Tycoons are shunning banks and
wealth managers, preferring to put a flood of money from selling
stakes in companies into property and new ventures rather than
trust industries whose reputations have been battered by the
global financial crisis.
U.S. authorities should
reorganize the country's largest banks to protect against the
risk of institutions that are "too big to fail" and that would
saddle ordinary Americans with the cost of a bailout the next
time they get in trouble, a senior Federal Reserve official said
By Brett Wolf and Carrick Mollenkamp and Emily Flitter, Reuters | January 11, 2013
A U.S. regulatory probe of JP
Morgan Chase & Co is expected to result in an order that
the bank correct lapses in how it polices suspect money flows,
in an action expected as soon as Friday, people familiar with
the situation said.
An outspoken Senate critic of
the Federal Reserve said on Wednesday that he would reintroduce
legislation to ban bankers from the boardroom of the 12 regional
Fed branches, citing potential conflicts of interest.
By Paul Carrel and Marc Jones, Reuters | January 07, 2013
A decision by global
regulators to give banks more time and flexibility to build cash
reserves will not boost lending or speed recovery in
debt-strapped Europe, where firms and households have scant
appetite to borrow.
Bank of America on Monday announced roughly $11.6 billion of settlements with mortgage finance company Fannie Mae and a $1.8 billion sale of collection rights on home loans, in a series of deals meant to help the bank move past its disastrous 200 8 purchase of Countrywide
Banks could have up to three
extra years to comply with a new U.S. rule requiring firms that
receive federal deposit insurance to spin off some of their
swaps trading into separate arms, U.S. regulators said on
Royal Bank of Scotland Group
Plc on Thursday won the dismissal of a lawsuit by South
Korea's Woori Bank over losses from mortgage-related
investments, in a case between two big banks put under state
control following financial crises.