Business: Financial/Banking Industry

Carson City Sheriff's detective David LeGros locks the door at 1st National Bank of Nevada on Friday, July 25, 2008, after federal regulators closed the bank in Carson City, Nev. Twenty-eight branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed Friday by federal regulators. (AP Photo/Nevada Appeal, Brad Horn)

FDIC takes over 2 more banks, closing 28 branches

AP - 2 hours, 39 minutes ago

CARSON CITY, Nev. - The 28 branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed Friday by federal regulators.

  • U.S. regulators seize two more banks, engineer sale Reuters - Sat Jul 26, 12:08 AM ET

    WASHINGTON (Reuters) - U.S. regulators took over two banks on Friday and sold them to Mutual of Omaha Bank, the sixth and seventh bank failures this year as financial institutions struggle with a housing bust and credit crunch.

  • Private equity firms eye BankUnited: report Reuters - Fri Jul 25, 1:37 AM ET

    (Reuters) - Two private-equity firms are considering investments in BankUnited Financial Corp , weighed down by a huge portfolio of adjustable-rate mortgages, The Wall Street Journal said citing people familiar with the situation.

  • A Wachovia Bank branch is seen in Denver July 22, 2008. (Rick Wilking/Reuters)
    Wachovia CFO Wurtz to leave Reuters - Thu Jul 24, 6:31 PM ET

    NEW YORK (Reuters) - Wachovia Corp , which posted a record $8.86 billion second-quarter loss Tuesday, said Chief Financial Officer Thomas Wurtz will resign from the fourth-largest U.S. bank after a successor is named.

  • Wachovia's CEO buys 1 million shares AP - Thu Jul 24, 9:42 AM ET

    CHARLOTTE, N.C. - Wachovia Corp.'s President and Chief Executive Robert Steel has bought 1 million shares in the nation's fourth-largest bank, according to a regulatory filing late Wednesday.

  • Credit Cards: How to Protect Your Limits BusinessWeek Online - Thu Jul 24, 8:08 AM ET

    As big banks such as Wachovia , Citigroup and Bank of America continue to post multimillion-dollar writedowns to cover mortgage loan losses and other bad investments, credit-card holders are increasingly getting squeezed. Card issuers such as American Express have started taking a closer look at the math that determines how much credit is available to each customer, and some are cutting their credit lines to keep more money in house.

  • San Diego City Attorney Michael Aguirre speaks at a news conference in San Diego in this May 15, 2008 file photograph. (Mike Blake/Files/Reuters)
    San Diego sues Bank of America to halt foreclosures Reuters - Wed Jul 23, 8:22 PM ET

    SAN DIEGO (Reuters) - San Diego's city attorney said on Wednesday he filed a lawsuit against Bank of America Corp and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in the city, which he aims to make a "foreclosure sanctuary."

  • In this July 15, 2008 file photo, a Washington Mutual Inc. branch is shown in downtown Seattle. Washington Mutual Inc. on Tuesday, July 22, 2008 said it lost a staggering $3 billion during the second quarter as it increased its loss reserves to more than $8 billion to cover souring loans in its mortgage portfolio. (AP Photo/Ted S. Warren, file)
    Washington Mutual posts 2Q loss of $3.3 billion AP - Wed Jul 23, 1:24 AM ET

    NEW YORK - Washington Mutual, the Seattle-based bank known for its buoyant advertising slogan, "Whoo hoo!," had little to cheer about as it reported a staggering $3 billion loss — the biggest quarterly loss in its history.

  • People pass a Wachovia branch office on Tuesday, July 22, 2008 in New York. Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The nation's fourth-largest bank by assets said it lost $8.86 billion. (AP Photo/Mark Lennihan)
    Investors question financial sector rebound AP - Tue Jul 22, 6:02 PM ET

    CHARLOTTE, N.C. - Surprisingly large second-quarter losses at Wachovia Corp. and Washington Mutual Inc. have quickly revived concerns that the financial sector still has a long way to go before it recovers from the year-old credit crisis.

  • Wachovia, other U.S. banks post dismal results Reuters - Tue Jul 22, 5:34 PM ET

    NEW YORK (Reuters) - Wachovia Corp and Washington Mutual Inc led several large U.S. banks in posting weak second-quarter results on Tuesday, hurt by soaring losses from mortgages and other debt.

