When a scandal over unauthorized accounts rocked Wells Fargo & Co's retail division last fall, executives at its asset management arm sprang into action to limit its fallout at an already tough time for their business.
Wall Street is pushing back against a proposed rule to force U.S. banks like Goldman Sachs Group Inc to hold more capital against investments in commodities, placing what some see as an overly restrictive limit on banks' ties to the sector.
HONG KONG/LONDON HSBC's full-year profit slumped 62 percent and fell far short of forecasts on Tuesday as the bank took hefty writedowns from restructuring and flagged near-term brakes on revenue growth. | Video
LONDON HSBC cut its staff bonus pool by 12 percent to $3 billion in 2016 compared with the previous year, the bank said on Tuesday in its annual report, as the bank took into account weaker than expected profits.
Citigroup Inc's board of directors cut Chief Executive Officer Michael Corbat's compensation by 6 percent last year after the bank missed financial targets and one-third of its voting shareholders disapproved of his prior pay package.
NEW YORK Bank of America Corp's board awarded Chief Executive Officer Brian Moynihan $20 million for his work last year, the largest pay package he has received since taking the helm of the bank in the aftermath of the 2008 financial crisis.
JOHANNESBURG Barclays Plc and Citigroup approached South African competition regulator with information relating to the alleged rigging of the rand currency's exchange rate, two sources with direct knowledge of the matter said on Friday.
WASHINGTON Outlets of Santander Bank, already under fire for lending practices, denied mortgages to women, minorities and low-income borrowers in the U.S. Northeast more frequently than nearby banks, according to an analysis by an industry reform group on Thursday.
NEW YORK JPMorgan Chase & Co is gradually introducing a digital mortgage platform where customers can apply online and track applications by mobile phone.
BOSTON The board of Wells Fargo & Co plans to oppose a resolution filed by shareholder activists led by the Sisters of St. Francis of Philadelphia seeking a review of the root causes of the bank's unauthorized accounts scandal, according to a draft document seen by Reuters.