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Stock Market & Financial Investment News

News Breaks
July 21, 2014
07:23 EDTCCiti unit, Mexican regulator at odds over fraud probes, Reuters says
Preliminary findings of a probe by Citigroupís Banamex into the corporate loan fraud that cost it over $500M differ markedly from a separate investigation by the Mexico's banking regulator CNBV, reported Reuters. Citi's Mexican unit has identified a middle manager the bank fired in 2012, Jose Ortega, as having played a key role in the fraud, according to two people familiar with its investigation, but the regulator says Ortega probably played only a bit part and that the real problem lies with the bankís failure to have proper controls in place. Reference Link
News For C From The Last 14 Days
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July 31, 2015
06:40 EDTCU.S. banks prepared to take advantage of Euro lenders' cautions, WSJ says
U.S. banks are preparing to advance in the sector after reporting earnings, with executives touting the gloom coming from their European counterparts as a major opportunity to capitalize on their newfound advantage, the Wall Street Journal reports. On Thursday, Deutsche Bank (DB) CEO John Cryan said that the company must "shrink" its balance sheet, while Barclays (BCS) chairman John McFarlane said that Wall Street lenders are "an enormous threat" to Euro investment banks, the report says. On the other hand, Morgan Stanley (MS) chairman James Gorman said after reporting earnings last week that the company is poised to advanced in the debt trading sector, and that "there's a potential for, over a period of time, share gain for our business," the report says. In addition, Goldman Sachs finance chief Harvey Schwartz said that the company is "seeing potential big restructuring on the European side," the report adds. Publicly traded companies in the European space include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Publicly traded companies in the U.S. space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
July 28, 2015
09:32 EDTCCaterpillar announces $1.5B accelerated stock repurchase
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July 24, 2015
10:46 EDTCCiti's Mexico unit facing expanding money laundering probe, Bloomberg says
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July 22, 2015
16:26 EDTCCiti releases results of 2015 Dodd-Frank Stress Test
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12:58 EDTCCiti says to wind down banking operations at Banamex USA
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12:53 EDTCFDIC announces $140M civil penalty against Citi's Banamex USA unit
The FDIC announced the assessment of a civil money penalty of $140M against Banamex USA, Century City, California, for violations of the Bank Secrecy Act and anti-money laundering laws and regulations. In a concurrent action, the California Department of Business Oversight assessed a civil money penalty of $40M. The FDIC's penalty of $140M will be satisfied in part by the CDBO's penalty. The FDIC's penalty will be paid to the United States Department of the Treasury. In taking this action, the FDIC determined that the bank failed to implement an effective BSA/AML Compliance Program over an extended period of time. The institution failed to retain a qualified and knowledgeable BSA officer and sufficient staff, maintain adequate internal controls reasonably designed to detect and report illicit financial transactions and other suspicious activities, provide sufficient BSA training, and conduct effective independent testing.
July 21, 2015
10:58 EDTCCiti fined $70M, ordered by CFPB to provide $700M in relief
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July 20, 2015
16:01 EDTCOptions Update; July 20, 2015
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13:03 EDTCFed proposes final rule on capital surcharges for largest U.S. banks
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July 19, 2015
19:12 EDTCFederal Reserve proposes changes to 'stress test' regulations
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