Bank of America Corp
needs to show the U.S. Federal Reserve it can produce
consistent earnings as part of the annual process to gain
permission to return more capital to shareholders, CEO Brian
Moynihan said in an interview.
Europe will definitely fail to
meet the globally-agreed January deadline for the implementation
of tougher capital requirements for banks after European Union
talks to agree the rules were postponed on Tuesday.
The U.S. credit union regulator sued
JPMorgan Securities and Bear Stearns & Co on Monday over $3.6
billion in mortgage securities the bank allegedly sold to credit
unions that collapsed because of losses from the securities.
The world's major Internet companies,
backed by U.S. policymakers, got much of what they wanted last week when many
nations refused to sign a global telecommunications treaty that opponents feared
could lead to greater government control over online content and communications.
The United States could have a "booming
economy" in a couple of months if lawmakers in Washington
reached an agreement to deal with the looming spending cuts and
tax increases known as the fiscal cliff, JPMorgan Chase & Co
CEO Jamie Dimon said.
Barclays has appointed
Hector Sants, former boss of British regulator the Financial
Services Authority, to oversee its compliance and relationship
with governments and regulators as it looks to repair its
By Carrick Mollenkamp and Brett Wolf, Reuters | December 11, 2012
HSBC has agreed to pay a record $1.92
billion fine to settle a multi-year probe by U.S. prosecutors,
who accused Europe's biggest bank of failing to enforce rules
designed to prevent the laundering of criminal cash.
Apple Inc and
Samsung Electronics squared off again in court on
Thursday, as the iPhone maker tried to convince a U.S. district
judge to ban sales of a number of the South Korean company's
devices and defended its $1.05 billion jury award.
By Kelvin Soh and Steve Slater, Reuters | December 06, 2012
expects to pay $330 million to settle a case with U.S.
regulators for breaking sanctions on Iran, the Asian-focused
bank said on Thursday, a second such penalty which could almost
wipe out its profit growth this year.
U.S. securities regulators
charged a Wells Fargo investment banker and nine others
with fraud on Wednesday in connection with their alleged role in
an insider-trading ring that earned more than $11 million by
trading on tips about impending mergers.
By John O'Donnell and Robin Emmott, Reuters | December 04, 2012
Germany and France clashed
publicly on Tuesday over plans to put the European Central Bank
in charge of supervising banks, deepening a dispute over the
scope of ECB powers that threatens to derail one of Europe's