Banks

Republican, Democratic senators seek answers in Wells auto scandal

Republican, Democratic senators seek answers in Wells auto scandal

Published 09/08/2017

A group of U.S. senators from both parties on Wednesday turned up the heat on Wells Fargo Inc. over its latest scandal, in which hundreds of thousands of car-loan borrowers were charged each month without their knowledge for collision insurance, which many of them did not need. [more…]

Commonwealth Bank says `coding error` explains alleged money-laundering breaches

Commonwealth Bank says `coding error` explains alleged money-laundering breaches

Published 07/08/2017

The Commonwealth Bank of Australia (CBA.AX) said on Monday a software "coding error" was responsible for the "vast majority" of the anti-money laundering law breaches it was accused of last week. [more…]

Wells Fargo to pay U.S. $108 million over veterans` loans

Wells Fargo to pay U.S. $108 million over veterans` loans

Published 04/08/2017

Wells Fargo & Co (WFC.N) will pay the U.S. government $108 million to settle a whistleblower lawsuit claiming it charged military veterans hidden fees to refinance their mortgages, and concealed the fees when applying for federal loan guarantees. [more…]

Former $2 billion private equity fund now nearly worthless: WSJ

Published 16/07/2017

A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015.

Wells Fargo (WFC.N) and a number of other lenders are negotiating to take control of a hedge fund previously valued at more than $2 billion that is now worth close to nothing, according to a report from the Wall Street Journal.

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Japan`s MUFG to leverage Morgan Stanley expertise in wealth management foray

Japan`s MUFG to leverage Morgan Stanley expertise in wealth management foray

Published 07/07/2017

FILE PHOTO: Children walk past a branch of Mitsubishi UFJ Financial Group (MUFG) in Tokyo November 14, 2012. REUTERS/Yuriko Nakao/File Photo

Mitsubishi UFJ Financial Group Inc (MUFG) aims to tap into the expertise of partner Morgan Stanley and expand into wealth management, as Japan's biggest bank looks for new sources of revenue, its chief financial officer said on Friday.

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Exclusive: Saba Capital, famed for `London Whale` bet, to shut London office – sources

Exclusive: Saba Capital, famed for `London Whale` bet, to shut London office – sources

Published 04/07/2017

Boaz Weinstein, founder and chief investment officer at Saba Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian

New York-based Saba Capital Management, famed for its winning bet against the JPMorgan Chase trader known as the 'London Whale', is closing its office in London's Mayfair district, two sources close to the situation told Reuters.

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StanChart brings in senior talent to fuel U.S. expansion

StanChart brings in senior talent to fuel U.S. expansion

Published 14/06/2017

Torry Berntsen, Chief Executive Officer (CEO) and Head of Corporate and Institutional Banking of the Americas region for Standard Chartered Bank, poses in New York City, U.S., June 13, 2017. REUTERS/Shannon Stapleton

Standard Chartered (STAN.L) aims to expand its U.S. presence with a local hiring push and by bolstering its team in the country with senior staff from its main regions of Asia, the Middle East and Africa, its top bankers said.

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Delta, Bank of America pull sponsorship of `Julius Caesar` production over Trump-like portrayal

Delta, Bank of America pull sponsorship of `Julius Caesar` production over Trump-like portrayal

Published 12/06/2017

A Delta Airlines aeroplane is seen inside of a hangar during a launch event of the new alliance between AeroMexico and Delta Airlines and their announcement as sponsors of the Mexican soccer team, in Mexico City, Mexico, May 3, 2017. REUTERS/Edgard Garrido

Delta Air Lines Inc and Bank of America Corp pulled financial support on Sunday for the Shakespeare in the Park production of "Julius Caesar" in New York over its portrayal of the assassinated ancient Roman leader that resembles U.S. President Donald Trump.

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Goldman Sachs boost rates for savers in bid to attract deposits

Goldman Sachs boost rates for savers in bid to attract deposits

Published 08/06/2017

FILE PHOTO: A sign is displayed in the reception of the Sydney offices of Goldman Sachs in Australia, May 18, 2016. REUTERS/David Gray/File Photo

U.S. savers who routinely scour personal finance sites for the best deposit rates are soon going to see an unusual bank at the top of the list: Goldman Sachs Group Inc.

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Morgan Stanley to curb veteran adviser recruiting

Published 23/05/2017

The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, U.S. April 17, 2017. REUTERS/Shannon Stapleton

Morgan Stanley, the biggest U.S. brokerage by head count, told brokers Tuesday that it is standing down from the expensive recruitment wars, following similar steps taken earlier this month by competitor Bank of America (BAC.N) Merrill Lynch.

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