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banks

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Latest Headlines

Deal's narrow immunity sparks concerns

The mortgage settlement between the top five mortgage banks and state attorneys general may indeed be a net positive in the short term, as it offers more certainty about the myriad state inquiries and offers additional hope that more individual foreclosure cases can be resolved. But there’s a

Banks face limited mortgage settlement fallout

The bottom-line impact of the ballyhooed $25 billion settlement between five big mortgage banks and nearly all states will likely be limited. Bank of America will contribute the majority of the settlement, $11.8 billion, mainly by dint of its Countrywide purchase. Wells Fargo will provide $5.4

Goldman Sachs' same-sex marriage support

Goldman Sachs has raised brows by throwing its support behind the Human Rights Campaign's effort to legalize same-sex marriages. For the movement, this is a big deal, as the firm ranks as one of the most powerful businesses in the world. The Human Rights Campaign produced a video of CEO Lloyd

New York AG’s cancels press conference

Once again, New York has found itself in the middle of a storm regarding the proposed settlement between states and big mortgage banks. In a surprising development, New York’s AG Eric Schneiderman, who seemed to be on the verge of supporting the deal, called a press conference and some expecte

Bank of America seeks magic with new ad campaign

It was big news when Bank of America put its advertising account up for review. For all its woes, the bank still ranks as a top 20 advertiser. Winning a piece of the account would be quite a coup and a terrific opportunity to show off what an agency can do for a down-and-out brand. Ad Age

California, New York might sign on to settlement

When the New York attorney general sued three big consumer banks and MERS last week, it seemed like a thumb up the nose of the majority of other states who were on the verge of signing a deal to settle a host of mortgage crimes, such as robo-signing. In a twist, New York, which had made a nois

Banks that missed the Facebook cut

Wall Street continues to buzz about Morgan Stanley’s big win in the Facebook IPO sweepstakes--and Goldman Sachs’ big loss. Recall that the latter bank didn’t even come in second. That honor went to JPMorgan Chase. The other banks in the top tier are Bank of America Merrill Lynch, Barclays and

Bank of America’s share of mortgage market falls

We noted recently that Bank of America seems to be shrinking its footprint in the national mortgage market. If you take into account correspondent lending, which the bank has exited, the numbers continue to be eye-catching. As noted by Bloomberg , FBR analysts report that Bank of America’s

Efforts to reduce bad mortgages pays off

In a tough financial time, all the big residential mortgage banks were forced to staff up--either by hiring new  employees or retraining existing employees--in order to handle the waves of bad mortgages. Reuters notes that JPMorgan nearly tripled its staff over three years to 20,000 people

Bankers keep a low profile at Davos

The World Economic Forum in Davos always represents a good barometer of the public standing of banks. In the immediate aftermath of the financial crisis, the bank CEOs actually stayed away, reflecting their near-pariah status. Last year seemed to mark something of a turning point. We noted a