  • A man walks past a branch of Wachovia Bank. Wachovia took a hit from the US housing slump with a quarterly loss announced Tuesday of 8.662 billion dollars but its shares surged as it unveiled job cut and other steps to shore up its finances.(AFP/Getty Images/File/Justin Sullivan)
    Wachovia scorched with 8.7-billion-dollar loss AFP - Tue Jul 22, 4:59 PM ET

    NEW YORK (AFP) - Banking giant Wachovia took a hit from the US housing slump with a quarterly loss announced Tuesday of 8.662 billion dollars but its shares surged as it unveiled job cut and other steps to shore up its finances.

  • The 5 largest quarterly losses at US banks AP - Tue Jul 22, 2:57 PM ET

    The five largest quarterly losses for U.S. retail banks, who suffered the losses, how big they were and when they occurred, according to Standard & Poor's Compustat:

  • Customers use an ATM outside a Wachovia branch bank in Charlotte, N.C., Friday, July 18, 2008. Wachovia says it lost $8.86 billion in the second quarter, hurt by a big goodwill charge and an increase in reserves for bad loans as mortgage defaults soar. (AP Photo/Chuck Burton)
    Wachovia loses $8.9B, cuts 6,350 workers, dividend AP - Tue Jul 22, 2:12 PM ET

    CHARLOTTE, N.C. - Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The bank said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.

  • A man uses a Wachovia ATM machine in the Hartsfield-Jackson International Airport in Atlanta, Georgia, April 14, 2008. REUTERS/Mike Blake
    Wachovia loses $8.86 billion, slashes jobs Reuters - Tue Jul 22, 9:23 AM ET

    NEW YORK (Reuters) - Wachovia Corp , the fourth-largest U.S. bank, on Tuesday posted an $8.86 billion second-quarter loss, slashed its dividend and announced the elimination of more than 10,700 jobs after losses tied to mortgages soared.

  • Special needs trusts give families peace of mind FT.com - Mon Jul 21, 10:35 PM ET

    When attorney Bernard Krooks met a client who is an investment banker at one of the top New York City brokerage houses, he noticed an estate planning oversight that would have made it difficult for the client's disabled son to receive a lifetime of adequate and affordable medical care.

  • Wachovia exits wholesale mortgage lending business AP - Mon Jul 21, 8:13 PM ET

    CHARLOTTE, N.C. - Wachovia Corporation, the nation's fourth largest-bank, said Monday that it is leaving the wholesale mortgage lending business.

  • A Bank of America advertisement is seen outside one of its branches in New York July 21, 2008. Bank of America Corp reported quarterly profit on Monday that fell less than expected on record revenue, boosting the shares of the largest U.S. retail bank and mortgage lender, despite a surge in bad loans. REUTERS/Shannon Stapleton (UNITED STATES)
    BofA 2Q profit shrinks, beats Wall Street AP - Mon Jul 21, 5:31 PM ET

    CHARLOTTE, N.C. - Bank of America Corp. has become the latest in a string of big banks whose second-quarter earnings, while hurting from the impact of the credit crisis, still managed to beat Wall Street expectations.

  • Wachovia mortgage unit halting loans via brokers Reuters - Mon Jul 21, 5:15 PM ET

    NEW YORK (Reuters) - Wachovia Corp , the fourth-largest U.S. bank, on Monday said its main mortgage unit will stop offering home loans through brokers this week, joining a growing number of lenders to curb wholesale lending.

  • Bank analyst Bove sued over report Reuters - Mon Jul 21, 4:14 PM ET

    NEW YORK (Reuters) - Richard Bove, a prominent U.S. banking analyst, was sued on Monday by BankAtlantic Bancorp Inc , which accused him of defamation and negligence over a recently published research report, the bank said.

  • A Bank of America ATM location is seen in Somerville, Massachusetts May 5, 2008. (Brian Snyder/Reuters)
    Bank of America profit falls 41 percent but tops views Reuters - Mon Jul 21, 3:16 PM ET

    NEW YORK (Reuters) - Bank of America Corp reported quarterly profit on Monday that fell less than expected on record revenue, boosting shares of the largest U.S. retail bank and mortgage lender despite a surge in bad loans.

