State and federal authorities say the network of firms in upstate New York sought debts that consumers weren't obligated to pay and impersonated government officials, among other things.
The results clear the way for bigger dividends and stock buybacks at big banks; State Street agreed to pay $88 million to settle claims it overcharged clients.
Several prospects, including JPM’s Gordon Smith, are reluctant to take on a thankless job; lower interest rates, quiet trading will yield disappointing results.
The bank is having trouble finding an outsider and acting chief Allen Parker has impressed the board; the former Chicago mayor will join Centerview Partners.
Director Kathy Kraninger said the agency will emphasize a confidential supervisory process instead of just doling out public enforcement actions. But skeptics worry this will let companies escape punishment.
The bank agreed to pay $150 million to California to settle charges it hid the risks on the sale of mortgage bonds pre-crisis; foreign suitors circle Commerzbank while Deutsche Bank seeks answers.
Civil rights activist Jesse Jackson is pushing a proposal that the billions banks have paid in fines be given to Americans who lost homes or suffered in other ways during the financial crisis.
