|
News
-
Financial News
|
As European Union leaders prepare for yet another crisis summit meeting next week to discuss fundamental changes in economic governing, there are growing concerns that the latest potential approach — a more aggressive intervention by the European Central Bank — will not be enough to stabilize the markets and preserve the euro.The assumption has been that if political leaders can convince voters in their countries that they are capable of enforcing greater discipline and centralized intervention in national budgets, as Germany demands, then the European Central Bank will have the political breathing space to move more aggressively to support the bond sales of Spain and especially Italy. The thought is that the bank can flood the market, driving down interest rates to tolerable levels, buying time for Europe to fix its debt problems and overhaul laggard economies. [Read the full article]
Three years after a deal that transformed Wells Fargo, CEO John Stumpf came to Charlotte, N.C., Thursday to retire the Wachovia brand and rally employees whose future looked considerably less bright in 2008.At the height of the financial crisis Charlotte-based Wachovia was going down. A FDIC brokered deal to sell the bank to Citigroup [ C 26.7201 -0.7599 (-2.77%) ] was greeted with resignation.The San Francisco-based bank offered to buy Wachovia for $7 billion, a deal that, unlike Citigroup's, did not require government assistance.The acquisition doubled Wells Fargo's deposit and asset base. Wells now has the second largest deposit base in the country at $836.8 billion.By assets it is number four among the large banks, although Wells' $1.3 trillion in assets are dwarfed by the $2.27 trillion of the largest, J.P Morgan. [Read the full article]
Massachusetts is suing five major banks including Bank of America and JPMorgan Chase. over deceptive foreclosure practices.The lawsuit also names Wells Fargo [ WFC 25.522 -0.338 (-1.31%) ], Citigroup [ C 26.72 -0.76 (-2.77%) ], and Ally Financial [ GMSPZ 0.00 +0.00 (+0.00%) ]. It was filed in Massachusetts Wednesday by Attorney General Martha Coakley.The complaint also names Mortgage Electronic Registration System, Inc. and its parent company as defendants.The lawsuit is seeking redress for what Coakley calls "unlawful and deceptive" conduct in the foreclosure process, including unlawful foreclosures, false documentation, robo-signing, and deceptive practices related to loan modifications.Massachusetts is suing five major banks including Bank of America and JPMorgan Chase. over deceptive foreclosure practices. [Read the full article]
|
