Wells Fargo & Co. Vice Chair Betsy Duke will replace retiring Chair Stephen Sanger next year, one of several changes announced on Tuesday in a board overhaul following a sales practices scandal.
As the United States, Canada and Mexico kick off negotiations on Wednesday to modernize the North American Free Trade Agreement, the biggest uncertainty is whether a deal can pass President Donald Trump’s “America First” test.
Wells Fargo will likely turn to a former community banker and Fed official to head its board as the scandal-ridden bank tries to restore its former reputation as a solid, plain-vanilla lender, people familiar with the matter told Reuters.
U.S. employers hired more workers than expected in July and raised their wages – signs of labor market tightness that likely clears the way for the Federal Reserve to announce next month a plan to start shrinking its massive bond portfolio.
A new lawsuit accuses Wells Fargo & Co. of racketeering violations and fraud after the bank admitted to charging several hundred thousand borrowers for auto insurance they did not ask for or need, causing many delinquencies.
Wells Fargo and Co. said it would reimburse about $80 million to 570,000 customers who may have been charged incorrectly due to issues related to auto collateral protection insurance (CPI) policies.
U.S. insurer Markel Corp. said on Wednesday it would buy property and casualty insurer State National Companies Inc. for about $919 million.
Deutsche Bank and JPMorgan Chase have agreed to pay a combined $148 million to end private U.S. antitrust litigation claiming they conspired with other banks to manipulate the yen Libor and Euroyen Tibor benchmark interest rates.
Global banks have said they could move thousands of jobs out of Britain to prepare for Brexit, the country’s planned exit from the European Union.
Morgan Stanley beat Wall Street’s profit expectations on Wednesday, reporting gains across most of its businesses and producing more trading revenue than rival Goldman Sachs Group Inc., a rare feat.
Goldman Sachs Group Inc reported a 40 percent slump in bond trading revenue, mirroring a broader weakness in trading activity that has plagued big U.S. banks in the latest quarter.
Europe’s top banking regulator, the European Central Bank (ECB), is considering carrying out a review of Deutsche Bank’s two largest shareholders, a regulatory source said on Monday.
Wells Fargo & Co. is scaling back and remolding its auto lending business in response to growing stress in the market, as well as a bank-wide push for more centralized risk controls.
HSBC Holdings Plc. and UBS Group AG have each agreed to pay $14 million to settle private U.S. litigation accusing them of rigging an interest rate benchmark used in the $483 trillion derivatives market.
Connecticut borrowed $300 million through a direct bond placement with Barclays Capital Inc. at the end of June, a deal that a state Treasury official said had been planned for some time and was not related to the state’s budget crisis.
The U.S. Securities and Exchange Commission may take action against bankers from Barclays Plc and Morgan Stanley for their roles in Puerto Rico bond sales, according to filings with the Financial Industry Regulatory Authority.
The 34 largest U.S. banks have all cleared the first stage of an annual stress test, showing they would be able to maintain enough capital in an extreme recession to meet regulatory requirements, the Federal Reserve said on Thursday.
Barclays is facing 21 regulatory investigations and civil actions mainly in the United States and Britain, its 2016 annual report showed. These include major probes by the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC).
Investors are hoping the Federal Reserve will allow big U.S. banks to put an estimated $150 billion in idle capital toward stock buybacks, dividends and profit-boosting investments in the coming weeks after conducting a regular examination of financial strength.
When it comes to industries, Wall Street is about as male-dominated as they come. So many people just assume that men are better investors. And they would be wrong.