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BUSINESS
March 14, 2012 | By Jim Puzzanghera, E. Scott Reckard and Nathaniel Popper, Los Angeles Times
More than three years after getting lifesaving injections of federal cash, the nation's major banks are generally healthy enough to withstand another economic shock. That's the assessment from the latest round of stress tests on the 19 biggest banks by the Federal Reserve. But there are still some signs the industry hasn't fully healed from Wall Street's huge meltdown. Four banking firms, including giant Citigroup Inc., failed one or more tests on whether they would survive a worst-case scenario.
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BUSINESS
October 7, 2013 | By Jessica Guynn
SAN FRANCISCO -- In some ways, it would seem a tough sell: After seven years, Twitter still isn't profitable and it doesn't seem like it will be any time soon. It has just begun to ramp up its advertising business, which will require substantial investments, especially overseas. And the growth of new users on the service, which doesn't have the same kind of mainstream appeal as Facebook, is slowing. Yet, Ironfire Capital and Gamco Investors are already saying the company could be worth $15 billion to $20 billion when it begins trading.
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BUSINESS
March 19, 2012 | By Jim Puzzanghera and E. Scott Reckard
Eight large banks face will be fined by regulators for foreclosure abuses, the Federal Reserve official said Monday. The banks -- EverBank, Goldman Sachs, HSBC North America, OneWest Bank, MetLife, PNC Financial Services Group, US Bancorp and SunTrust Banks -- face sanctions for "unsafe and unsound practices in their loan servicing and foreclosure processing," the Fed said. No fine amounts were released Monday. But the Fed believes "monetary sanctions are appropriate" for the banks, Suzanne G. Gillian, the agency's senior associate director in the Division of Consumer and Community Affairs, told a congressional hearing in New York on Monday.  She did not say when the exact fines would be announced.
BUSINESS
October 9, 2012 | Bloomberg News
Capital One Financial Corp. said it was the latest target in a new round of coordinated cyber attacks aimed at disrupting the websites of major U.S. banks, and SunTrust Banks Inc. and Regions Financial Corp. said they expect to be next. Pam Girardo, a spokeswoman for McLean, Va.-based Capital One, confirmed that the bank's online systems were disrupted and later that most online services had been restored. "At this point, we have no reason to believe that customer and account information is at risk," she said.
BUSINESS
October 9, 2012 | Bloomberg News
Capital One Financial Corp. said it was the latest target in a new round of coordinated cyber attacks aimed at disrupting the websites of major U.S. banks, and SunTrust Banks Inc. and Regions Financial Corp. said they expect to be next. Pam Girardo, a spokeswoman for McLean, Va.-based Capital One, confirmed that the bank's online systems were disrupted and later that most online services had been restored. "At this point, we have no reason to believe that customer and account information is at risk," she said.
BUSINESS
March 28, 2010 | By Lew Sichelman
To open a dialogue with delinquent borrowers whose homes might be saved from foreclosure, some lenders are going to extraordinary lengths, including hiring companies such as National Creditors Connection Inc. of Orange County to knock on the doors of customers who are still hiding from them. Although the name may sound like that of a collection agency, it's not. Rather, the Lake Forest firm employs a variety of tools and resources to make field contacts with tardy borrowers in an effort to resolve their problems, one way or another.
BUSINESS
April 7, 2010 | Times Wire Services
Stocks ended mixed Tuesday after a rally in bank shares offset drops in some technology names. The Dow Jones industrials edged down 3 points, while broader indexes rose. For a second day, the Dow got within about a dozen points of the 11,000 level. Stocks got a brief bounce late in the day when the Federal Reserve released meeting minutes suggesting that policymakers were growing more upbeat about the economy but weren't prepared yet to raise interest rates. Financial stocks led the market higher on upbeat comments by analysts about regional banks.
BUSINESS
March 13, 2012 | By Jim Puzzanghera
Ally Financial Inc., Citigroup Inc. and SunTrust Banks Inc. failed a key test in a new round of stress tests to see if the nation's 19 largest banks could withstand a severe economic downturn, the Federal Reserve said Tuesday. The Fed tested the banks to see if they had enough reserves to handle an economic shock in which unemployment would increase to 13%, the Dow Jones industrial average would lose half its value and housing prices would fall an additional 21%. Under such a scenario, losses at the 19 largest banks would total $534 billion over the 27-month duration of the Fed's stress test scenario.
BUSINESS
February 17, 2011 | By Ronald D. Orol
Major U.S. banks are about to get penalized for "critical deficiencies" and shortcomings in how they handled foreclosures, a top federal regulator said Thursday at a Senate Banking Committee hearing examining the Dodd-Frank Act six months after its congressional approval. "These deficiencies have resulted in violations of state and local foreclosure laws, regulations or rules," said John Walsh, acting comptroller of the currency. Banking regulators are preparing sanctions and "remedial requirements," he said.
BUSINESS
March 19, 2011 | By Jim Puzzanghera, Los Angeles Times
The Federal Reserve is letting some of the nation's 19 largest banks increase or restart dividend payments, freeing them from restrictions in place since early 2009. The Fed's decision came after it completed a second round of extensive "stress tests" on the banks to determine whether they could release some of their capital reserves and still withstand future economic shocks. Some of the banks, such as Wells Fargo & Co. in San Francisco and JPMorgan Chase & Co. in New York, quickly announced increases in dividends following the Fed's statement Friday.
