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Morgan Stanley and Citigroup settled a dispute Tuesday over the value of the brokerage firm Morgan Stanley Smith Barney, which they jointly own.

The fallout from an investigation into the attempted manipulation of global benchmark interest rates has again rocked Barclays Plc, as the bank recently ousted a top executive and a trader in New York for their roles in the scandal, according to regulatory filings obtained on Tuesday.

The official spoke on the condition of anonymity because of the sensitivity of the probe. It is examining whether the firms used a tax strategy to avoid paying hundreds of millions of dollars in taxes. The practice involved converting some fees collected for managing accounts into fund investments, resulting in a lower tax rate.

Barclays has moved quickly to fill the void at the top. The bank Thursday named Antony Jenkins, the head of its retail and business banking unit, to succeed Robert Diamond, who was forced to resign July 3 after the Libor rate-rigging scandal.

Here’s something that may (or may not) surprise about you about banks: They’re raking in profits like it’s 2007. It's not such a rosy environment for banks once you cut a little deeper into the numbers. The latest data from the FDIC show banks taking in net income of $34.5 billion in the second quarter of 2012, that’s up $5.9 billion from from the second quarter of 2011.

Investigators are expected to conclude that sloppiness, not criminal intent, was the main driver behind the disappearance of customer money.

The attorneys general of New York and Connecticut have issued subpoenas to seven banks over the possible manipulation of a global interest rate, a person with knowledge of the matter told The Associated Press on Wednesday....

Peregrine Financial Group founder and CEO Russell Wasendorf Sr. was indicted on charges of lying to regulators Monday, a little over a month after his botched suicide attempt and his signed confession to bilking customers of his brokerage for years.

Standard Chartered is in talks with multiple law-enforcement officials, including New York's banking regulator, to resolve a probe into improper Iranian money transactions by the British bank, according to people familiar with the situation.

The U.S. Justice Department said it will not pursue criminal charges against Goldman Sachs Group Inc or its employees related to accusations that the firm bet against the same subprime mortgage securities it was selling to clients.