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Financial Service News

Financial Services news continually updated from thousands of sources around the net.

1 hr ago | Silicon Alley Insider

A Troubled Portuguese Bank Has The Country's Interest Rates Surging

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

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Related Topix: Espirito Santo Financial Group SA, Brazil, World News

Wed Jul 09, 2014

McClatchy

Credit ratings still broken, experts say, offer a fix

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.

Comment?

Related Topix: Moodys, Financial Markets

Business Journal

Snapshot: Citigroup and the $7B bad mortgage deal + Pharmacist accused of taking 200K pills

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

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Related Topix: Home, Banking, Mortgage, Citigroup, Personal Finance, CitiMortgage, Weather, Drugs

Inside Bay Area

Biz Break: Gigamon is first victim of Silicon Valley earnings season tumult

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

Comment?

Related Topix: Banking, Silicon Valley Bancshares, PC, Santa Clara, CA, Santa Clara County, CA, Financial Markets

Reuters

Holder won't meet with BofA CEO as mortgage talks stall: sources

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.

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Related Topix: Home, Mortgage, Personal Finance, Banking, Bank of America, US News

Brandon Sun

European Central Bank official: Britain leaving EU would be 'enormous shock'

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

Comment?

Related Topix: Banking, European Central Bank, Greater London County, England, United Kingdom,

KOCO-TV Oklahoma City

Vatican turns to Wall Street to fix bank

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.

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Related Topix: Goldman Sachs, Investment Services

KMIZ

Vatican turns to Wall Street to fix bank

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

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Related Topix: Goldman Sachs, Investment Services

Bangkok Post

Bangkok slips as top destination

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.

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Related Topix: MasterCard

Reuters

UPDATE 1-California school system settles SEC bond disclosure charges

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.

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Related Topix: Securities and Exchange Commission, Corporate / Securities Law, Law, Education Etc., US Securities and Exchange Commission

Tue Jul 08, 2014

Wall Street Journal

Fed's Kocherlakota Sees No Urgency To Raise Short-Term Rates

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.

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Related Topix: Federal Reserve Bank of Minneapolis, Banking

West Australian

Citigroup may pay $7 billion to resolve U.S. mortgage probes - source

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.

Comment?

Related Topix: Banking, Citigroup, Home, Mortgage, CitiMortgage, Personal Finance, US News

Brandon Sun

Moody's: gov't to shift more risk to banks' creditors, creating negative outlook

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.

Comment?

Related Topix: Moodys

Wall Street Journal

U.S. Officials Try To Rebuild Momentum In Stalling Mortgage Refinance and Modification Programs

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.

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Related Topix: Home, Mortgage, Personal Finance, Housing, Banking, Suntrust Banks, Foreclosures

Reuters

Insider trading trial of Rajaratnam's brother goes to jury

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.

Comment?

Related Topix: Galleon Group, Investment Services, McKinsey, Consulting

Reuters

Barclays names investment banking bosses for Asia, M&A: source

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

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Related Topix: Investment Banking, Lehman Brothers

Business Journal

Wells Fargo banks on better use of customer data while avoiding 'creepiness'

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

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Related Topix: Wells Fargo , Banking, Texas, Publishing, Harte Hanks, Advertising, Harte-Hanks, HP, Computers

Business Journal

McLean's Capital One ranked in Top 100 largest banks in the world

A general overview of the Capital One Bank campus in McLean, as built out with nearly 5 million square feet of total development.

Comment?

Related Topix: Capital One Financial, Capital One

St. Cloud Times

Detroit start-ups launch 'Shark-Tank' style

A number of competitions mirroring the style of hit TV show "Shark Tank" have sprung up in Detroit, where a downtown start-up tech scene has taken root.

Comment?

Related Topix: Quicken Loans, Venture Capital, Emerging Technology

MSN Money

U.S. in sanctions talks with Commerzbank and Deutsche: source

U.S. authorities have begun settlement talks with Germany's Commerzbank and Deutsche Bank over their dealings with countries blacklisted by the United States, extending a crackdown on European banks at a delicate point in U.S.-German relations.

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Related Topix: Prison, Banking, Deutsche Bank AG, Reuters

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