal

Wells Fargo's earnings slipped in the third quarter, the bank said Friday, as the banking giant started dealing with the aftermath of a sales practices scandal that has consumed it in recent weeks. Wells said it earned $5.6 billion, or $1.03 per share, compared with $5.8 billion, or $1.05 per share, in the same period a year earlier.

Mother hen adopts two adorable kittens and keeps them warm

The incredible moment a quick-thinking hotel manager saves a dog as its leash becomes trapped in an elevator going up BREAKING NEWS - 'His hands where everywhere... he was like an octopus': THREE women come forward to claim Donald Trump 'touched them inappropriately' Teenage 'Fuhrer' of neo-Nazi Facebook page where high school students talked about 'hanging Jews on trees' commits suicide 'to show allegiance to the group' EXCLUSIVE: Derrick Rose refuses to hand over details of his NBA contract and $185 million Adidas deal to the woman suing him for rape UNLESS he is found liable for alleged sexual assault Wells Fargo CEO John Stumpf retires effective immediately in wake of scandal over bank's sales practices and will receive NO severance Why diet soda is NOT better than regular soda: Low-calorie drinks 'just as likely to cause obesity and heart disease by manipulating your brain' ... (more)

TABLE-U.S.-based stock funds post 2nd largest weekly outflows of 2016 -ICI

NEW YORK, Oct 12 Investors turned away from risk in the stock market, snatching the most cash from U.S.-based equity funds in five months during the latest week, Investment Company Institute data showed on Wednesday. The withdrawals came as investors tried to stomach fears over Brexit, the stability of Deutsche Bank AG and the timing of the next U.S. interest rate hike.

Citi CEO Promotes Version of ‘People’s QE’ for the U.S.

Speaking on a panel at the Institute of International Finance in Washington D.C. on Saturday, Citigroup Inc. Chief Executive Officer Mike Corbat appeared to propose that a hybrid of monetary and fiscal stimulus could be used to buoy U.S. economic activity - a suggestion that bears a striking resemblance to a policy outlined by leader of the U.K. opposition. "The probably more effective mode of QE going forward is going to be some type of infrastructure projects, here in the U.S.," Corbat said in his remarks.

Deutsche Bank Needs New Capital, Era of Sanity, McCaughan Says

Deutsche Bank AG is among European lenders that must raise additional funds to shore up finances and restore confidence in the industry and the Continent's economy, said Jim McCaughan, the head of Principal Global Investors. "They absolutely need to raise more capital and they're not the only European bank who does," McCaughan said Friday in an interview on Bloomberg Television.

Berlin pursues discreet talks with U.S. officials on Deutsche Bank

Until now, German officials have played down their role in the standoff, saying it is up to Deutsche to work out a deal with the U.S. Department of Justice , which is demanding up to $14 billion to settle claims the lender mis-sold mortgage-backed securities before the financial crisis. But government officials in Berlin, speaking on condition of anonymity, told Reuters they hoped to facilitate a quick deal that would buy Deutsche Bank time to regain its footing.

Deutsche Bank’s rally is gaining steam


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Shares in Germany's biggest bank, Deutsche Bank are continuing to rally on Tuesday, extending gains into a second day, and fighting back against the huge losses seen in recent weeks. Around 8:50 a.m. BST Deutsche's stock is trading up by around 1% from Tuesday's close at a 11.86 in Frankfurt.

RPT-Conservative lawmakers slam German economy minister over Deutsche remarks

Oct 4 Conservative lawmakers lashed out at Germany's economy minister on Tuesday for attacking Deutsche Bank's chief executive, saying the minister's job was to support the country's biggest bank, not talk it down. Sigmar Gabriel, the economy minister and leader of Chancellor Angela Merkel's junior coalition partner, the Social Democrats, criticised Deutsche Bank CEO John Cryan for blaming speculators when the bank's share price plunged last week.

