Banks, Financial Institution | featured news

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.

Major central banks around the globe took coordinated action Wednesday to ease the strains on the world's financial system, saying they would make it easier for banks to get dollars if they need them. Stock markets and the euro rose sharply on the move.

Banks earned $13 billion in secret cut-rate loans from the Federal Reserve during the financial crisis, Bloomberg reports... "Many Americans are struggling to understand why banks deserve such preferential treatment while millions of homeowners are being denied assistance and are at increasing risk of foreclosure," Cummings wrote in his letter.

A federal judge on Monday struck down a $285 million settlement that Citigroup reached with the Securities and Exchange Commission, saying he couldn't tell whether the deal was fair and criticizing regulators for shielding the public from the details of what the firm did wrong.

Online banking services for HSBC customers in the UK have been hit by a problem and some ATMs are not working, the bank confirms.

Dutch financial services group ING is to cut 2,700 staff and contract jobs, it said on Thursday in announcing third-quarter results, slashing the headcount at its Dutch retail banking operations by 10 percent in the face of deteriorating markets.

The Federal Bureau of Investigation plans to examine MF Global Holdings Ltd amid concerns about missing client funds at the futures brokerage, the Wall Street Journal said Tuesday, citing a person familiar with the matter.

The Wall Street firm run by former Goldman Sachs Chairman and New Jersey Gov. Jon Corzine filed for bankruptcy Monday morning, making it the first big American casualty of the European debt crisis.

Financial institutions across the country have begun preparing for a worst-case scenario if Congress fails to raise the nation’s borrowing limit, assembling plans to offer customers emergency loans or waive fees if their federal pay or benefits checks do not arrive on time. Navy Federal Credit Union, the largest in the country, said this week it would advance pay to direct-deposit members who are active-duty military or civilian employees of the Defense Department. It also said it would expedite approvals for lines of credit, overdraft programs and higher credit card limits.

U.S. bank regulators said they will give 14 financial institutions an additional 30 days to submit plans to fix problems with their home-foreclosure practices, allowing more time to complete a broader settlement with state and federal agencies.