Banking
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BofA gave $500 bonuses to foreclose on clients, lawsuit claims
Bank of America Corp., the second- biggest U.S. lender, rewarded staff with cash bonuses and gift cards for meeting quotas tied to sending distressed homeowners into foreclosure, former employees said in court documents. more
Public confidence in U.S. banks hits 5-year high, Gallup finds
Americans are more confident in U.S. banks than they’ve been in five years as an improving economy helps lenders boost profit and repair their balance sheets, a new Gallup poll found. more
RBS tumbles after Hester departure as 2,000 job cuts planned
Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, fell as much as 8.2 percent after CEO Stephen Hester quit and the company started to cut 2,000 investment-banking jobs. more
BofA regaining its fair share of mortgage market, Thompson says
Bank of America Corp., the second- biggest U.S. lender by assets, is regaining market share in home loans after shrinking the business, according to Chief Financial Officer Bruce Thompson. more
RBS turns over Libor records in Canada Competition Bureau probe
Royal Bank of Scotland Group Plc has started turning over documents to Canada’s Competition Bureau as the regulator probes possible manipulation of the London interbank offered rate, court records show. more
BofA $8.5B mortgage deal before judge after 2-year wait
Bank of America Corp.’s $8.5 billion settlement with mortgage-bond investors is set to be considered by a New York court two years after the lender struck the deal to resolve claims over home loans bundled into securities. more
Santander sells fund unit stake to Warburg, General Atlantic
Banco Santander SA agreed to sell half of its asset-management division to U.S. buyout firms Warburg Pincus LLC and General Atlantic LLC in a deal that values the unit at 2.05 billion euros ($2.67 billion), the latest disposal by Spain’s largest bank as it bolsters capital. more
BofA must face mortgage repurchase suit by U.S. Bancorp
Bank of America Corp. must face a lawsuit filed by a mortgage-bond trustee that seeks the repurchase of home loans backing $1.75 billion of securities, a judge ruled. more
RBS, other large U.K. banks cut employment to 2004 low
Britain’s four biggest banks will have eliminated about 189,000 jobs by the end of this year from their peak staffing levels, bringing employment to a nine-year low amid a dearth of revenue. More cuts may follow. more
Gim to succeed Daukas as WashTrust executive VP
Galan G. Daukas, former executive vice president of wealth management at Washington Trust Bancorp. Inc., resigned his position, effective May 20. Daukas will be succeeded by Mark K. Gim, according to a bank filing with the Securities and Exchange Commission. more
| 5/24/13
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