Financial Industry, Billion | featured news

A judge on Tuesday approved a set of settlements among Lehman Brothers entities that will allow the company's defunct brokerage to pay back about $15 billion in customer claims.

Europe has spent hundreds of billions of euros rescuing its banks but may have lost an entire generation of young people in the process, the president of the European Parliament said.

Citigroup Inc posted $2.32 billion of charges for layoffs and lawsuits in its first financial report under new Chief Executive Michael Corbat, who said the bank needs to do better for shareholders.

Ten major banks and mortgage companies agreed Monday to pay $8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.

Bank of America agreed on Monday to pay more than $10 billion to Fannie Mae to settle claims over troubled mortgages that soured during the housing crash, mostly loans issued by the bank's Countrywide Financial subsidiary.

HSBC, the British banking giant, will pay $1.9 billion to settle a money-laundering probe by federal and state authorities in the United States, a law enforcement official said Monday.

Jefferies will continue to operate as a full-service global investment banking firm in its current form, the companies said.

Finally moving beyond a trading debacle that has stained his once-stellar reputation, Jamie Dimon, JPMorgan Chase’s chief executive, on Friday trumpeted a strong quarter of earnings stemming from a surge in mortgage lending.

U.S. bank regulators are set to vote on a plan requiring banks with more than $10 billion in assets to conduct annual stress tests to determine if they can withstand a financial shock.

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.