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BUSINESS
December 31, 1998 | From Associated Press
Russia's default on $26 billion in Soviet-era debt to commercial banks worldwide this week won't sting top U.S. banks further since most wrote off their Russian debts months ago, economists said Wednesday. But the move gives banks an even stronger case for denying crucial new loans to help rouse the country from its crisis, analysts and economists in London and New York said. "Any U.S. bank is going to be extremely cautious about getting involved with Russia in the near future," said James J.
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CALIFORNIA | LOCAL
March 25, 2014 | Chris Megerian
SACRAMENTO - Millions of dollars in welfare benefits are ending up in banks' pockets each year when poor Californians access their taxpayer-funded benefits, according to state statistics and a report released Tuesday. Like many other states, California issues electronic cards to welfare recipients so they can withdraw public assistance from ATMs. Last year, $18.9 million was spent on ATM fees. The year before they topped $19.4 million. The state welfare system allows recipients to make four free withdrawals per month at ATMs run by MoneyPass, part of U.S. Bank.
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BUSINESS
March 9, 2004
* Bank of America Corp. won Federal Reserve approval for its $48-billion purchase of FleetBoston Financial Corp., putting the companies a step closer to forming the biggest U.S. bank by deposits.
BUSINESS
January 27, 2014 | David Lazarus
Leah Padow knows from identity theft. She recently had five accounts at three banks compromised. The fraud occurred in mid-November, so it was apparently unrelated to the digital break-in at Target, which began after Thanksgiving and resulted in the card numbers and personal information of up to 110 million customers being accessed by hackers. And it was apparently unrelated to the hack attack on Neiman Marcus, which began last summer and resulted in at least 1.1 million customers' card numbers being jeopardized.
BUSINESS
April 25, 2009 | E. Scott Reckard
Regulators shut down the First Bank of Beverly Hills on Friday, saying they could find no buyer for the one-branch institution after a takeover by an Illinois financial firm fell through. The Federal Deposit Insurance Corp. said it would send checks to insured depositors of the bank, which despite its name had been based in Calabasas. At year-end, the bank had about $1 billion in deposits, many of them from out of state, of which an estimated $179,000 were uninsured.
BUSINESS
September 12, 2002 | Bloomberg News
A unit of Bank of America Corp., the third-largest U.S. bank, has asked federal regulators for a license to market and trade electricity. The Charlotte-based bank would join Morgan Stanley, UBS and Goldman Sachs Group Inc. as financial firms with power-trading desks in the U.S. Bank of America filed the application with the Federal Energy Regulatory Commission on Sept. 3. Bank of America has been trading natural gas and oil since 1989, spokesman Jeff Hershberger said.
BUSINESS
August 14, 1995 | Times Staff and Wire Reports
Study Predicts 50% Reduction in Branches: As many as 450,000 bank jobs will disappear in the next five years and half of all branches will be gone over the next 10 years as customers turn to electronic transactions, the accounting firm Deloitte & Touche said. About 30%, or 840,000, of the 2.8 million U.S. bank employees work in branches, the firm estimated.
BUSINESS
November 11, 1985
The number of U.S. bank failures this year rose to 100, with one bank in Iowa and another in Texas going into receivership, the Federal Deposit Insurance Corp said. Last year, 79 banks failed. An FDIC spokesman said the banks that closed were the Northshore Bank of Houston and the Auburn Savings Bank in Iowa. Both will reopen Tuesday under new management.
NEWS
June 25, 1999 | From Reuters
Bank One Corp. on Thursday became the first major U.S. bank to open a separate Internet-only bank, launching WingspanBank.com as it tries to tap the Web to lure new customers. WingspanBank.com (http://www.wingspanbank.com) offers everything from online bill-paying to insurance-finding services to a "concierge" that can recommend restaurants and hotels and book reservations. Chicago-based Bank One, the No. 5 U.S. bank, will continue to offer online banking services through its http://www.bankone.
CALIFORNIA | LOCAL
December 3, 2013 | By Rick Rojas
Federal investigators are searching for a bank robber - dubbed the "Button-Down Bandit" - believed to be the culprit in four robberies in Riverside and Orange counties over the last three weeks, authorities said.  The bandit, described as a slender white male between 45 and 50 years old with white hair, has walked into banks and given a "demand note" to a teller, according to a statement from the FBI. He has also passed a note demanding the money...
