Financial Service News

The Toronto stock market closed lower Wednesday as the initial run of earnings from the big Canadian banks failed to impress and persuaded investors to take some profits from a sharp runup in banks and insurers this year.

Rhode Island School of Design President John Maeda announced Wednesday that he will leave the Providence-based art and design school at the end of the year to take a job with a venture capital Firm in California.

Fifth Third Bancorp , a large U.S. midwest regional bank, agreed to pay $6.5 million to settle U.S. Securities and Exchange Commission charges that it accounted improperly for troubled commercial real estate loans during the 2008 financial crisis, reducing its reported loss.

Top US banks including Bank of America and Citigroup Inc failed to comply with some provisions of a government settlement to improve mortgage servicing practices, a monitor of the settlement said on Wednesday.

Mexican Economy Secretary Ildefonso Guajardo, left, talks with U.S. Trade Representative Michael Froman during the plenary session of the ninth Ministerial Conference of the World Trade Organization in Bali, Indonesia, Wednesday Dec. 4, 2013.

Royal Bank of Scotland and Barclays are among a raft of global banking giants involved in a record 1.7 billion euro settlement with European regulators in the latest rate-rigging crackdown.

Builders work on a construction site in Madrid, Spain, Tuesday, Dec. 3, 2013. Official figures show the number of people registered as unemployed in Spain fell by a little under 2,500 in November, the first drop during the month since the current system was introduced 1997.

The Bank of Canada is not expected to move interest rates higher or lower today when it announces its trend-setting rate.

Baja Mining Corp. . Miner. Down a penny, or 66.67 per cent, at half a cent on 36.30 million shares.

A 17-year-old Arizona girl and her two younger sisters hugged, touched each other's faces and talked about how they had all changed when they finally were reunited after their mother and stepfather kept them... A 17-year-old Arizona girl hugged her two younger sisters, touched their faces and talked about how they had all changed when they finally ... (more)

The unemployment rate could fall substantially early next year as belt-tightening in Washington throws more than a million long-term unemployed Americans off the benefit rolls.

Pressure on the TSX came from financials as Bank of Montreal declined about 3% to $71.36, a decline of $2.17.

A growing number of Canadian businesses are betting against BlackBerry as they consider how to spend their future technology budgets.

Bank of Montreal says its annual net profit hit a record $4.2 billion in 2013, with strong performances from its wealth management and its main Canadian banking operations.

Volkswagen turns off some employees' email 30 minutes after their shifts end. Goldman Sachs is urging junior staff to take weekends off.

The 59-year-old American, a China hand who is expected to become sole chairman at Toronto-based Barrick by next spring, takes charge at a time when sentiment has soured on the mining sector after cost overruns and a sinking gold price.

Twitter Inc. , which soared 73 percent on its first day of trading, isn't projected to gain much further in the next year, according to the banks that led its initial public offering.

Bank of Marin Bancorp , parent company of Bank of Marin, has announced the completion of the merger of NorCal Community Bancorp, parent company of Bank of Alameda into BMRC, effective Nov. 29, 2013, according to a BMRC press release.

As more multinational organizations expand their presence in the Asia Pacific region, they often face challenges, such as continually changing regional legislation surrounding anti-corruption, data privacy and consumer protection.

Bank of America will pay $404 million to mortgage buyer Freddie Mac to settle all remaining claims over home loans sold in the previous decade.