Financial Service News

The Federal Deposit Insurance Corp. has sued 16 big banks that set a key global interest rate, accusing them of fraud and conspiring to keep the rate low to enrich themselves.

KAMPALA. The financial services industry needs to strengthen its risk management systems and controls as they rollout innovative products to ensure business sustainability and boost customer confidence in the industry.

Lloyds Banking Group codenamed Co-op Bank as "Ferrari" during its talks to sell it more than 600 branches, before the mutual's bid came to a sputtering halt last year, the bank's minutes showed.

As a filmmaker and activist based in San Francisco, I am suing Wells Fargo Bank, which assumed the predatory loan on my family home that traveled a slippery slope from Countrywide to World Savings Bank to Wachovia, all of which went out of business due to dubious, immoral and illegal activity.

This is the third time in recent months the vessel has been fast-tracked to c... )--Fitch Ratings maintains the Negative Rating Watch on the 2013-1 notes currently rated 'AAAsf' issued by Oklahoma Student Loan Authority, Series 2013-1 .

A U.S. judge wrestled on Thursday with a U.S. Justice Department request that Bank of America Corp pay $2.1 billion in penalties after being found liable for fraud over defective mortgages sold by its Countrywide unit.

Deutsche Bank said om Thursday it has had a "slow" start to the year in its investment bank, due to market uncertainty related to the crisis in Ukraine and concerns about economic growth in China and Germany.

Their comments suggested that the Fed's low-interest-rate policies will continue if they win confirmation.

General Electric is moving ahead with plans to spin off its North American consumer lending unit, saying that it will complete an initial public offering for the business later this year.

King Digital Entertainment Plc , best known for the hit mobile phone game Candy Crush Saga , said it expects to price its U.S. initial public offering at between $21 and $24 per share, valuing the company's equity at about $7.56 billion.

Citigroup Inc, which recently discovered it made some $400 million in fraudulent loans to a company in Mexico, found three other sets of smaller loans that may be suspicious, the bank's chief financial officer told a group of investors last week.

A once high-flying Goldman Sachs trader dubbed "Fabulous Fab" was ordered Wednesday to pay more than $825,000 in one of the prominent cases stemming from the mortgage meltdown that helped spark the Great Recession.

Federal prosecutors say a New York-based investment bank and broker-dealer has agreed to pay $25 million in penalties for misleading customers trading in residential mortgage-backed securities.

The average bonus per employee in New York City's financial services industry grew by 15% to over $164,000 last year, according to a report from New York State Comptroller Thomas DiNapoli released Wednesday.

But most people who are aware of the penalty think it's pretty small, at least for this first year.

Hoping to connect with its customers beyond debits and credits, Wells Fargo & Co.

Ballard Power Systems Inc. . Industrial products. Down $1.98, or 25.95 per cent, to $5.65 on 9.9 million shares.

Ontario's top securities regulator is making changes to its enforcement policies, including allowing some of those accused of wrongdoing to plead no contest and pay a fine.

Puerto Rico sold $3.5 billion in general obligation bonds on Tuesday in the largest issue of its kind for the U.S. territory, which is struggling to pay off $70 billion in public debt.

Sacramento's eminent domain lawsuit against the owners of a former Macy's department store downtown will be tried in the city.