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Bank of America speeds up branch closures, 16,000 job cuts

The institution is accelerating its cost-cutting strategy, planning to pare its operations so much that it will lose its spot as the nation’s largest bank employer, falling behind the likes of JP Morgan Chase, Wells Fargo and Citigroup.

 

Money-Laundering Inquiry Said to Target U.S. Banks

JP Morgan Chase

Regulators, led by the Office of the Comptroller of the Currency, are said to be close to taking action against JPMorgan Chase for insufficient safeguards.

 

AP IMPACT: Regulator barks, industry shudders

The new federal agency charged with enforcing consumer finance laws is emerging as an ambitious sheriff, taking on companies for deceptive fees and marketing and unmoved by protests that its tactics go too far....

 

Wells Fargo & Discover: A Deal Waiting To Materialize?

Late last week, a research report by the Susquehanna Financial Group got the market buzzing about the possibility of Wells Fargo acquiring Discover Financial Services. Such an acquisition would no doubt be in line with Wells Fargo’s strategy of focusing on traditional banking services for growth. And the bank has made it clear in the recent past that it will not shy away from opportunities to grow inorganically. So, is there really value to be gained from such a merger between the fourth largest U.S. bank in terms of assets and the fourth largest payments firm?

 

Morgan Stanley to buy Citi's Smith Barney stake

Morgan Stanley and Citigroup settled a dispute Tuesday over the value of the brokerage firm Morgan Stanley Smith Barney, which they jointly own.

 

Big Challenge for New Barclays CEO

Barclays has moved quickly to fill the void at the top. The bank Thursday named Antony Jenkins, the head of its retail and business banking unit, to succeed Robert Diamond, who was forced to resign July 3 after the Libor rate-rigging scandal.

 

What Downturn? Bank Profits Hit $34.5 Billion

Here’s something that may (or may not) surprise about you about banks: They’re raking in profits like it’s 2007. It's not such a rosy environment for banks once you cut a little deeper into the numbers. The latest data from the FDIC show banks taking in net income of $34.5 billion in the second quarter of 2012, that’s up $5.9 billion from from the second quarter of 2011.

 

No Criminal Case Is Likely in Loss at MF Global

MF Global

Investigators are expected to conclude that sloppiness, not criminal intent, was the main driver behind the disappearance of customer money.

 

7 banks subpoenaed over rate-fixing

The attorneys general of New York and Connecticut have issued subpoenas to seven banks over the possible manipulation of a global interest rate, a person with knowledge of the matter told The Associated Press on Wednesday....

 

Peregrine CEO charged with lying to regulators

Peregrine CEO

Peregrine Financial Group founder and CEO Russell Wasendorf Sr. was indicted on charges of lying to regulators Monday, a little over a month after his botched suicide attempt and his signed confession to bilking customers of his brokerage for years.

 

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