BUSINESS
January 14, 2014 | By Andrew Tangel and E. Scott Reckard
NEW YORK - Massive legal payouts didn't just cost JPMorgan Chase & Co. billions last year. They also cost the Wall Street giant its title as America's most profitable bank. After weathering a barrage of legal and regulatory assaults in 2013, the New York bank said Tuesday that its annual profit slid 16% from the previous year to $17.9 billion. JPMorgan's bottom line was eclipsed by the $21.9 billion earned last year by Wells Fargo & Co. despite a sharp industry-wide slowdown in mortgages.
CALIFORNIA | LOCAL
December 3, 2013 | By Rick Rojas
Federal investigators are searching for a bank robber - dubbed the "Button-Down Bandit" - believed to be the culprit in four robberies in Riverside and Orange counties over the last three weeks, authorities said.  The bandit, described as a slender white male between 45 and 50 years old with white hair, has walked into banks and given a "demand note" to a teller, according to a statement from the FBI. He has also passed a note demanding the money...
BUSINESS
November 18, 2013 | By E. Scott Reckard
Online lender Quicken Loans sits atop J.D. Power & Associates' survey of mortgage customer satisfaction for a fourth straight year. Quicken rated 841 overall out of a possible 1,000, according to J.D. Power, a Westlake Village market researcher. The Detroit-based lender received top ratings in all categories: the application and approval process, interactions with loan representatives, the closing experience, and level and quality of contact. BB&T Corp. of Winston-Salem, N.C., ranked second at 798 with high scores in all categories.
BUSINESS
September 13, 2013 | Michael Hiltzik
There are two ways to think about how far we've come in protecting against a repeat of the financial meltdown five years ago that plunged the world into recession. You can conclude that we've pretty much eradicated the risk of another such crisis. That's the bankers' viewpoint. Here's how Morgan Stanley Chief Executive James Gorman put it in an interview with Charlie Rose earlier this month: " The probability of it happening again in our lifetime is as close to zero as I could imagine.
BUSINESS
August 7, 2013 | By Andrew Tangel
NEW YORK -- Big U.S. banks have learned to play nice, at least when it comes to cybersecurity. Last year, when hackers bombarded, and in some cases hobbled, banks' websites, the FBI met with representatives to discuss the attacks. Bank officials initially were reluctant to share much information, however, according to Joseph Demarest, assistant director in the FBI's cyberdivision. “It was stilted,” Demarest said at a cybersecurity conference in New York on Tuesday. “Folks were rather protective,” he added, and “wouldn't share in an environment with their competitors sitting in the same room.” Months later, Demarest said, the large financial institutions began sharing more information about attacks with the government and each other.
CALIFORNIA | LOCAL
July 16, 2013
Herbert Allison Jr. Headed Fannie Mae , U.S. bank rescue program Herbert Allison Jr., 69, a former head of the U.S. government's bank rescue program and chief executive of Fannie Mae after it was taken over by the government, died Sunday at his home in Westport, Conn., of a possible heart attack, his family told Bloomberg News. Allison spent much of his career at Merrill Lynch, rising to chief operating officer and president by 1995, and later served as chairman, president and CEO of TIAA-CREF, the investment firm.
BUSINESS
July 9, 2013 | By Jim Puzzanghera
WASHINGTON - The nation's eight largest banks would have to meet tougher financial ratios than required under international standards as part of proposed rules designed to protect taxpayers from another financial crisis. Under the plan, Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co. and four other U.S. bank holding companies designated as "systemically important financial institutions" would each have to hold capital equal to at least 5% of total assets.
BUSINESS
July 9, 2013 | By Jim Puzzanghera
WASHINGTON -- The nation's eight largest banks would have to meet tougher leverage limits than required under international standards as part of new rules proposed Tuesday by federal regulators designed to protect taxpayers from another financial crisis. Under the plan, Bank of America Corp., JP Morgan Chase & Co., Citigroup Inc. and the five other U.S. bank holding companies designated as "systemically important financial institutions" would have to hold capital equal to at least 5% of their total assets.
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