Financial Service News

Citigroup agreed to pay $7 billion to resolve a U.S. government investigation into shoddy mortgage-backed securities the bank sold in the run-up to the 2008 financial crisis in a settlement set to be announced on Monday, sources said.

American Airlines Group has selected a joint venture of General Electric Co. and Safran SA to power its new Airbus Group NV A320neo narrow-body planes.

Former Commonwealth Bank of Australia chief executive Ralph Norris has broken his silence over the bank's financial planning scandal, labelling the advisers involved as ''rogue people'' and denying any conspiracy to defraud customers.

Douglas Parigian, a Lowell attorney and 10-time Lowell City Golf Tournament champion, and Eric McPhail, also a champion golfer, competed in the same tournaments across the region in the last year.

The market valuation of ONGC plunged Rs 22,201.5 crore to Rs 3,38,754.63 crore, becoming the top loser among the top-10 firms.

First-term Democratic Rep. Denny Heck looms as a kind of modern Goliath for the three challengers in Washington's 10th Congressional District primary this year.

A company that started out as a kind of social network for hip-hop fans to discuss the meaning of their favorite song lyrics, RapGenius , raised $40 million in Series B funding from Andreessen Horowitz and Dan Gilbert, according to company co-founders and a blog post from Ben Horowitz.

Steve Hennigan, president and CEO of the San Antonio Federal Credit Union, has been tapped to join the Federal Reserve Bank of Dallas' Community Depository Institutions Advisory Council.

Seattle's Regal Financial Bank has reached agreement to merge with another bank.

Japan's SoftBank and Deutsche Telekom of Germany have reached a basic agreement for a merger between their US affiliates Sprint and T-Mobile US, the business daily Nikkei reported Saturday.

General Electric's second-quarter earnings report Friday comes soon after it prevailed in a two-month fight to acquire the power assets of France's Alstom.

Elizabeth Comper had a comfortable life a decade ago as wife of the Bank of Montreal's chief executive when she saw something on television that shocked and upset her: the world's oldest hatred flaring up again in her own country.

Wells Fargo & Co is angling to cash in on the U.S. energy boom, as the fourth-largest U.S. bank looks for new avenues of revenue growth to overcome a slump in mortgage lending, its traditional driver of profits.

Federico Buenrostro Jr., the former chief executive of California Public Employees' Retirement System, entered his plea in San Francisco federal court.

The U.S. government ran a monthly budget surplus in June, putting it on course to record the lowest annual deficit since 2008.

Meat is displayed in a case at a grocery store in Miami. The index of retail prices for meats, poultry, fish and eggs was up 7.7 percent from a year ago more than triple the overall inflation rate.

In this Wednesday, Dec. 19, 2012, file photo, a man walks past a Wells Fargo location in Philadelphia.

Freddie Mac says the average rate on a 30-year fixed-rate mortgage in the week ending July 10 was 4.15 percent, up from 4.12 percent last week.

A currency trader passes by screens showing the Korea Composite Stock Price Index, left, and the exchange rate between the U.S. dollar and the South Korean won at the foreign exchange dealing room of the Korea Exchange Bank headquarters in Seoul, South Korea, Friday, July 11, 2014.

's stock had its "equal weight" rating reaffirmed by equities research analysts at Morgan Stanley in a research note issued to investors on Thursday.