Banks, Government | featured news

Next year, $1.5 trillion of bank deposits will lose an unlimited government guarantee granted during the financial crisis, and boutique firms are offering new shelters for the cash.

Moody's downgraded Bank of America's and Wells Fargo's long-term ratings and the short-term ratings of Citigroup, saying it believes the U.S. government is less likely to support the banks if needed.

American International Group Inc and the U.S. government agreed on a plan that would see the insurer repay taxpayers fully for bailing it out at the height of the financial crisis.