Connect to share and comment

Spain's rescued Bankia sells Iberdrola stake

Spain's Bankia, rescued by the state from near financial collapse in 2012, announced Thursday it had raised 1.53 billion euros ($2.1 billion) by selling its stake in energy giant Iberdrola. It was the biggest single asset sale by Bankia and its parent BFA since the group was salvaged two years ago with a 20-billion-euro rescue, financed by Spain's European partners.

Deutsche Bank manager suspended in forex probe

Deutsche Bank, Germany's biggest lender, has suspended a top saleswoman in an investigation into suspected foreign exchange rate manipulation, the Wall Street Journal reported on Thursday. Quoting a person familiar with the matter, the newspaper said that the director of sales at Deutsche Bank in London was placed on leave last month after the German bank found what it regarded to be inappropriate communication between her and the central bank of Singapore.

Deutsche Bank seeks shareholder approval for bonus increase

FRANKFURT (Reuters) - Deutsche Bank <DBKGn.DE> will ask shareholders to approve raising limits on executive bonuses for 2014 as required by new European rules, according to an agenda for the bank's annual shareholder meeting to be held on May 22. European Union rules say that bankers' bonuses cannot exceed the annual fixed salary, or twice that if shareholders approve, to curb the sort of excessive risk-taking blamed for the 2008-09 financial crisis.

Deutsche Bank mulls raising fixed pay for board: report

FRANKFURT (Reuters) - Deutsche Bank <DBKGn.DE> is considering raising the fixed pay of its management board members by more than a third in response to new EU regulations, a German paper reported on Thursday. The fixed pay of each board member could rise by several hundred thousand euros, Die Welt reported, citing sources close to the company. For co-CEOs Anshu Jain and Juergen Fitschen, the increase could be close to 1 million euros ($1.4 million), the paper added.

Bank of America paying $772M in settlement with US regulators over selling credit card extras

WASHINGTON - Bank of America Corp. is paying $772 million in fines and refunds to settle regulators' accusations that it misled customers who bought extra credit-card products and illegally charged others for credit monitoring and reporting services they didn't receive. The Consumer Financial Protection Bureau and the U.S. Office of the Comptroller of the Currency announced the agreement Wednesday with the second-largest U.S. bank.

Bank of America to eliminate 3,000 jobs in Costa Rica, the Philippines and Mexico

NEW YORK, N.Y. - Bank of America says it's cutting about 3,000 jobs overseas as part of ongoing reviews of its global operations. The jobs are located in Costa Rica, the Philippines and Mexico. The Charlotte, N.C.-based company plans to close sites in those countries over the next nine to 12 months. Bank of America Corp. spokesman Mark Pipitone says the cuts will have no effect on Bank of America Merrill Lynch, its global banking and markets business, which serves commercial, corporate and institutional clients in Latin America.

Citigroup says to close one third of Korea branches as costs, competition rise

HONG KONG (Reuters) - Citigroup Inc <C.N> said it will close almost one third of its branches in Korea, becoming the third global bank to trim its presence in the country in the last year amid rising costs and intense competition. Citi will shut 56 out of 190 branches as it concentrates on six major cities and moves to boost its online presence, the U.S. bank said in a statement on Tuesday.

Citi agrees to pay $1.1 bn in mortgage settlement

Citigroup Monday said it reached an agreement with a group of 18 institutional investors to pay $1.125 billion to settle claims on some mortgage-backed securities sold ahead of the financial crisis. Citi said the agreement releases it from an obligation to repurchase mortgages sold into 68 mortgage trusts. The 68 trusts issued $59.4 billion in residential mortgage securities during 2005-2008.

Citi to settle legacy securities claims, incur $100 million charge

(Reuters) - Citigroup Inc said it would pay $1.12 billion to settle legacy securities and other claims and incur a related charge of $100 million in the first quarter. The bank reached the agreement with 18 institutional investors and said the settlement had resolved a significant legacy issue left over from the financial crisis. (Reporting by Avik Das in Bangalore)

UBS unit must pay $5.4 million to ex-broker who sold Lehman notes: panel

By Suzanne Barlyn (Reuters) - A unit of UBS AG must pay $5.4 million to a former broker who said the firm misled its advisers about the financial health of Lehman Brothers Holdings Inc while recommending they sell its structured notes to clients, a securities arbitration panel ruled.
Syndicate content