Financial Service News

Bank of America Corp. has been fined $1.3 billion after being found guilty of a Countrywide scheme to sell suspect mortgages to Fannie Mae and Freddie Mac.

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The part-nationalized Lloyds Banking Group says its six-month net profit more than halved to 699 million pounds after it put aside another 600 million pounds to cover the cost of improperly sold payment protection insurance.

MasterCard's second-quarter net income climbed 9.8 percent as it benefited from volume growth and handled more transactions in the period.

Moody's Investors Service said Tuesday that RadioShack may not have enough cash to pull off a turnaround.

Dominion Resources Inc. on Wednesday reported profit that declined by 21 percent in its second quarter, and beat analysts' expectations.

Offsetting a dismal start to the year, the economy grew at a sizzling rate in the second quarter, powered by what the Bureau of Economic Analysis said were improvements in personal consumption, exports and businesses replenishing their inventories.

In this Friday, July 25, 2014 photo, pedestrians walk past a branch of the Industrial and Commercial Bank of China, a target for anti-capitalist agitation ever since a 1927 anarchist bombing of what was then a Bank of Boston, in Buenos Aires, Argentina.

U.S. District Judge Jed Rakoff in Manhattan ruled nine months after jurors found Bank of America and former Countrywide executive Rebecca Mairone liable for defrauding government-controlled mortgage companies Fannie Mae , and used her maiden name of Rebecca Steele.

Ireland's second-largest bank, Allied Irish Banks, has returned to profit for the first time since a 2008 property crash pushed the nation to the brink of bankruptcy.

The Bank of England's plans to claw back rule-breaking bankers' bonuses up to seven years after they are awarded are a good idea in principle, the boss of Barclays has said.

Now, one of Europe's last banking dynasties is being stripped of its wealth and influence amid accounting irregularities, huge unreported debts, and a police investigation.

Senior bank executives are focused on improving customer experience as the industry faces intensified pressure from non-traditional competitors, according to a new survey by KPMG LLP.

American Express Co reported a 9 percent rise in quarterly profit that matched analysts' estimates as more customers used its credit cards in a recovering U.S. economy.

American Express Co. on Tuesday reported earnings that rose by 9 percent in its second quarter, and topped analysts' expectations.

In this July 19, 2011 file photo, passers-by walk past an American Express logo near the entrance to a bank in the Harvard Square neighborhood of Cambridge, Mass.

Institutional investors, like endowments and sovereign wealth funds, are trading some of their stock futures contracts for exchange-traded funds, an action they say saves them money and effort while providing comparable returns.

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A man who was imprisoned 21 years for a rape and murder he didn't commit is set to testify at a first-ever Connecticut hearing to determine how much he should be compensated.

Deutsche Bank AG posted a 29 percent drop in second-quarter net profit Tuesday, hit by what it described as higher taxes, declining revenue and political instability affecting the markets.