BUSINESS
March 19, 2012 | By Jim Puzzanghera and E. Scott Reckard
Eight large banks face will be fined by regulators for foreclosure abuses, the Federal Reserve official said Monday. The banks -- EverBank, Goldman Sachs, HSBC North America, OneWest Bank, MetLife, PNC Financial Services Group, US Bancorp and SunTrust Banks -- face sanctions for "unsafe and unsound practices in their loan servicing and foreclosure processing," the Fed said. No fine amounts were released Monday. But the Fed believes "monetary sanctions are appropriate" for the banks, Suzanne G. Gillian, the agency's senior associate director in the Division of Consumer and Community Affairs, told a congressional hearing in New York on Monday.  She did not say when the exact fines would be announced.
BUSINESS
March 14, 2012 | By Jim Puzzanghera, E. Scott Reckard and Nathaniel Popper, Los Angeles Times
More than three years after getting lifesaving injections of federal cash, the nation's major banks are generally healthy enough to withstand another economic shock. That's the assessment from the latest round of stress tests on the 19 biggest banks by the Federal Reserve. But there are still some signs the industry hasn't fully healed from Wall Street's huge meltdown. Four banking firms, including giant Citigroup Inc., failed one or more tests on whether they would survive a worst-case scenario.
BUSINESS
March 13, 2012 | By Jim Puzzanghera
Ally Financial Inc., Citigroup Inc. and SunTrust Banks Inc. failed a key test in a new round of stress tests to see if the nation's 19 largest banks could withstand a severe economic downturn, the Federal Reserve said Tuesday. The Fed tested the banks to see if they had enough reserves to handle an economic shock in which unemployment would increase to 13%, the Dow Jones industrial average would lose half its value and housing prices would fall an additional 21%. Under such a scenario, losses at the 19 largest banks would total $534 billion over the 27-month duration of the Fed's stress test scenario.
BUSINESS
March 19, 2011 | By Jim Puzzanghera, Los Angeles Times
The Federal Reserve is letting some of the nation's 19 largest banks increase or restart dividend payments, freeing them from restrictions in place since early 2009. The Fed's decision came after it completed a second round of extensive "stress tests" on the banks to determine whether they could release some of their capital reserves and still withstand future economic shocks. Some of the banks, such as Wells Fargo & Co. in San Francisco and JPMorgan Chase & Co. in New York, quickly announced increases in dividends following the Fed's statement Friday.
BUSINESS
February 17, 2011 | By Ronald D. Orol
Major U.S. banks are about to get penalized for "critical deficiencies" and shortcomings in how they handled foreclosures, a top federal regulator said Thursday at a Senate Banking Committee hearing examining the Dodd-Frank Act six months after its congressional approval. "These deficiencies have resulted in violations of state and local foreclosure laws, regulations or rules," said John Walsh, acting comptroller of the currency. Banking regulators are preparing sanctions and "remedial requirements," he said.
BUSINESS
April 7, 2010 | Times Wire Services
Stocks ended mixed Tuesday after a rally in bank shares offset drops in some technology names. The Dow Jones industrials edged down 3 points, while broader indexes rose. For a second day, the Dow got within about a dozen points of the 11,000 level. Stocks got a brief bounce late in the day when the Federal Reserve released meeting minutes suggesting that policymakers were growing more upbeat about the economy but weren't prepared yet to raise interest rates. Financial stocks led the market higher on upbeat comments by analysts about regional banks.
BUSINESS
October 7, 2013 | By Jessica Guynn
SAN FRANCISCO -- In some ways, it would seem a tough sell: After seven years, Twitter still isn't profitable and it doesn't seem like it will be any time soon. It has just begun to ramp up its advertising business, which will require substantial investments, especially overseas. And the growth of new users on the service, which doesn't have the same kind of mainstream appeal as Facebook, is slowing. Yet, Ironfire Capital and Gamco Investors are already saying the company could be worth $15 billion to $20 billion when it begins trading.
BUSINESS
July 11, 2002 | Bloomberg News
SunTrust Banks Inc., the first of the 10 largest U.S. banks to report second-quarter earnings, said profit fell 1% after it set aside more money for loans that won't be paid back. Net income totaled $343.7 million, or $1.20 a share, down from $347.1 million, or $1.19, in the same period last year. Higher investment banking fees and a rise in deposits helped offset $111 million the Atlanta-based bank reserved for loan losses, almost triple the amount in the same quarter last year.
BUSINESS
March 28, 2010 | By Lew Sichelman
To open a dialogue with delinquent borrowers whose homes might be saved from foreclosure, some lenders are going to extraordinary lengths, including hiring companies such as National Creditors Connection Inc. of Orange County to knock on the doors of customers who are still hiding from them. Although the name may sound like that of a collection agency, it's not. Rather, the Lake Forest firm employs a variety of tools and resources to make field contacts with tardy borrowers in an effort to resolve their problems, one way or another.
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