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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.
Lobbyists who've been bashing away at Washington's latest effort to regulate Wall Street bonuses may find the Wells Fargo & Co. scandal just grabbed the hammer from their hands.
Stocks were moderately lower Friday, pushed lower by the price of oil. Investors continue to remain on edge regarding the possibility of the Federal Reserve raising interest rates at their meeting next week.
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.
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 & Co. was sued by customers in what may be the first of many lawsuits to come after disclosures that employees created unauthorized accounts to boost the bank's fees.
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.
Wells Fargo will stop setting the sales goals that bank employees say led to pressure to open millions of fake customer accounts. "We are eliminating product sales goals because we want to make certain our customers have full confidence that our retail bankers are always focused on the best interests of customers," CEO John Stumpf said in a statement.
Kevin Lilley, Europe equities fund manager at Old Mutual, discusses possible monetary policy from the European Central Bank. He speaks with Guy Johnson and Caroline Hyde on Bloomberg Television's "On The Move."
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.
Hong Kong stocks rose as Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. gained before releasing earnings. China Southern Airlines Co.
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.
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.
Shares of Science Applications International Corp. have been given an average recommendation of "Buy" by the eight research firms that are currently covering the stock. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company.
On April 2... )--TICC Capital Corp. today sent a letter to stockholders outlining how their solid second quarter results high... )--Fitch Ratings assigns an 'A+' rating to the following bonds to be issued by Fort Myers, FL: --$50,715,000 capital improvement and refunding revenue bonds, series 2016.
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.
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.
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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.
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.