Banks | featured news

A West Virginia bank has become the first to completely cut its ties to the federal government's $700 billion financial rescue ...

The executive chosen to lead Fannie Mae through a government takeover has been tapped to oversee the $700 billion rescue of the ...

Two influential investor advisory groups sharply rebuked Bank of America Corp Chief Executive Kenneth Lewis over his handling of the buyout of ailing Merrill Lynch & Co, recommending he be thrown off the bank's board at its upcoming annual meeting.

The bank’s reported income of $1.6 billion was helped by an accounting adjustment that allowed a one-time gain of $2.5 billion on its derivative positions.

The $2.1 billion profit in the first quarter could give investors hope that the banking stocks have reached a bottom.

UBS AG says it expects a first quarter loss of nearly 2 billion Swiss francs ($1.75 billion) and that will cut 8,700 jobs by the end of next year.

The Obama administration is drawing up plans to disclose the financial condition of the 19 biggest banks in the country, the New York Times said, citing senior administration officials.

Investors also cheered by agreement to alter rules on how banks value distressed assets.

The board that sets U.S. accounting standards voted to adopt guidelines that could reduce the losses banks have been forced to report as the values of their securities have crumbled.

U.S. Treasury Secretary Timothy Geithner said on Wednesday he would consider forcing out chief executives of banks that receive government bailouts if they were not managing their businesses properly.