Billion, Financial Institution | featured news

A judge on Tuesday approved a set of settlements among Lehman Brothers entities that will allow the company's defunct brokerage to pay back about $15 billion in customer claims.

Europe has spent hundreds of billions of euros rescuing its banks but may have lost an entire generation of young people in the process, the president of the European Parliament said.

Citigroup Inc posted $2.32 billion of charges for layoffs and lawsuits in its first financial report under new Chief Executive Michael Corbat, who said the bank needs to do better for shareholders.

HSBC, the British banking giant, will pay $1.9 billion to settle a money-laundering probe by federal and state authorities in the United States, a law enforcement official said Monday.

Jefferies will continue to operate as a full-service global investment banking firm in its current form, the companies said.

Finally moving beyond a trading debacle that has stained his once-stellar reputation, Jamie Dimon, JPMorgan Chase’s chief executive, on Friday trumpeted a strong quarter of earnings stemming from a surge in mortgage lending.

U.S. bank regulators are set to vote on a plan requiring banks with more than $10 billion in assets to conduct annual stress tests to determine if they can withstand a financial shock.

The U.S. brokerage unit and a European unit of the former Lehman Brothers Holdings Inc said they settled a dispute over $38 billion in asset claims, a major step toward customers and creditors recovering money.

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.

JPMorgan Chase said Friday that a bad trade had cost the bank $5.8 billion this year, almost triple its original estimate, and raised the prospect that traders had improperly tried to conceal the blunder.