Democrats subpoena banks as they probe Trump finances
WASHINGTON (AP) — Two House committees subpoenaed Deutsche Bank and several other financial institutions Monday as part of investigations into President Donald Trump's finances.
NEW YORK (AP) — The former congressman who led Republican's efforts to deregulate the banking industry after the financial crisis is starting a new job as an employee of Swiss bank UBS.
CEOs of big banks face off with House Democrats
NEW YORK (AP) — The heads of seven of the largest banks in the U.S. fielded sometimes contentious questions from a House committee on Wednesday, some dealing with current risks to the financial...
ALBANY, N.Y. (AP) — New York's comptroller says the state office responsible for regulating the title insurance industry has lagged in its enforcement and impeded auditors' access to certain...
Cannabis banking bill advances in US House committee
DENVER (AP) — Legislation that would provide federal protection for financial institutions that serve state-authorized marijuana and ancillary businesses passed a U.S. House committee on...
CEO of troubled Wells Fargo says bank is stronger
WASHINGTON (AP) — The CEO of beleaguered Wells Fargo told Congress Tuesday that the bank has cleaned up its act after a series of scandals that affected millions of customers.
New York authorities subpoena Trump insurance broker
NEW YORK (AP) — New York regulators have sent a subpoena to the Trump Organization's longtime insurance broker, a request that comes days after President Donald Trump's former attorney, Michael...
Powell says Fed likely to end bond trimming by end of 2019
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Wednesday that the Fed is close to announcing a plan to end the reduction of the size of its massive bond portfolio, which looks...
The Latest: Fed to end runoff of bond holdings this year
WASHINGTON (AP) — The Latest on Federal Reserve Chairman Jerome Powell's testimony to the Congress (all times local):
The Latest: Powell: Fed in ‘no rush’ to decide rate moves
WASHINGTON (AP) — The Latest on Federal Reserve Chairman Jerome Powell's testimony to Congress (all times local):
Lamont fills top public health, insurance agency jobs
HARTFORD, Conn. (AP) — Connecticut Gov. Ned Lamont has announced his choices to lead the departments of public health and insurance.
The Democrat is nominating Renee D. Coleman-Mitchell, a...
AutoNation names USAA executive as new CEO
DETROIT (AP) — AutoNation, the country's largest auto dealership chain, went outside the auto industry to find its new chief executive, appointing a top leader from the USAA financial services...
Congress urged to fully open banks to marijuana industry
LOS ANGELES (AP) — Bank officials and others urged Congress on Wednesday to fully open the doors of the U.S. banking system to the legal marijuana industry, a change that supporters say would...
Australia’s largest banks may face prosecution after probe
CANBERRA, Australia (AP) — Three of Australia's largest banks could face prosecution following a yearlong investigation into misconduct recommended tougher oversight and better consumer safeguards.
A government-commissioned inquiry found widespread misbehavior in the banking and financial services industry that often went unpunished.
Australia to create compensation fund for bad finance advice
CANBERRA, Australia (AP) — The Australians government on Monday agreed to create a compensation fund for people who lost money from bad financial advice and to set rules to help drought-stricken farmers avoid bank foreclosures.
A government-commissioned inquiry into misconduct in Australia's banking and financial services industry found widespread misbehavior that often went unpunished.
Ameriprise: 4Q Earnings Snapshot
MINNEAPOLIS (AP) _ Ameriprise Financial Services Inc. (AMP) on Wednesday reported fourth-quarter profit of $539 million.
The Minneapolis-based company said it had profit of $3.76 per share. Earnings, adjusted for non-recurring costs, were $3.80 per share.
The financial services company posted revenue of $3.18 billion in the period.
For the year, the company reported profit of $2.1 billion, or $14.20 per share. Revenue was reported as $12.84 billion.
German American Bancorp: 4Q Earnings Snapshot
JASPER, Ind. (AP) _ German American Bancorp Inc. (GABC) on Monday reported fourth-quarter net income of $11 million.
The bank, based in Jasper, Indiana, said it had earnings of 44 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, came to 53 cents per share.
The financial services holding company posted revenue of $49.3 million in the period. Its revenue net of interest expense was $42.7 million, surpassing Street forecasts.
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Peoples Bancorp: 4Q Earnings Snapshot
MARIETTA, Ohio (AP) _ Peoples Bancorp Inc. (PEBO) on Tuesday reported fourth-quarter profit of $13.9 million.
The Marietta, Ohio-based bank said it had earnings of 71 cents per share. Earnings, adjusted for pretax gains, came to 69 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.
Insurer USAA offers $15M for Coast Guard interest-free loans
SAN ANTONIO (AP) — A military personnel insurer and financial services company has donated $15 million for interest-free loans to Coast Guard members during the partial U.S. government shutdown.
