Financial Services
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BofA traders post gains all quarter as Morgan Stanley stumbles
Bank of America Corp.’s traders posted gains every business day during the first quarter as Morgan Stanley’s lost money in eight sessions, double the rate a year earlier. more
FM Global to offer record ‘membership credit’
Clients of FM Global, the Johnston-based commercial property insurer, will receive a collective $435 million in premium reductions as part of a record “membership credit” to policy holders. more
| 5/7/13
BofA settles ‘big kahuna’ mortgage suit as new case looms
Bank of America Corp. CEO Brian T. Moynihan, who once vowed to wage “hand-to-hand combat” in lawsuits over faulty mortgages, settled one big fight with MBIA Inc. yesterday as another remains unfinished. more
Customers Bank earns top marks on Bank Director list
Bank Director magazine has awarded Customers Bank high rankings in two categories of the magazine’s 2013 Growth Leaders Ranking list, the bank announced Monday. more
BofA, Wells Fargo to be sued over mortgage deal
Bank of America Corp. and Wells Fargo & Co. will be sued by the state of New York for allegedly violating terms of a $25 billion nationwide settlement over foreclosure practices. more
BofA among banks sued by Schwab over alleged Libor manipulation
Charles Schwab Corp., whose antitrust claims against banks over manipulation of the London interbank offered rate were tossed from federal court in New York, sued Bank of America Corp. and other financial institutions for fraud in state court in San Francisco. more
RBS units to pay $13.9M over U.S. banking violations
Royal Bank of Scotland Group Plc will pay $10 million in fines and $3.9 million in restitution to settle two banking regulators’ claims that the lenders’ U.S. units deceived retail banking customers. more
BofA urges dismissal of U.S.’s $1B faulty mortgages suit
Bank of America Corp. urged a federal judge to throw out a $1 billion fraud lawsuit filed by the U.S. alleging it sold defective residential mortgage loans to Fannie Mae and Freddie Mac that defaulted. more
Santander names Javier Marin as CEO after Saenz quits
Banco Santander SA, Spain’s biggest bank, named Javier Marin as its new CEO, turning to a leader from a younger generation after Alfredo Saenz resigned. more
Capital Properties 1Q profit drops
Capital Properties Inc. reported a 33.5 percent drop in profit to $340,000, or 5 cents per share, during the first quarter of 2013 compared with earnings of $511,000, or 8 cents per share, during 2012. more
| 4/25/13
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