REFILE-Deutsche Bank shares recover after drawing support from clients, rivals


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Oct 4 Shares in Deutsche Bank rose 2.5 percent on Tuesday, benefiting from the support of its major clients and even rivals, rebounding after concern over its future last week sent the stock to a record low. German business leaders from companies including BASF , Daimler, E.ON, RWE and Siemens lined up to defend the bank in the German press over the weekend, which included a public holiday on Monday.

German Economy Minister accuses Deutsche Bank of speculation

Oct 2 German Economy Minister Sigmar Gabriel accused Deutsche Bank on Sunday of crying foul of speculators even though he said the bank had itself pushed a business model based on speculation. "I did not know if I should laugh or cry that the bank that made speculation a business model is now saying it is a victim of speculators," Gabriel told reporters on a plane to Iran, which he is visiting with a business delegation.

Did Wells Fargo target seniors with its bogus-account scheme?

Wells Fargo may have gone out if its way to take senior citizens to the cleaners when the bank's workers fraudulently opened as many as 2 million accounts without customers' permission. That's the suspicion of Democratic Sen. Claire McCaskill of Missouri and Republican Sen. Susan Collins of Maine, the top members of the Senate Special Committee on Aging.

Deutsche Bank shares plunge before rumours of reduced settlement prompt rally

Deutsche Bank shares staged a dramatic recovery on Friday afternoon after reports emerged that it could only have to stump up 5.4 billion US dollars , rather than 14 billion US dollars , as part of a US Department of Justice settlement. The German lender's shares had slipped to 9.98 euro at one point, their lowest level since the 1980s, but recovered and were trading 7.5% up at 11.70 euro in afternoon trading.

Wells Fargo is still getting off too easy

Wells Fargo chief executive John Stumpf offered more apologies and excuses Thursday during his appearance before the House Financial Services Committee. REUTERS/Gary Cameron For the second time this month, Wells Fargo chief executive John Stumpf was greeted with a barrage of hostile questions from members of Congress, when he testified Thursday before the House Financial Services Committee about the bank's phony-account affair.

Stephen Colbert blasts disgraced Wells Fargo CEO John Stumpf’s…

"Late Show" host Stephen Colbert on Wednesday detailed the fallout at San Francisco-based bank, Wells Fargo, which accrued $185 million in regulatory fines earlier this month after opening "roughly 1.5 million bank accounts and applied for 565,000 credit cards that may not have been authorized by customers," according to The New York Times . Wells CEO John G. Stumpf testified before the Senate Banking Committee last Tuesday and received an earful from Massachusetts Senator Elizabeth Warren.

Fed chair Janet Yellen defends regulatory role

Federal Reserve chair Janet Yellen was thrust into the election-year boxing ring during a congressional committee hearing on Wednesday, defending the central bank's regulatory role, taking and landing punches on Wells Fargo and other banks considered too big to fail, and addressing accusations of political conflicts of interest. At a house of representatives financial services committee hearing, Yellen also provided details on the changes the central bank is considering making to the annual stress tests it gives US banks.

Governments Now Less Likely to Bail Out Big Lenders, Weber Says

Global governments are less likely to come to the rescue of banks than during 2008 financial crisis because the system is more stable, UBS Group AG Chairman Axel Weber said when asked about the prospects of Germany assisting Deutsche Bank AG. "Interventions in the future will only be driven by the need to stabilize the system and there will be no focus on single players," Weber, a former president of Germany's Bundesbank, said in a Bloomberg Television interview with Guy Johnson Wednesday.

Congress acts on Nicaraguan presidenta s power grab

Demonstrating the growing anxiety in Washington about Nicaragua, U.S. House of Representatives issued a scathing rebuke of Nicaraguan President Daniel Ortega's authoritarian push for power. Democrats and Republicans in the lower chamber unanimously supported a call, led by Miami Republican Rep. Ileana Ros-Lehtinen, Wednesday night to restrict the Ortega government's access to loans from international financial institutions unless it accepts international observers and takes others steps to promote democracy.

