IBTimes Australia : Wachovia Topic

Exclusive: Wells Fargo cuts approved list of money managers

Mon, 15 Apr 2013 15:56:02 +1000

Wells Fargo & Co is slashing an approved list of money managers and investment vehicles that its stockbrokers market to the firm's wealthy clients, a change of direction that has rattled the third-largest U.S. brokerage network.

Shareholders signal dissatisfaction with HP's board

Thu, 21 Mar 2013 11:35:02 +1100

Hewlett-Packard Co Chairman Ray Lane and several other directors narrowly kept their seats on the board as shareholders conveyed their displeasure over the botched $11 billion acquisition of British software firm Autonomy Plc.

HP's Lane, several others narrowly keep board seats

Thu, 21 Mar 2013 10:21:02 +1100

Hewlett-Packard Co's shareholders re-elected the company's board on Wednesday, but Chairman Ray Lane and three others only narrowly kept their seats after criticism about their roles in the botched $11 billion acquisition of Autonomy Plc.

Wells Fargo CEO's $19.3 million in pay leads peers

Fri, 15 Mar 2013 12:14:02 +1100

Wells Fargo & Co Chief Executive John Stumpf's pay increased 8 percent in 2012, making him one of the industry's best-paid leaders, according to a filing with the U.S. Securities and Exchange Commission on Thursday.

Wells Fargo CEO's pay rose 8 percent to $19.3 million - filing

Fri, 15 Mar 2013 09:35:03 +1100

HP director defends chairman Lane

Tue, 12 Mar 2013 09:28:02 +1100

Hewlett-Packard Co's lead independent director defended Chairman Ray Lane and two fellow board members on Monday, contesting a recommendation from proxy adviser ISS that shareholders oust them for their role in the mis-managed acquisition of Autonomy Plc in 2011.

Leading proxy firms seek ouster of HP chairman, directors

Wed, 06 Mar 2013 08:35:03 +1100

Two leading proxy advisers on Tuesday urged Hewlett-Packard Co shareholders to oust several board directors for their role in the ill-fated 2011 acquisition of British software company Autonomy.

Wells Fargo ramps up private equity despite Volcker Rule

Thu, 21 Feb 2013 17:35:02 +1100

When former Wells Fargo & Co Chief Executive Dick Kovacevich joined Norwest Bank in 1986, he had reservations about its private equity investments as he did not think it was the kind of business a bank needed to be in. He got over it.

Wells Fargo agrees to proposed settlement on shareholder actions

Sat, 22 Dec 2012 11:00:04 +1100

Wells Fargo & Co would pay up to $2.5 million in attorneys' fees and implement certain corporate governance changes under a proposed settlement of lawsuits brought by shareholders on behalf of the company, according to a securities filing by Wells on Friday.

U.S. agency sues JPMorgan over mortgage securities

Tue, 18 Dec 2012 06:42:02 +1100

The U.S. credit union regulator sued JPMorgan Securities and Bear Stearns & Co on Monday over $3.6 billion in mortgage securities the bank allegedly sold to credit unions that collapsed because of losses from the securities.

HSBC to pay $1.9 billion U.S. fine in money-laundering case

Wed, 12 Dec 2012 03:21:05 +1100

HSBC has agreed to pay a record $1.92 billion fine to settle a multi-year probe by U.S. prosecutors, who accused Europe's biggest bank of failing to enforce rules designed to prevent the laundering of criminal cash.

HSBC to Pay $1.9 billion US Fine in Money Laundering Case

Tue, 11 Dec 2012 20:48:31 +1100

HSBC Holdings Plc has agreed to pay $1.92 billion to settle a multi-year U.S. criminal probe into money-laundering lapses at the British lender, the largest penalty ever paid by a bank.

HSBC to pay record $1.9 billion U.S. fine in money laundering case

Tue, 11 Dec 2012 18:07:03 +1100

HSBC Holdings Plc has agreed to pay $1.92 billion (1.19 billion pounds) to settle a multi-year U.S. criminal probe into money-laundering lapses at the British lender, the largest penalty ever paid by a bank.

JPMorgan No. 1 in U.S. customer survey, while rivals fall back

Tue, 11 Dec 2012 16:21:02 +1100

JPMorgan Chase & Co jumped to first in a U.S. customer satisfaction survey, as its three biggest rivals, including perennial leader Wells Fargo & Co , posted a decline in their scores.

