Banking Sector
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BofA Reaches Its Goal of “Project New BAC”, Nine Months before Schedule

BofA Reaches Its Goal of “Project New BAC”, Nine Months before ScheduleOn Wednesday, Bank of America (BofA) said that the bank has managed to gain a very small amount of profit in the third-quarter as it had to spend billions on legal costs. However the executives flaunted progress in the aimed cost cutting programme.

The Justice Department Slap Bank of America With $1.3 Billion Penalty for Mortgage Fraud

The Justice Department Slap Bank of America With $1.3 Billion Penalty for Mortgage FraudOn Wednesday with a federal judge ordering to pay the Bank of America fines for its defective mortgages that were sold by its Countrywide Financial unit, was hit by a penalty of almost $1.3 billion.

In Order to Settle a German Tax Probe UBS Books 254 million euros From Second Quarter

In Order to Settle a German Tax Probe UBS Books 254 million euros From Second Quarter UBS, the Zurich based lender reserved a 254 million euro ($341.25 million) in the second quarter to settle claims and for resolving a charge which says that it helped rich Germans to duck taxes. This is the most recent in a series of lawsuits that are aimed at its business of private banking.

‘BRICS’ Nations Will Be Forming a Development Bank

‘BRICS’ Nations Will Be Forming a Development BankA deal was signed by the five leaders of the BRICS countries in order to form a new development bank of $100bn which would also be an emergency reserve fund.

The BRICS group consists of Brazil, Russia, India, China and South Africa.

Fed Chair Janet YellenTo FaceThe Big Issues

Fed Chair Janet YellenTo FaceThe Big IssuesJanet Yellen, will take over as the chairman of the Federal Reserve from February 1.  Bearing in mind that the Federal Reserve System just celebrated its 100th birthday and employs more Ph. D. economists than any other institution in the world, you might think it would have monetary policy down tap.

Westpac finalises Lloyds deal

Westpac finalises Lloyds deal The acquisition of Lloyds Banking Group assets, first announced to the market in October by Westpac has completed.

On Thursday, Phil Coffey, Westpac chief financial officer said the deal had now been finalised, and the new businesses would complement existing St George and Westpac Institutional Bank operations.

Wells Fargo makes deal with Fannie to the tune of $541 million

Wells Fargo makes deal with Fannie to the tune of $541 millionWells Fargo says it has made a net $541 million deal with Fannie Mae to clear up obligations related to defective loans that went bad after the housing bubble burst.

On Monday Fannie Mae said that it has arrive at settlements with eight banks worth almost $6.5 billion over loan buybacks, including Wells Fargo which is the nation's largest mortgage lender and fourth-largest bank by assets.

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