Financial Service News

U.S. stocks are down sharply Thursday as jitters about a Portuguese bank and ugly economic data raise more doubts about whether Europe is recovering.

In this May 11, 2007, file photo, a Wall Street sign is mounted near the flag-draped facade of the New York Stock Exchange.

While the U.S. Navy keeps shrinking, Navy Federal Credit Union keeps growing. The Vienna, Va.-based credit union, the nation's largest, surpassed $6 billion in assets last month and now has more than 5 million members.

A man has his shoes shined near an office of Portuguese bank Banco Espirito Santo in Lisbon June 20, 2014.

Credit ratings agencies still measure the likelihood that exotic securities will default in the same flawed ways that they have in the past, wrote Ann Rutledge, a New York expert in these types of securities, and Robert Litan, a senior fellow in Brookings' Economic Studies Program.

Citigroup is nearing a $7B settlement deal over shoddy mortgages, sources familiar with the deal say, reports The Wall Street Journal.

Today: Gigamon plummets after revealing that earnings report will not live up to expectations.

Attorney General Eric Holder has formally refused to meet with Bank of America Corp Chief Executive Brian Moynihan to hammer out a multibillion-dollar deal, as talks to resolve probes into shoddy mortgage securities sold by the bank and its units remain at a standstill, according to people familiar with the matter.

A top European Central Bank official says Britain leaving the European Union would be an "enormous shock" whose consequences would be difficult to manage.

The bank -- whose functions include providing financial advice and services to the Catholic Church -- has been hit by a criminal investigation, high-level resignations and international accusations that it wasn't doing enough to prevent money laundering.

The Vatican is turning to big-hitting Wall Street players for help as it tries to leave its scandal-tainted banking past behind.

London has overtaken Bangkok as the top destination for international travellers on the MasterCard Global Destination Cities Index, as political unrest in the Southeast Asian city kept visitors away.

A central California school district has settled U.S. Securities and Exchange Commission charges that it misled investors by omitting required disclosures when it conducted a $6.8 million bond offering in November 2010, the regulator said on Tuesday.

Federal Reserve Bank of Minneapolis President Narayana Kocherlakota indicated Tuesday that any increase in short-term rates by the U.S. central bank likely lies well into the future.

Citigroup Inc is close to paying about $7 billion to resolve a U.S. probe into whether it defrauded investors on billions of dollars worth of mortgage securities in the run-up to the financial crisis, a source familiar with the matter said on Tuesday.

Moody's Investor Services has cut its outlook for the Canadian banking system to negative due to an expected reduction of government support for the sector, but says it still believes the individual banks and the overall system are among the strongest in the world.

Federal Housing Finance Agency director Mel Watt on Tuesday kicked off a new push to get eligible homeowners into the Home Affordable Refinance Program , or HARP, beginning with a town hall meeting in Chicago.

Jurors began deliberating on Tuesday in the trial of Rengan Rajaratnam, younger brother of Galleon Group hedge fund founder Raj Rajaratnam, who prosecutors say conspired to engage in insider trading.

Mark Warham, head of M&A in the Europe, Middle East and Africa region, is leaving the bank, the source said.

Charles Thomas joined Wells Fargo earlier this year to fill the newly created position of chief data officer.