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Morning Scan: CIT's $3.4B OneWest Deal; Debating Dodd-Frank; Sour Suisse

07/22/14

Breaking News This Morning ...

CIT Buying OneWest for $3.4 Billion: "CIT Group Inc., the business lender led by Wall Street veteran John Thain, said Tuesday it had reached a deal to buy the parent company of OneWest Bank NA for $3.4 billion, a move Mr. Thain called 'transformational.' " Wall Street Journal, New York Times Receiving Wide Coverage ... ...

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Morning Scan: Dodd-Frank Turns Four; Subprime Auto Loans Boom

07/21/14

Wall Street Journal

New York Attorney General Eric Schneiderman isn't alone in his concerns about Barclays' dark pool activities. Trading firms including RBC Capital Markets and T. Rowe Price Group worried in the months before Schneiderman sued Barclays that their orders were getting subpar treatment on the dark pool because of high-frequency traders. What's more, "a number of Barclays employees privately expressed concerns to top stock-trading executives that the firm was giving high-frequency traders too much...

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Morning Scan: Lawsky's BitLicense; UK Banking Inquiry; Morgan Stanley Stability

07/18/14

Receiving Wide Coverage ... Return to Stability: Gains in wealth management and investment banking helped Morgan Stanley nearly double its profit in the second quarter. The papers played up how the bank has focused on stable businesses while relying less on fixed income. The Wall Street Journal said Morgan Stanley has largely shrugged off" bond trading declines that have hurt other firms. The New York Times said the bank has proved skeptics wrong that it couldÂ...

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Morning Scan: B of A, DOJ Battle on Settlement; Fed Pressured to Raise Rates

07/17/14

Receiving Wide Coverage ...

Deal or No Deal: Bank of America and the Justice Department are at odds over how much the Charlotte, N.C., bank should pay to settle charges that it sold shoddy mortgage-backed securities in the run-up to the financial crisis. According to the Wall Street Journal, DOJ lawyers rebuffed B of A's offer to pay $13 billion in cash and consumer relief in a Tuesday meeting. The Financial Times' sources say Bank of...

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Morning Scan: Yellen Links Jobs, Rates; B of A to Improve Junior Staffer Conditions

07/16/14

Breaking News This Morning ...

Earnings: Bank of America, PNC, US Bancorp Receiving Wide Coverage ...

Yellen Ties Labor Market, Rate Hikes: Federal Reserve Board Chair Janet Yellen told the Senate Banking Committee the improving employment picture could lead to interest rate hikes. The Washington Post led with her views on the labor market, although it also mentioned the Fed's plans to continue to cut back on its bond purchases and how that affects interest rates and the...

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Morning Scan: Citigroup to Pay $7B Fine for Allegedly Selling 'Toxic Financial Products'

07/15/14

Breaking News This Morning ...

Earnings: JPMorgan Chase, Comerica, Commerce Bancshares Receiving Wide Coverage ...

Citigroup Settlement, Day 2: Citigroup has agreed to pay $7 billion to settle Justice Department charges it sold mortgage-backed securities stuffed with subprime mortgages to unsuspecting investors in the years leading up to the 2008 financial crisis. About $4 billion of the penalty will go into the U.S. Treasury's general fund. The rest will be divided among other federal agencies, with about $2.5...

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Morning Scan: Citi Announces $7B MBS Settlement, Lower Profit

07/14/14

Breaking News This Morning ... Earnings: Citigroup Receiving Wide Coverage ... Settled: It's official. Citigroup and the Department of Justice reached a $7 billion mortgage-backed securities-related settlement. Here's the breakdown: a $4 billion cash penalty paid to Justice, $2.5 billion in mortgage relief for borrowers, and $500 million to state attorneys general and the Federal Deposit Insurance Corporation, the New York Times reports. The $4 billion payment is the largest to date. Citigroup said it would take aÂ...

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Morning Scan: Fischer Backs Financial Stability Mandate; Wells Gets Into Fashion

07/11/14

Breaking News This Morning ...

Earnings: Wells Fargo Receiving Wide Coverage ...

Alibaba IPO Looms: Chinese e-commerce firm Alibaba plans to hold its initial public offering within the next few weeks, according to the Wall Street Journal. Alibaba's hotly anticipated IPO could raise more than $20 billion. The Financial Times takes a more dramatic approach to the news: Alibaba's "self-imposed deadline is in danger of slipping as the company gets close to the moment when it will have...

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Morning Scan: Fed to End Bond Buying in October; U.S. Lags in Payments

07/10/14

Receiving Wide Coverage ... The End of Bond Buying: The Federal Reserve will likely end its bond-buying program in October, according to minutes from the central bank's June policy meeting. The Fed minutes say that the decision "should not be interpreted as evidence that rate increases were likely to begin sooner," according to the New York Times. The Times focuses on Fed officials' cautious economic outlook, reporting that many remain concerned about unemployment, sluggish economic outputÂ...

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Morning Scan: Citi Close to $7B Mortgage Settlement; Swiss Bankers Mimic James Bond

07/09/14

Receiving Wide Coverage ...

Citi, DOJ Said Close to $7B Deal: Citigroup and the Justice Department are reportedly nearing a deal in which the bank would pay roughly $7 billion to end a probe of the mortgage-backed securities it sold in the years preceding the financial crisis. The expected price tag appears to be a victory for the U.S. government. The DOJ, which was seeking up to a $10 billion settlement earlier this summer, had threatened...

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