Financial Service News

The FDIC will guarantee up to $1.4 trillion in U.S. banks' debt for more than three years as part of the government's financial rescue plan.

U.S. stocks rallied and the Standard & Poora s 500 Index rebounded from an 11-year low after President-elect Barack Obama picked New York Federal Reserve Bank chief Timothy Geithner to head the Treasury.

The downturn in the euro-zone economy, particularly within the manufacturing sector, gathered pace in November amid mounting recession fears and the deepening financial crisis, a closely watched survey showed ...

The Bank of New York Mellon Corp. said Thursday it will cut its worldwide work force by 4 percent, or about 1,800 jobs, blaming the weak global economy.

Shares of J.P. Morgan Chase & Co. reached their lowest point in five years Thursday as media reports indicated the Manhattan-based bank will cut about 10% of its investment bank staff in an effort to weather ...

Bank of America CEO Kenneth Lewis Speaks in Chicago

Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 households during the holiday season.

The two companies said Thursday that they will halt foreclosure sales between Nov. 26 and Jan. 9, while they evaluate whether borrowers qualify for a new loan modification program announced last week.

Fannie Mae said about 10,000 households would be affected, while Freddie Mac said the changes would affect about 6,000 borrowers who are facing foreclosure. The change does not apply to vacant homes.

Despite the bad economy, U.S. Internet advertising revenue rose in the third quarter, a new report says.

Wells Fargo & Co. said three or four Wachovia Corp. board members will be appointed to the merged banks' board after Wells buys Wachovia next month.

Citigroup Inc shares rose in premarket trading Thursday on a report that longtime shareholder Saudi Prince Alwaleed bin Talal plans to increase his stake in the bank to 5 percent.

Citigroup Inc faced a crisis of confidence on Wednesday as investors questioned the survival prospects of the U.S. banking giant, and its shares tumbled 23 percent to a 13-year low.

Stocks plunged to their lowest in five-and-a-half years on Wednesday as investors girded for a lengthy economic downturn and automotive executives predicted a far-reaching calamity without a government ...

The former global banking kingpin now ranks behind a Minneapolis-based bank and has a market capitalization of $42.5 billion, down from $250 billion last year.

Auto executives appeared on Capitol Hill for a second day on Wednesday to argue their case for a $25 billion aid package as legislators in both houses and in both parties seemed to move closer to a deal.

China has told police to ensure stability as its economy slows, Japan's No.3 bank sought to beef up its depleted capital on Wednesday and markets fretted about the stricken U.S. car industry.

Shareholders of Lloyds TSB are set to vote on the proposed merger with HBOS today to create the UK's first super bank.

A South Texas grand jury has returned multi-count indictments against Vice President Dick Cheney and former Attorney General Alberto Gonzales on charges related to the alleged abuse of prisoners in Willacy ...

Massachusetts Secretary of State William F. Galvin today charged Oppenheimer & Co.

Citigroup Inc. shares continued to fall Tuesday, as the struggling bank disclosed it expects consumer loan losses to rise sharply through the first half of 2009.

Barclays has said that executive directors will not receive any annual bonus this year as the bank seeks to pacify investors over its A 7 billion fundraising.