Exclusive: HSBC might pay $1.8 billion money laundering fine - sources

Thu, 06 Dec 2012 11:42:03 +1100

HSBC Holdings Plc might pay a fine of $1.8 billion as part of a settlement with U.S. law-enforcement agencies over money-laundering lapses, according to several people familiar with the matter.

Exclusive - HSBC might pay $1.8 billion money laundering fine: sources

Thu, 06 Dec 2012 11:42:02 +1100

HSBC Holdings Plc might pay a fine of $1.8 billion (1.1 billion pounds) as part of a settlement with U.S. law-enforcement agencies over money-laundering lapses, according to several people familiar with the matter.

Wells expands in investment banking as others retreat

Thu, 01 Nov 2012 10:21:01 +1100

As banks across Wall Street retreat from the trading business, Wells Fargo & Co is expanding.

Credit Suisse Faces Probe, Lawsuit over US Mortgage-Backed Securities

Fri, 05 Oct 2012 19:15:40 +1000

Credit Suisse under investigation over underwriting and sales of derivatives largely blamed for the credit crisis.

What's in a name? For some Wall St. brokerages, not much anymore

Wed, 03 Oct 2012 04:00:04 +1000

A Wall Street icon vanished last week after Morgan Stanley dropped Smith Barney from its brokerage title. But some in the industry say the firm's well-known advertising slogan - "They make money the old-fashioned way. They earn it" - and the culture it conveyed had already become a thing of the past.

BofA pays $2.4 billion to settle claims over Merrill

Sat, 29 Sep 2012 08:14:02 +1000

Bank of America Corp agreed on Friday to pay $2.43 billion to settle claims it hid crucial information from shareholders when it bought investment bank Merrill Lynch & Co at the height of the financial crisis.

UBS Sued Over Pre-Crisis Mortgage-Backed Securities Sales

Fri, 07 Sep 2012 18:07:43 +1000

US regulator sues UBS over the sale of mortgage-backed securities to two credit unions before the credit crisis emerged.

UBS sued by U.S. regulator over sale of mortgage-backed securities

Fri, 07 Sep 2012 13:42:03 +1000

A U.S. regulator has sued UBS , accusing the Swiss bank of violating federal and state laws through misrepresentations in the sale of mortgage-backed securities to two credit unions that later failed, according to a court filing.

DOJ targets banks, others in new money laundering offensive

Sat, 01 Sep 2012 07:00:03 +1000

The Department of Justice is shifting its sights to a new offensive in combating money laundering: bringing criminal charges against banks and other financial institutions for weak compliance systems that fail to catch illicit money flows.

Department of Justice looks to next era of money-laundering cases

Sat, 01 Sep 2012 05:49:02 +1000

Wall Street banks win end of Fannie Mae shareholder claims

Fri, 31 Aug 2012 09:42:03 +1000

Wall Street banks that helped Fannie Mae sell stock won the dismissal of shareholder lawsuits accusing them of fraud or negligence for misleading them about the mortgage financier's exposure to risky home loans before the government seized it in 2008.

Citigroup Settles Shareholder CDO Suit For $590 Million

Thu, 30 Aug 2012 06:56:07 +1000

Citigroup Inc agreed to pay $590 million to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis.

Citigroup settles shareholder CDO lawsuit for $590 million

Thu, 30 Aug 2012 04:49:02 +1000

JPMorgan loan growth drive leads to BofA territory

Sat, 18 Aug 2012 04:14:02 +1000

JPMorgan Chase & Co this week added a team of commercial bankers in Charlotte, North Carolina, the hometown of its rival Bank of America Corp , as it seeks growth in territory where it doesn't have branches.

Lack of banker prosecutions debated after ING sanctions case

Fri, 22 Jun 2012 07:28:03 +1000

ST. LOUIS, June 21 - Even though Dutch bank ING Bank Nv agreed last week to forfeit a record $619 million (397 million pounds) for improperly helping Iranians and Cubans evade sanctions by pumping billions of dollars through the U.S. financial system, individual bankers have so far escaped prosecution.

Wells Fargo looking to move some jobs to India, Philippines

Thu, 21 Jun 2012 13:28:02 +1000

Wells Fargo & Co , the fourth-largest U.S. bank by assets, is looking to move some jobs outside the United States as it pushes forward with a company-wide cost-cutting program, a spokeswoman said on Wednesday.