Wall Street dealers expect
hedge funds, insurance companies and other borrowers to pull
some cash from commercial banks when a financial crisis-era
deposit insurance program expires at the end of the year, the
Federal Reserve said on Thursday.
A U.S. appeals court
vacated an injunction and a $203 million restitution order
against Wells Fargo & Co in consumer litigation over the
bank's overdraft policies, according to a ruling issued on
By Carmel Crimmins and Steve Slater, Reuters | December 21, 2012
Regulatory uncertainty is
putting large banks off buying the assets of smaller rivals,
complicating the sector's restructuring and giving hedge funds
and private equity a golden opportunity to swoop in.
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.