  • Citigroup ex banking head Klein to leave Reuters - Mon Jul 21, 1:13 PM ET

    NEW YORK (Reuters) - Citigroup Inc said on Monday that Michael Klein, a former head of investment banking, is leaving, in the latest management shakeup under Chief Executive Vikram Pandit.

  • Goldman banker to advise Paulson on banks Reuters - Mon Jul 21, 12:32 PM ET

    NEW YORK (Reuters) - Senior Goldman Sachs Group Inc investment banker Kendrick Wilson will take a leave of absence to advise U.S. Treasury Secretary Henry Paulson on the nation's banking crisis, people familiar with the matter said on Monday.

  • Stocks eye banks, short-sale rule Reuters - Sun Jul 20, 7:20 PM ET

    NEW YORK (Reuters) - In the heart of earnings season, stock market investors will scrutinize a raft of regional bank earnings this week for more write-offs that could send the market tumbling.

  • Frank Cannarozzo, a trader with B & B Securities, talks on a traders phone as he works during early trading at the New York Stock Exchange, Thursday July17, 2008. The Dow Jones industrial average rose more than 100 points after Wall Street extended its rally into a second session. (AP Photos/Bebeto Matthews)
    Wall Street mixed after earnings reports AP - Fri Jul 18, 5:34 PM ET

    NEW YORK - Wall Street closed out an impressive week with a mixed performance Friday after disappointing high-tech earnings punctured some of investors' enthusiasm over better-than-expected bank earnings reports. But the major indexes still ended the week with big gains, the result of rising optimism about the troubled financial sector.

  • A banner is seen outside one of the buildings belonging to the headquarters of Wachovia Securities Thursday, July 17, 2008, in St. Louis. Securities regulators from several U.S. states raided the St. Louis headquarters of Wachovia Securities on Thursday, seeking documents and records on the company's sales practices. (AP Photo/Jeff Roberson)
    Auction rate probe hits Wachovia AP - Thu Jul 17, 3:14 PM ET

    CHARLOTTE, N.C. - Securities regulators from several U.S. states on Thursday raided the St. Louis headquarters of Wachovia Securities, seeking documents and records on the company's sales practices.

  • Bank of NY Mellon profit falls on big charge Reuters - Thu Jul 17, 8:58 AM ET

    NEW YORK (Reuters) - Bank of New York Mellon Corp said on Thursday that second-quarter profit fell 57 percent, hurt by a big charge tied to the taxation of leases.

  • JPMorgan beats forecasts, warns on mortgages Reuters - Thu Jul 17, 1:53 PM ET

    NEW YORK (Reuters) - JPMorgan Chase & Co posted a smaller-than-expected drop in earnings on resilient stock and bond underwriting revenue, sending its shares surging, but the company cautioned that the mortgage market and the economy are getting worse.

  • U.S. lawmakers and World Bank seek to bridge gaps Reuters - Wed Jul 16, 7:42 PM ET

    WASHINGTON (Reuters) - The World Bank and U.S. lawmakers, concerned with how Americans' tax dollars are being spent, launched a new forum on Wednesday to improve cooperation between the poverty-fighting institution and Congress.

  • People queue at an IndyMac Bank in Pasadena, California on July 14. World stock markets reeled again on uncertainty over the unfolding US financial crisis and the prospect of more gloomy comment from US Federal Reserve chief Ben Bernanke.(AFP/Getty Images/File/David Mcnew)
    FBI probes possible home-loan fraud at IndyMac AP - Wed Jul 16, 5:48 PM ET

    WASHINGTON - The FBI is investigating failed bank IndyMac Bancorp Inc. for possible fraud, an official said Wednesday of the government's latest target following the collapse of the nation's subprime mortgage market.

  • A trader looks up at a monitor on the floor of the New York Stock Exchange July 24 in New York. With Wall Street investors hesitant, fresh data in the coming week could help provide a clearer picture of whether the US economy is in recovery mode or an extended downward spiral.(AFP/Getty Images/Chris Hondros)
    Wall St. soars on banks' best day in 16 years Reuters - Wed Jul 16, 5:43 PM ET

    NEW YORK (Reuters) - Stocks rallied more than 2 percent on Wednesday, powered by the best day for banks in 16 years as unexpectedly strong results from Wells Fargo & Co relieved worry about a credit crisis spiraling out of control.

1  2  3    Next