Financial Institution | featured news

Richard Parsons is stepping down as chairman of Citigroup Inc and is expected to be replaced by Michael O'Neill, the former chief executive of Bank of Hawaii Corp, the Wall Street Journal reported on its website on Friday.

Berkshire Hathaway Inc. said fourth- quarter profit fell 30 percent on smaller gains from Warren Buffett’s portfolio of derivatives.

Capital One Financial completed its $6.3 billion acquisition of ING Direct USA from ING Groep.

Gabe Sherman argues that Dodd-Frank has already ended Wall Street as we know it. So how did MF Global go up in flames last year? The brokerage firm’s bankruptcy was mostly the outcome of failed, risky bets it placed through complex derivatives, and it lost an estimated $1.2 billion of its customers’ money in the process.

Investigators have determined what happened to nearly all of the customer money that disappeared from MF Global around the time of its bankruptcy last Oct. 31, but have not publicly disclosed their progress, fearing that doing so might cripple efforts to recover the cash and pursue potential wrongdoing, people briefed on the investigation said.

Bank of America made $2 billion in the last three months of last year, reversing a loss from a year earlier. It offset legal expenses over mortgages and losses in its investment...

The International Monetary Fund said it aims to raise up to $500 billion for new loans, and said its staff estimates that countries will need about $1 trillion in loans over the coming years.

Fourth-quarter profit at Wells Fargo rose 20% as the banking giant posted more loan growth and again reduced the amount of money it sets aside to cover potential loan losses.

Morgan Stanley will slash 580 jobs in New York as part of a broader wave of layoffs underway at the bank, according to a public filing.

U.S. lawmakers investigating the collapse of futures brokerage MF Global showed frustration with the firm's leaders about what happened to hundreds of millions of dollars in missing customer funds.