Are other banks committing Wells Fargo’s sin? Regulator is checking

One of the nation's key banking regulators told senators today that his agency is looking at all of the country's large and mid-sized banks to see if they're guilty of the same types of fraudulent practices uncovered at Wells Fargo. Examiners from the Office of the Comptroller of the Currency will review sales practices at the nation's banks to see if they might encourage illegal or dangerous behavior, including creating fake accounts in the name of meeting sales goals, Comptroller of the Currency Thomas Curry said at today's Senate Banking Comittee hearing.

Wells Fargo CEO apologizes on Capitol Hill as senators heap criticism on bank – Tue, 20 Sep 2016 PST

The CEO of Wells Fargo faced accusations of fraud and calls for his resignation Tuesday from harshly critical senators at a hearing over allegations that bank employees opened millions of accounts customers didn't know about to meet aggressive sales quotas. Members of the Senate Banking Committee showed bipartisan outrage over the long-running conduct, unsatisfied by Chief Executive John Stumpf's show of contrition.

LIVE: Wells Fargo CEO gets grilled by the Senate


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Wells Fargo CEO John Stumpf is set to appear before the Senate Banking Committee at 10 a.m. ET on Tuesday to answer question about fraudulent accounts opened by Wells employees. 2 million checking and credit card accounts were opened from 2011 onward by Wells Fargo employees without the knowledge of customers.

Wells Fargo CEO John Stumpf Faces Senate Grilling

Wells Fargo chairman & CEO John Stumpf is interviewed by Maria Bartiromo during her "Mornings with Maria Bartiromo" program on the Fox Business Network, Dec. 7, 2015, in New York. Wells Fargo is in the spotlight after its employees allegedly created up to 2 million bank and credit card accounts, transferred customers' money without telling them and even created fake email addresses to sign people up for online banking in an effort to meet lofty sales goals.

Deutsche Bank Said to Securitize $5.5 Billion of Loans to Buoy Capital

Deutsche Bank is using a tailored financial structure to transfer the risk of losses to investors on a pool of corporate loans, according to people with knowledge of the matter. Deutsche Bank , facing investor concerns about its capital adequacy, plans to securitize more than $5.5 billion of corporate loans, in a move that's expected to reduce risks and bolster the lender's financial picture, people with knowledge of the matter said.

Wells Fargo executives must answer for scandal

Top executives at Wells Fargo have thus far managed to dodge any responsibility for their role in a yearslong scandal that last week earned it $185 million in fines, including a $100 million levy from the Consumer Financial Protection Bureau - the largest the watchdog agency has ever assessed. The bureau said that beginning in 2011, Wells Fargo employees routinely used legitimate customers' names to create phony credit, debit, and checking accounts - as many as 2 million in an effort to meet sales goals.

Business Highlights

The Fed's quarterly report on household wealth showed that Americans' net worth climbed 1.2 percent during the April-June quarter, to $89.1 trillion. Stock and mutual fund portfolios increased 2.3 percent to $21.2 trillion.

Business Highlights

The Fed's quarterly report on household wealth showed that Americans' net worth climbed 1.2 percent during the April-June quarter, to $89.1 trillion. Stock and mutual fund portfolios increased 2.3 percent to $21.2 trillion.

Shares of Deutsche Bank plunge amid US legal dispute

Shares in Deutsche Bank AG plunged Friday after the revelation that the U.S. Department of Justice is seeking $14 billion to settle civil claims over its handing of residential mortgage-backed securities. It's the latest blow for Germany's biggest bank by assets, which is in the middle of a painful transition as it tries to meet tougher regulatory requirements, cut costs and settle multiple legal investigations.

Wells Fargo Does Damage Control Before Washington Grilling an hour ago

Tim Sloan, the bank's president and chief operating officer, has spent most of the week reaching out and meeting with members of Congress and their staffs in Washington, as the lender confronts blowback over allegations it opened more than 2 million accounts without customers' approval, said people with direct knowledge of the discussions. With the Senate Banking Committee preparing to hold a Sept.

US said to weigh HSBC charge that could upend 2012 settlement

US prosecutors are considering a criminal charge against a unit of HSBC Holdings Plc related to conduct on its foreign-exchange desk, according to two people familiar with the matter, imperiling an earlier deal that let the bank avoid prosecution. [NEW YORK] US prosecutors are considering a criminal charge against a unit of HSBC Holdings Plc related to conduct on its foreign-exchange desk, according to two people familiar with the matter, imperiling an earlier deal that let the bank avoid prosecution.

