Financial services | GlobalPost

UBS names head of private wealth division in Americas

Thomson ReutersMay 7, 2013 13:04

(Reuters) - Swiss bank UBS AG's <UBSN.VX> U.S. brokerage unit has named a new head for its private wealth management division, as the company looks to expand its business catering to clients with $10 million or more in investable assets. John Mathews, who had been a regional director in the southeast United States, has been tapped to lead the firm's ultra-high-net-worth unit, which includes roughly 340 of the firm's 7,000 brokers. He takes over the role from Jason Chandler, who had been overseeing the unit and the broader adviser force.

MBIA, Bank of America settle their legal disputes: source

Thomson ReutersMay 7, 2013 13:02

(Reuters) - Bank of America Corp <BAC.N> and MBIA Inc <MBI.N> have settled their legal disputes, and the settlement includes a $1.6 billion cash payment by the bank to the bond insurer, a person familiar with the settlement said on Monday. The person, speaking on condition of anonymity, said the deal would bring "total peace" to the two companies' various ongoing legal disputes. (Reporting by Karen Freifeld; Editing by Maureen Bavdek)

New York to sue BofA, Wells Fargo over mortgage practices

Thomson ReutersMay 7, 2013 12:55

By Karen Freifeld and Aruna Viswanatha NEW YORK (Reuters) - New York Attorney General Eric Schneiderman said on Monday he plans to sue Bank of America Corp and Wells Fargo and Co for violating the terms of a settlement designed to end mortgage servicing abuses. Schneiderman issued the announcement, which suggests lawsuits could be filed against the banks within two months, ahead of a widely anticipated report from the monitor for the multi-state settlement, which is expected to be critical of banks.

New York state to sue Bank of America, Wells Fargo

Agence France-PresseMay 6, 2013 11:46

New York state Monday announced plans to sue Bank of America and Wells Fargo for violating a 2012 settlement aimed at addressing widespread mortgage lending abuses. New York Attorney General Eric Schneiderman said the two banks had "repeatedly" flouted the terms of the $25 billion March 2012 settlement that makes it easier for homeowners to seek loan modifications. Under the terms of the settlement, the banks are to expeditiously notify consumers of the receipt of loan modification applications and abide by a time-frame for processing the application.

NY attorney general: Wells Fargo, Bank of America violate refinancing terms in mortgage accord

The Canadian PressMay 6, 2013 11:45

ALBANY, N.Y. - New York's attorney general on Monday accused Wells Fargo and Bank of America of violating the terms of last year's national mortgage settlement by failing to process hundreds of refinancing requests promptly. Attorney General Eric Schneiderman has notified the national monitoring committee established to enforce the five-bank agreement, citing complaints of 210 prompt-processing violations by Wells Fargo and 129 by Bank of America. If the committee defers taking action, Schneiderman said he will sue for compliance.

ADB keen to boost financial resources to promote growth

Kyodo News InternationalMay 4, 2013 09:15

The Asian Development Bank on Saturday pointed to the need to strengthen its financial resources to help Asia reduce poverty and achieve more economic growth as the region's financial chiefs gathered for the multilateral lender's annual meeting. The ADB's operations last year came to a total of around $22 billion including about $8 billion in co-financing, but the figure "still falls far short compared with the needs of the region," ADB President Takehiko Nakao said in his speech delivered at the start of its two-day meeting in India.

Royal Bank of Scotland eyes return to private sector

Agence France-PresseMay 3, 2013 05:45

State-rescued Royal Bank of Scotland plans a return to the private sector next year following a massive restructuring programme, it said on Friday as it also announced a swing back into profit. RBS chairman Philip Hampton said that the Edinburgh-based bank hoped to begin offloading the government's 81-percent stake from the middle of next year or possibly earlier.

Asian economic growth will pick up further: ADB president

Kyodo News InternationalMay 2, 2013 06:15

Asian Development Bank President Takehiko Nakao said Thursday he sees a great possibility for further Asian economic growth down the road supported by strong domestic demand in the region, despite signs of a slowdown seen last year in countries such as China and India. "I want to emphasize that Asian economic growth has been more robust and resilient" than expected, Nakao said at a press conference in Greater Noida on the outskirts of New Delhi, ahead of the ADB's two-day annual meeting starting Saturday.

Ex-top Japan financial diplomat Nakao named new ADB head

Kyodo News InternationalApril 30, 2013 15:55

Former Japanese Vice Finance Minister for International Affairs Takehiko Nakao has been named new president of the Asian Development Bank, the organization said Friday. The former top Japanese financial diplomat, who was the sole candidate, will formally take the helm of the ADB on Sunday, according to the Manila-based institution. The 57-year-old Nakao succeeds Haruhiko Kuroda, who assumed the post of Bank of Japan governor on March 20, and will serve out the latter's remaining term through November 2016.

Japan's former top financial diplomat Nakao named new ADB head

Kyodo News InternationalApril 30, 2013 15:54

Former Japanese Vice Finance Minister for International Affairs Takehiko Nakao was named new president of the Asian Development Bank, the organization said Friday. Japan's former top financial diplomat, who was the sole candidate, will formally take the helm of the ADB on Sunday, according to the Manila-based institution. Nakao, 57, succeeds Haruhiko Kuroda, who assumed the post of Bank of Japan governor on March 20, and will serve the latter's remaining term through November 2016.