Sign In
Free Newsletter
More disappointing earnings by big banks
The final months of 2014 were more difficult for big banks than investors suspected. Bank of America and Citigroup reported disappointing results Thursday, hit by lower trading revenues and more legal expenses. That followed JPMorgan’s weaker earnings announced the day before. Shares of all three banks on Thursday fell 3 percent or more, a bigger […]
Citi says SEC has closed probe of mortgage bonds
Citigroup Inc. says it’s been told by the Securities and Exchange Commission that the agency has completed its investigation of the bank’s conduct regarding mortgage bonds and won’t bring further enforcement action.
Mortgage settlement hits Citigroup net income
Citigroup said Monday that its net income dropped in the second quarter after it took a $3.8 billion charge to settle claims over its risky subprime mortgage business.
Atlanta Braves face lawsuit over foul ball that fractured girl’s skull
Marriage matters not, Citigroup settles and jail mail round out this week's Law Blog Roundup.
Citigroup move could cut 650 Hagerstown jobs
Citigroup Inc. says it plans to close a Hagerstown unit that employs about 650 people servicing home loans that have gone into default.
Banks earn record $42.2B in 2nd quarter
WASHINGTON — U.S. banks earned more from April through June than during any quarter on record, aided by a steep drop in losses from bad loans. The Federal Deposit Insurance Corp. says the banking industry earned $42.2 billion in the second quarter, up 23 percent from the second quarter of 2012. About 54 percent of […]
Citigroup agrees to pay $968M to Fannie Mae
NEW YORK — Citigroup has agreed to pay $968 million to Fannie Mae to resolve potential future repurchase claims on residential mortgage loans originated between 2000 and 2012. A sizable group of the loans were originated during the U.S. housing boom. Mortgage giants Fannie Mae and Freddie Mac bought mortgage loans from banks like Citigroup […]
Banks fall short in helping struggling homeowners
WASHINGTON — Homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation’s top mortgage servicers, according to a report released Wednesday. Such delays can plunge borrowers deeper in debt. Joseph A. Smith Jr., the independent monitor of last year’s national mortgage settlement, said […]
Banks report record earnings of $40.3B for Q1
WASHINGTON — U.S. banks earned more from January through March than during any quarter on record, buoyed by greater income from fees and fewer losses from bad loans. The banking industry earned $40.3 billion in the first quarter, the Federal Deposit Insurance Corp. said Wednesday. That’s the highest ever for a single quarter and up […]
Citigroup to pay $730 million to settle lawsuit
NEW YORK — Citigroup has agreed to pay $730 million to settle a class-action lawsuit that claimed investors were misled by the bank’s disclosures when they purchased its debt and preferred stock. The investors’ purchases were made from May 11, 2006 through Nov. 28, 2008. Citigroup Inc. denied the allegations and said in a statement […]
U.S. 4Q bank earnings up 37 pct as lending rises
WASHINGTON — Profits at U.S. banks jumped almost 37 percent for the October-December period, reaching the highest level for a fourth quarter in six years as banks continued to step up lending. The figures are fresh evidence of the industry’s sustained recovery more than four years after the financial crisis. Banks earned $34.7 billion in […]
Legal expenses drag down Citigroup 4Q earnings
Citigroup’s fourth quarter earnings fell short of Wall Street’s expectations as the bank’s legal expenses rose and it released less money from its loan-loss reserves. The bank, based in New York, said a big chunk of the legal expenses came from a settlement reached last week over illegal foreclosure practices in the aftermath of the […]
