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Deutsche Bank seeks to avoid any seizure in Monte Paschi probe-sources

April 22, 2013 09:15
By Silvia Ognibene SIENA, Italy (Reuters) - Lawyers for Deutsche Bank <DBKGn.DE> met Italian prosecutors investigating loss-making trades at Italian bank Monte dei Paschi <BMPS.MI> on Monday to avoid any risk of a seizure order, three sources with direct knowledge of the matter told Reuters. A financial derivatives deal known as "Santorini" in 2008 between Deutsche Bank and Monte dei Paschi di Siena is one of three trades at the heart of a probe into alleged fraud at Italy's third biggest lender.

SMBC Nikko bets on "Abenomics", plans first new branches in 5 years

April 21, 2013 17:30
By Nathan Layne and Emi Emoto TOKYO (Reuters) - Japan's SMBC Nikko Securities will expand its domestic retail branch network by more than 20 percent over the next three years as it bets that the new premier's economic policies will lift the stock market further, the head of the country's third-largest brokerage said.

Court backs AIG bid for new venue in big BofA fraud case

April 19, 2013 14:15
By Jonathan Stempel (Reuters) - American International Group Inc <AIG.N> won a legal victory over where a mortgage fraud lawsuit it brought against Bank of America Corp <BAC.N> should be heard, a two-year-old case that has largely been on hold because of the dispute over venue. The 2nd U.S. Circuit Court of Appeals on Friday agreed with AIG that the case belongs in state court, not federal court as Bank of America preferred.

Morgan Stanley profits rise on lower charge

Agence France-PresseApril 18, 2013 10:01
US investment bank Morgan Stanley said Thursday it had swung to positive earnings due primarily to a favorable comparison with the year-ago period that included a large charge. Some of the bank's trading and investment banking businesses suffered declines, while wealth management and asset management results strengthened. Morgan Stanley reported net income of $958 million on revenues of $8.2 billion, up from a loss of $119 million on revenues of $6.9 billion in the year-ago period.

Morgan Stanley's results weaker as bond trading stumbles

April 18, 2013 08:00
By Lauren Tara LaCapra and Tanya Agrawal (Reuters) - Morgan Stanley <MS.N> posted a 14 percent drop in adjusted earnings as its bond trading unit faltered in the first quarter, raising fresh questions about how quickly the bank can turn around the long-lagging business.

Analysis - Bank of America seeks to boost revenue, but progress slow

April 18, 2013 00:30
By Rick Rothacker (Reuters) - Bank of America Corp <BAC.N> has launched a bank-wide initiative to boost revenue, but Chief Executive Brian Moynihan has his work cut out in proving that he can get the bank to grow robustly as it moves past its mortgage problems.

Deutsche Bank caps co-CEOs 2013 pay at 9.8 million euros

April 17, 2013 13:15
By Philipp Halstrick and Edward Taylor FRANKFURT (Reuters) - Deutsche Bank AG's <DBKGn.DE> co-chief executives will have their total pay for 2013 capped at 9.85 million euros (8.5 million pounds) each, according to the agenda for the company's annual shareholders' meeting. Under the terms of the lender's compensation system for this year, Anshu Jain and Juergen Fitschen's bonuses will be capped at 7.55 million euros and their fixed salaries at 2.3 million.

Bank of America profits higher on improved credit

April 17, 2013 09:16
Bank of America Wednesday on reported a six-fold increase in first-quarter earnings even as it signaled that profits were constrained by the low interest rate environment. The US banking giant said net income was $2.3 billion on revenues of $23.7 billion, compared with $328 million on revenues of $22.5 billion in the year-earlier quarter.

BofA's Countrywide in record $500 million mortgage settlement

April 17, 2013 09:00
By Jonathan Stempel (Reuters) - Bank of America Corp <BAC.N> has reached a record $500 million (328 million pounds) settlement with investors who claimed they were misled by its Countrywide unit into buying risky mortgage debt. The settlement is the largest to resolve federal class-action litigation over mortgage-backed securities, surpassing a $315 million accord with the bank's Merrill Lynch unit that won court approval last May.

Bank of America profits up on better credit quality

April 17, 2013 08:16
Bank of America Wednesday reported a six-fold increase in first-quarter earnings based on lower expenses and improved credit quality. The US banking giant said net income was $2.3 billion on revenues of $23.7 billion, compared with $328 million on revenues of $22.5 billion in the year-earlier quarter. The better results were driven in part by $1 billion less in expenses due to company efforts to "streamline processes" and fewer costs related to service delinquent loans. The company had about 16,000 fewer employees in March 2013, compared with the year-ago period.
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