Fannie Mae agreed to pay Bank
of America Corp about 20 percent more than it was
contractually obligated to last year in order to transfer the
servicing of troubled loans to another firm, a report by a
Britain's Barclays has picked softly spoken retail boss Antony Jenkins as its new chief executive to fill the shoes left by Bob Diamond, the colourful American investment banker who resigned after a rate-rigging scandal.
Bank of America Corp hasn't completed any first-mortgage modifications that reduce loan balances for borrowers so far under a $25 billion settlement reached this year, the official monitoring the agreement said Wednesday.
A majority of U.S. small businesses are having a tough time accessing funding, holding back job growth and stunting economic growth, Duncan Niederauer, chief executive of NYSE Euronext, said in an interview.
Bankers' reluctance to lend to people with less-than-pristine credit histories is restraining the U.S. economic recovery by holding back consumer borrowing and spending, new research from the San Francisco Federal Reserve
The top U.S. housing regulator rebuffed a plan by the Obama administration to cut mortgages held by struggling homeowners, a blow to the White House, which is keen to show voters it can help fix the housing market.
Bank of America Corp said it plans to slash costs by $3 billion annually in commercial lending, investment banking and wealth management, becoming the latest big bank to take aim at expenses in a sluggish economy.