Finance

Goldman Sachs Names Schiro Lead Director as Bryan Retires

2012-04-03 08:57:15

Goldman Sachs Group Inc. (GS), the fifth- biggest U.S. bank by assets, named James J. Schiro to succeed John H. Bryan as lead independent director, tapping an executive with accounting and insurance experience.

RBC Sued by U.S. Regulators Over Wash Trades

2012-04-03 08:56:19

Royal Bank of Canada was sued by U.S. regulators over claims that the Toronto-based lender engaged in illegal futures trades worth hundreds of millions of dollars to garner tax benefits tied to equities.

DBS Declines Most in TKTK On $7.2 Billion Takeover Offer

2012-04-03 08:54:50

DBS Group Holdings Ltd. (DBS) fell the most in six months after Southeast Asia’s largest lender offered to buy PT Bank Danamon Indonesia (BDMN) for about $7.2 billion yesterday in the region’s biggest banking deal.

Hartford Says Annuity-Block Sale More Likely as Markets Gain

2012-03-30 07:45:42

Hartford Financial Services Group Inc. (HIG), the insurer narrowing its focus under pressure from billionaire investor John Paulson, said it is more likely to divest its annuity business after stock markets rose.

AIG Targets China Drivers in $50 Billion Insurance Market

2012-03-30 07:45:00

Soon-to-be-relaxed rules in China have firms including American International Group Inc. (AIG) and Allianz SE (ALV) eager to grab a bigger share of the $50 billion that the country’s drivers spend each year on auto insurance.

SEC Said to Review Credit Suisse VIX Note

2012-03-30 07:44:06

U.S. Securities and Exchange Commission investigators are reviewing a Credit Suisse Group AG (CSGN) exchange-traded note that became unhinged from its benchmark and whipsawed investors, a person familiar with the matter said.

Goldman Should Stop Saying Clients Come First, Levitt Says

2012-03-30 07:43:23

Goldman Sachs Group Inc. (GS) should stop promoting itself as “putting customers first” because the slogan ignores conflicts inherent in trading, said Arthur Levitt, the former Securities and Exchange Commission chairman and a senior adviser to the firm.

Espirito Santo Among Five Portugal Lenders Downgraded by Moody’s

2012-03-29 08:28:23

Banco Espirito Santo SA (BES) was among five banks in Portugal to have credit ratings cut by Moody’s Investors Service, which cited asset risks and a “poor economic outlook” in a nation whose own grade was reduced last month.

Branson’s Virgin Money Seen Disrupting U.K. Retail Banks

2012-03-29 08:27:17

On a cold, clear January morning, Sir Richard Branson finds himself standing in the middle of a pedestrian-friendly street in Newcastle -- a hardscrabble city in northeast England -- becoming something he never thought he would be: a banker.

MF Global Treasurer Provides No Answers on Missing Funds

2012-03-29 08:26:00

A U.S. House investigations subcommittee ended a third hearing into the collapse of MF Global Holdings Ltd. (MFGLQ) with the same problem they had four months ago: No answers from the woman said to have the most information about what happened to $1.6 billion in missing client money.

BofA Says Moynihan Awarded $7 Million in Compensation

2012-03-29 08:25:20

Bank of America Corp., the second- biggest U.S. lender, said Chief Executive Officer Brian T. Moynihan’s 2011 compensation package was $7 million for 2011, a 30 percent cut, as the company’s stock slumped.

Bats CEO Scuttled IPO on Potential for Erratic Trading

2012-03-26 09:37:27

The potential for “uncoordinated and chaotic” trading after bad code corrupted its computers spurred Bats Global Markets Inc. (BATS), the third-biggest U.S. stock exchange operator, to scuttle its initial public offering, according to the company’s chief executive officer.

Tokyo-Osaka Seen as Best Bet After Exchange Deals Fail: Real M&A

2012-03-26 09:36:16

As stock exchange mergers crumbled from Frankfurt and New York to Singapore and Sydney, traders have become only more convinced that Japan’s plan to combine its biggest bourses is the best bet to succeed.

Minsheng Bank Seeks $1.46 Billion in Hong Kong Share Sale

2012-03-26 09:34:03

China Minsheng Banking Corp. (1988), the nation’s first non-state lender, is seeking as much as $1.46 billion in a Hong Kong share sale to shore up capital amid tightened rules for risk buffers.

China Construction Bank Profit Rises 24% on Lending, Fees

2012-03-26 09:29:26

China Construction Bank Corp. (939), the world’s second-largest lender by market value, posted a 24 percent increase in fourth-quarter profit after higher lending and fee income outweighed provisions set aside for bad debt.

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