Regional bank SunTrust Banks Inc. paid Chairman and CEO James M. Wells III compensation valued at about $5.9 million last year, a 27 percent drop from 2008, according to an Associated Press calculation from the company’s proxy statement.
Faced with public outrage over excessive pay to bankers, the bosses of Britain’s five biggest banks have taken the unprecedented step of spurning bonuses worth millions of pounds.
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JPMorgan Chase & Co.’s new ad campaign publicizes the bank’s plans to lend $10 billion to small businesses this year.
March 5 — Thomas Lee, chief U.S. equity strategist at JPMorgan Chase & Co., and Michael Gurka of Empower Global Funds talk with Bloomberg’s Matt Miller and Carol Massar about the outlook for stocks and employment.
CF Industries Holdings Inc. said Friday it has begun its unsolicited $4.7 billion offer for fertilizer company Terra Industries Inc., which has already accepted a buyout offer from a Norwegian company.
The unemployment rate in Texas held steady at 8.2 percent in January, matching the revised figure from December, a state agency said Thursday.
Pay czar Kenneth Feinberg believes the compensation paid to Wells Fargo & Co’s chief executive for 2009 “raises serious questions,” he told CNBC on Thursday.
The judge in the Washington Mutual bankruptcy case is postponing a hearing as the bank tries to resolve disputes with JPMorgan Chase and the Federal Deposit Insurance Corp.
March 4 — Bloomberg’s Betty Liu reports on the outlook for Citigroup Inc. Chief Executive Officer Vikram Pandit’s testimony before the Congressional Oversight Panel for the Troubled Asset Relief Program today.
The European Central Bank is expected to announce Thursday that special lending to banks introduced during the financial crisis will be scaled back - even though recovery from recession is proving to be weaker than hoped.
Federal Reserve Bank of Dallas President Richard Fisher called for an international pact to break up banks whose collapse would threaten the financial system, a position that goes beyond other Fed officials.
Canada’s largest bank racked up a $1.5-billion first-quarter profit, a 35 per cent gain from the same period a year earlier, helped by cost cutting and a strong performance at its domestic banking division in an economic landscape beginning to recover from the recession.
March 3 — Elizabeth Warren, who chairs the Congressional Oversight Panel for the Troubled Asset Relief Program, talks with Bloomberg’s Deirdre Bolton and Erik Schatzker about the outlook for Citigroup Inc.
The Federal Reserve Bank of Chicago reported this week that good quality Iowa farm land rose in value by 3 percent during the last quarter of 2009 and 4 percent during the entire year.
Former Bank of Canada governor David Dodge has been nominated to join the Scotiabank board of directors, the bank said Monday.
The Reserve Bank of Australia raised its policy rate by a quarter point to 4.0%, as expected, marking the central banks’ fourth rate increase in five meetings after last month’s surprise decision to stand pat.
Bank of America Corp Chief Executive Brian Moynihan said on Sunday during a television interview that he will vote for U.S. Representative Barney Frank, a key proponent of financial industry reform, in the upcoming November election.
Asian stocks climbed for a second day, led by material-related companies as commodity prices gained and as Mitsubishi UFJ Financial Group Inc.
Merck KGaA agreed to buy Millipore Corp. , a supplier of drug-development equipment for biotechnology companies, for about $6 billion in cash, beating a rival offer from Thermo Fisher Scientific Inc.
William Isaac , the Federal Deposit Insurance Corp.a s former chairman, is leading a group of ex- regulators and bankers raising $1 billion to buy failed lenders in the U.S. Southeast, according to people briefed on the plan.
Prince Alwaleed bin Talal, a prominent Saudi investor in Citigroup , reiterated on Saturday his support the bank’s management led by Chief Executive Vikram Pandit.
The Washington Department of Financial Institutions closed Rainier Pacific Bank at 6 p.m. Friday, citing inadequate capital and severe loan losses.
WASHINGTON - The recovery is losing steam. The economy is now likely expanding at just half the brisk 5.9 percent pace at which the government on Friday estimated it grew last quarter.
