Chief executives of
more than 80 big U.S. corporations, including Goldman Sachs
, JPMorgan and Boeing, joined forces on
Thursday to pressure Congress to reduce the federal deficit with
tax reform and spending cuts.
European leaders meet for a two-day
summit on Thursday where they will try to bridge divisions over
a banking union intended to underpin the euro zone. But
questions over the scheme's scope and mechanisms are likely to
take months to resolve.
Conflicts with Citigroup's board may have spurred the unexpected resignations of CEO Vikram Pandit and president/COO John P. Havens; Michael Corbat promoted from Citigroup's CEO of EMEA to CEO and director of Board.
Big U.S. banks should become
smaller to make any failure more manageable, a senior Federal
Reserve official said on Thursday, supporting a suggestion that
the size of banks be limited to a specific percentage of U.S.
gross domestic product.
Four business groups on
Wednesday filed a lawsuit against the U.S. Securities and
Exchange Commission's new rule requiring oil, mining and gas
companies to disclose payments they make to foreign governments.
A study from research company GfK found that while a few banks have won over their customers with excellent service and benefits, others are in imminent danger of losing up to a third of their consumer clients.
Federal and state officials
pledged on Tuesday to bring more cases against misconduct that
fueled the financial crisis, after New York sued JPMorgan Chase
& Co late Monday over mortgage-backed securities
packaged and sold by Bear Stearns.
Customer-centricity in a multi-channel environment and using data and analytics to know your customer better were among the major topics discussed during the first day of Bank Systems & Technology's seventh annual Executive Summit.
Britain's Labour opposition leader launched an offensive against banks on Sunday ahead of his party's annual conference, promising a "real separation" of retail and investment banking and to raise the top rate of personal income tax.
Spain's debt levels are set to
rise next year, piling pressure on the government to apply for
aid as it pours funds in to cash-strapped regions, an ailing
banking system and rising refinancing costs, its budget showed
Banks and brokers are suspected of colluding to rig benchmark interest rates, the EU's antitrust chief said on Monday, detailing an ongoing investigation into suspected wrongdoing in the financial sector.