Klobuchar denounces sharp price hikes for EpiPen injectors

U.S. Sen. Amy Klobuchar speaks about price hikes for EpiPens, the emergency drug injectors for severe allergic reactions, at Children's Hospital on Wednesday, Aug. 24, 2016, in Minneapolis. Klobuchar, a Minnesota Democrat who has worked to contain prescription drug price increases and whose 21-year-old daughter carries an EpiPen because of severe nut allergies, is one of several members of Congress demanding more information on why EpiPen prices have soared less U.S. Sen. Amy Klobuchar speaks about price hikes for EpiPens, the emergency drug injectors for severe allergic reactions, at Children's Hospital on Wednesday, Aug. 24, 2016, in Minneapolis.

U.S. Appeals Court Rejects Request to Reconsider Bank of America Ruling

A U.S. appeals court refused on Monday to reconsider its decision to overturn a $1.27 billion penalty against Bank of America Corp and a jury verdict finding it liable for mortgage fraud leading up to the 2008 financial crisis. The 2nd U.S. Circuit Court of Appeals in New York rejected a petition by Manhattan U.S. Attorney Preet Bharara's office to have a three-judge panel rehear the case and give the government at least an opportunity to seek a new trial.

Prosecutors ask appeals panel to rehear BofA case

New York a A federal appeals panel should reconsider its reversal of a fraud verdict against Bank of America Corp. and $1.2 billion penalty resulting from the bank's actions during the 2008 financial crisis, prosecutors say. Prosecutors filed papers with the 2nd U.S. Circuit Court of Appeals in Manhattan late Thursday, saying that a three-judge appeals panel overlooked "a wealth of evidence" that the Charlotte, North Carolina-based bank sold thousands of toxic mortgage loans while misrepresenting them as investment quality.

UPDATE 1-Citigroup beats $800 mln appeal by one-time billionaire

Aug 5 A federal appeals court rejected a one-time Florida billionaire's bid to revive his $800 million lawsuit accusing Citigroup Inc of fraudulently hiding its exposure to subprime and other toxic mortgages, inducing him to hold on to shares he otherwise would have sold. The 2nd U.S. Circuit Court of Appeals in Manhattan on Friday said Citigroup and former officials, including two chief executives Charles Prince and Vikram Pandit, were not liable to trusts and corporate entities overseen by Arthur Williams and his wife.

4 Things To Know: Eye-Scanning Phone, Zika Threat & More

TV is part of CBS Television Stations, a division of CBS Corp. and one of the largest network-owned station groups in the country. Click here for WCCO-TV news stories Send us your breaking news tips [...] 830 WCCO Welcome to News Radio 830 WCCO on CBSMinnesota.com! WCCO is part of CBS Radio, a division of CBS Corp. and one of the largest network-owned station groups in the country.

Is This The Airlines Liftoff Investors Have Been Waiting For?

A flurry of good news lifted airline stocks higher last week, reversing a drop in altitude that's weighed on the industry so far in 2016. Fueled primarily by a bullish report from Deutsche Bank, American Airlines , Delta Air Lines and United Continental collectively advanced 6.5 percent last Tuesday alone.

‘Economikes’: the gatekeepers of Clinton’s economic policy


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Democratic U.S. presidential candidate Hillary Clinton speaks during the Democratic U.S. presidential candidates' debate in Flint, Michigan, March 6, 2016. International Monetary Fund's Economic Counsellor and Director of the Research Department Simon Johnson and Deputy Director Charles Collyns hold a press briefing on the release of the IMF's World Economic Outlook at the IMF Headquarters in Washington July 17, 2008.

Deutsche Bank posts third-quarter profit, hikes legal provisions


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"We continued to make good progress on restructuring the bank. However, in the past several weeks these positive developments were overshadowed by the attention around our negotiations concerning the Residential Mortgage Backed Securities matter in the United States.