Colombia’s constitutional Court shut the door Friday on President Alvaro Uribe’s aspirations for a third straight term, ruling unconstitutional a law that would have let voters decide in a referendum whether he could run again.
U.S. banks may expand their short- term lending at interest rates of 120 percent or more as they seek to replace more than $15 billion in lost revenue because of regulations limiting overdraft fees.
Wells Fargo & Co. said Tuesday that shareholders will have a non-binding advisory vote on executive compensation at this year’s annual meeting in April.
Shareholders of Bank of America Corp. have approved the bank’s plan to sell more common stock to cover the cost of repaying government bailout funds.
WASHINGTON - Federal prosecutors have launched a criminal investigation into Toyota Motor Corp.’s safety problems and the Securities and Exchange Commission was probing what the automaker told investors, the company disclosed Monday.
Feb. 23 — Mansoor Mohi-uddin, chief currency strategist at UBS AG, talks with Bloomberg’s Haslinda Amin and Patricia Lui about his forecast for the U.S. dollar and euro.
The death toll from last month’s devastating earthquake in Haiti could jump to 300,000 people, including the bodies buried under collapsed buildings in the capital, says Haitian President Rene Preval.
The Writers Guild of America, East and the Writers Guild of America, West tonight announced the winners of the 2010 Writers Guild Awards for outstanding achievement in writing for screen, television, radio, news, promotional, and videogame writing at simultaneous ceremonies at the Hudson Theatre at the Millennium Broadway Hotel in New York City and …
Royal Bank of Scotland chief executive Stephen Hester could be in line for a bonus of up to A 1.6m this week despite the bank’s predicted hefty losses, it was reported today.
CHILLICOTHE — This weekend, PNC Financial Services Group will begin stripping the National City name off local bank branches that will be rebranded as PNC.
Bank stocks rose like a phoenix from the financial ashes over the past year or so, lifting the results of the funds that owned them as well.
Small change: Hypo Group Alpe Adria was nationalised late last year for the sum of 3
The nationalisation of Austria’s Hypo Alpe Adria had more to do with regulation and ownership models than exposure to emerging Europe. Writer Philip Alexander
National Australia Bank increased cash earnings by 20 per cent in the first quarter of fiscal 2010 from the final quarter of the previous year, after bad and doubtful debt charges fell.
By MARTIN CRUTSINGER The Treasury Department said Thursday it has authorized another four auctions of bank warrants to recoup taxpayer money from the controversial financial bailout fund.Treasury said that four banks including Bank of America Corp.
Feb. 18 — Kelly King, chief executive officer of BB&T Corp., talks with Bloomberg’s Peter Cook about the Federal Reserve Board decision to raise the discount rate charged to banks for direct loans by a quarter point to 0.75 percent.
A class-action lawsuit against Scotiabank over unpaid overtime has been certified by an Ontario court.
Fertilizer giant Agrium Inc. has extended its hostile bid for CF Industries Holdings Inc.
Small change: Hypo Group Alpe Adria was nationalised late last year for the sum of 3
The nationalisation of Austria’s Hypo Alpe Adria had more to do with regulation and ownership models than exposure to emerging Europe. Writer Philip Alexander
In the dark days at the start of the 2009, few expected financial markets to recover as they did. Even fewer expected records to be broken. They were. Writer Geraldine Lambe
The Commonwealth Bank of Australia, arguably the country’s biggest bank, has smashed its previous profit record for the December half.
The trio of top executives at British bank Barclays , including Chief Executive John Varley and President Bob Diamond, will forgo a cash bonus for 2009, a person familiar with the matter said.
Greek prime minister calls EU ‘timid’ ‘There was a lack of co-ordination between the various bodies of the Union, the Commission, the member states, the European Central Bank,’ George Papandreou tells Cabinet Elena Becatoros Athens - The Associated Press Published on Friday, Feb.
The fragility of the euro zone economy and public finances underline the need to extend and strengthen euro-wide economic management, European Central Bank Governing Council Member Mario Draghi said on Saturday.
Feb. 12 — Astrid Schilo, an economist at HSBC Holdings Plc, talks with Bloomberg’s Maryam Nemazee about today’s German and French gross domestic product data.
