News Topic: Penalties and fines

Slower-than-expected lending and "lackluster" trading could be concerns; new CEO David Solomon sets his sights on fixed income. ... Read full article

HSBC will pay $765 million to settle allegations that it sold defective residential mortgage-backed securities in the run-up to the financial crisis, resolving one of the London-based bank's last significant legal challenges with the U.S. government. ... Read full article

Otting says the bank is not moving fast enough to repay customers who were unfairly sold auto insurance; lack of regulation lets traders use software to move prices. ... Read full article

Laplanche agrees to a three-year securities industry ban and a small fine to settle SEC fraud charges on loan sales; analysts are expecting a "tepid" quarter as some trading activity suffers. ... Read full article

Marianne Lake could be JPM’s eventual choice to succeed Dimon; three agencies investigating money laundering allegations against Danske Bank. ... Read full article

John Gerspach is scheduled to leave next March after 10 years and be succeeded by Mark Mason; ING will pay nearly $900 million for failing to stop money laundering by clients. ... Read full article

The deal lets Google learn more about what people buy based on online ads, but raises privacy concerns; checkbooks favor Congressman Sean Maloney. ... Read full article

OCC proposal would broaden the types of loans that would count toward CRA obligations; new law helps parents freeze accounts of minors. ... Read full article

The bank said the candidate planned to accept money from the medical marijuana industry; the crash in digital currency prices’ long-term consequences. ... Read full article

The Securities and Exchange Commission sanctioned Citigroup because of unauthorized proprietary trading as well as for the failure to detect suspect loans issued by its Banamex unit. ... Read full article

The bank continues to battle a series of negative headlines such as erroneous foreclosures, but public and investor reaction has been muted. ... Read full article

The $2.1 billion settlement is likely to be the last of the big toxic mortgage cases from the financial crisis; the move pressures rivals to lower prices. ... Read full article

The Swiss bank allegedly hired Chinese officials’ friends and relatives to win business; JPM asked “several dozen” employees to consider moving from London. ... Read full article

The payments company said it plans to spend $1 billion to $3 billion a year on acquisitions; NYS fines bank $205 million. ... Read full article

Jelena McWilliams said the agency will ask banks what's working and what's not; the acquisition of Hyperwallet Systems lets PayPal offer more services. ... Read full article

Security Group was fined $5 million for abusive collection tactics; the Dutch payments company is now valued at nearly $16 billion. ... Read full article

Agency says it wants “smaller memberships to ensure streamlined discussions;” the bank hired a U.K. firm to help it better defend against cyberattacks. ... Read full article

UniCredit and Société Générale are discussing a merger; Revolut also plans to launch its mobile service in the U.S. this summer. ... Read full article