Banking News

The United States may add Wells Fargo & Co Vice President Kurt Lofrano as a defendant in its year-old lawsuit accusing the country's largest mortgage lender of fraud, a Manhattan federal judge said.

The kiwi touched 92.46 Australian cents early this morning, and was trading at 92.23 cents at 8am in Wellington, from 91.63 at 5pm yesterday.

Bank of America Corp has agreed to pay $131.8 million to settle Securities and Exchange Commission charges that its Merrill Lynch unit misled investors about mortgage securities it structured and sold.

Hilton Worldwide Holdings Inc. announced today the pricing of its initial public offering of 117,640,624 shares of common stock at a price to the public of $20.00 per share.

Sumitomo Mitsui Financial Group said it will acquire the U.S. railcar leasing business of Perella Weinberg Partners LP, illustrating the continued appetite of Japanese banks for overseas assets.

Adam J. Wiederman , Daily Finance The average 401 balance has nearly doubled from its 2008 lows to $94,482 according to the Investment Company Institute .

An experimental bond-trading program being run at the Federal Reserve Bank of New York could fundamentally change the way the central bank sets interest rates.

Employees work while they eat in the rooftop patio at Twitter headquarters in San Francisco, Calif., on Thursday, Aug 2, 2012.

The San Francisco Giants have partnered with Wells Fargo to provide $100,000 in education grants to 25 Bay Area schools.

The euro rose against the dollar for a seventh straight session, helped by higher money market rates and diminishing expectations of imminent easing by the European Central Bank.

PNC Financial Services Group Inc. closed 200 branches footprint wide in 2013 and expects 25 "net" closures next year, spokesman Fred Solomon said.

JPMorgan Chase & Co CEO Jamie Dimon said on Wednesday he was thankful congressional leaders had reached a budget deal and was "less worried" about the impact of an eventual scaling back of the Federal Reserve 's market-friendly stimulus measures.

Citigroup Inc named Duncan Hennes, a co-founder of bank advisory firm Promontory Financial Group and a former CEO of Soros Fund Management , to its board of directors on Wednesday.

The firm currently has a "buy" rating on the stock. Bank of America Corp.'s target price points to a potential upside of 11.31% from the company's current price.

The results mark the third year in a row Bank of America has held the dubious distinction of being at the bottom of the American Customer Satisfaction Index.

Dexus Property Group and the Canada Pension Plan Investment Board raised their offer for the office fund controlled by Commonwealth Bank of Australia to A$3 billion , challenging GPT Group's bid.

John Stumpf, chairman, chief executive officer of Wells Fargo & Co., says the bank's culture allows top executives to raise concerns they may have about business practices.

Fourth-quarter capital markets and underwriting revenues this quarter are running slightly below results from a year ago, Citigroup Inc ( Year-ago results, against which the current quarter will be compared, were driven by exceptionally strong debt underwriting, said Gerspach, who spoke at a conference for investors held by Goldman Sachs Group Inc ... (more)

EU finance ministers on Tuesday edged towards a difficult compromise on a banking union they hope will prevent a repeat of crippling crises and inject new impetus into the economy The logo of the European currency Euro stands in front of the European Central Bank in Frankfurt, Germany.

The Bank of Montreal raised its five-year fixed closed mortgage rate to 5.44 per cent.