San Antonio-based USAA on Wednesday announced the funds will be disbursed by Coast Guard Mutual Assistance. The American Red Cross Hero Care Center will assist.
Financial company seeks $700,000 from Hermitage Club
NEWFANE, Vt. (AP) — A New Jersey-based financial company is looking to recoup nearly $700,000 from a private Vermont ski club after it defaulted on a lease.
A default judgment for a writ of attachment was ordered in Hartford, Connecticut on Nov. 28. The Brattleboro Reformer reports the Hermitage Club and its founder Jim Barnes failed to plea and did not present a defense against NEC Financial Services LLC.
Senate approves Trump’s nominee for watchdog agency
NEW YORK (AP) — In a party-line vote, the Senate approved President Donald Trump's nominee to run the Consumer Financial Protection Bureau on Thursday, ending a six-month, highly partisan battle over the fate of the powerful consumer watchdog agency.
Insurer Nationwide cutting 1,100 jobs across country
DES MOINES, Iowa (AP) — Nationwide intends to eliminate the jobs of about 1,100 employees across the country — around 3.6 percent of its workforce.
The insurance and financial services company says about 80 workers in Des Moines and 350 in Columbus, Ohio, were told Tuesday that their jobs would be eliminated by the end of March. The remaining workers affected will be informed in the coming weeks.
Banks could face tighter scrutiny under Rep. Maxine Waters
NEW YORK (AP) — Come January, the banking industry is going to be on Rep. Maxine Waters' time.
With Democrats taking control of the House of Representatives, the California representative is expected to become chairwoman of the powerful House Financial Services Committee, which oversees the nation's banking system and its regulators.
German American Bancorp: 3Q Earnings Snapshot
JASPER, Ind. (AP) _ German American Bancorp Inc. (GABC) on Monday reported third-quarter net income of $12.6 million.
The Jasper, Indiana-based bank said it had earnings of 55 cents per share.
The financial services holding company posted revenue of $42.4 million in the period. Its revenue net of interest expense was $37.5 million, exceeding Street forecasts.
Ameriprise: 3Q Earnings Snapshot
MINNEAPOLIS (AP) _ Ameriprise Financial Services Inc. (AMP) on Tuesday reported third-quarter profit of $503 million.
On a per-share basis, the Minneapolis-based company said it had profit of $3.43. Earnings, adjusted for non-recurring costs, were $3.74 per share.
The financial services company posted revenue of $3.29 billion in the period.
Peoples Bancorp: 3Q Earnings Snapshot
MARIETTA, Ohio (AP) _ Peoples Bancorp Inc. (PEBO) on Tuesday reported third-quarter earnings of $12.7 million.
The bank, based in Marietta, Ohio, said it had earnings of 65 cents per share. Earnings, adjusted for non-recurring costs, were 69 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.
Second credit rater improves view of Mississippi finances
JACKSON, Miss. (AP) — A second of the nation's three main credit rating agencies is feeling a little more confident about Mississippi's state government financial picture.
Moody's Investors Service on Wednesday removed its negative outlook on Mississippi's debt, instead raising the outlook to stable. Last month, Standard & Poor's Financial Services, also raised its outlook from negative to stable.
Inquiry’s report criticizes Australian banking misbehavior
CANBERRA, Australia (AP) — A government-commissioned inquiry into misconduct in Australia's banking and financial services industry found that most of the misbehavior either went unpunished or the consequences did not reflect the seriousness of the violations.
Danish bank CEO quits amid money laundering scandal
COPENHAGEN, Denmark (AP) — The chief executive of Denmark's largest bank resigned Wednesday after an internal report into allegations of massive money laundering via an Estonian subsidiary showed that "the vast majority" of transactions were deemed to be "suspicious."
Danske Bank commissioned the probe last year following reports that dirty money was flowing through the Baltic subsidiary including from family members of Russian President Vladimir Putin.
Snyder forms new anti-fraud division in insurance department
LANSING, Mich. (AP) — Michigan Gov. Rick Snyder has formed a new division to investigate fraud within the auto insurance, health insurance and banking sectors.
The anti-fraud unit will be housed within the Department of Insurance and Financial Services.
Tuesday's move follows discussion in the Legislature in recent years about creating an authority to crack down on auto insurance fraud — an effort that has stalled over other proposed changes to the auto no-fault law.
Credit rater takes brighter view of Mississippi finances
JACKSON, Miss. (AP) — One of the nation's three main credit rating agencies is feeling a little more confident about Mississippi's financial picture.
Standard & Poor's Financial Services on Friday removed its negative outlook on Mississippi's debt, instead raising the outlook to stable. Mississippi remains rated AA by Standard & Poor's.
UK govt says ‘no-deal’ Brexit would mean red tape, expense
LONDON (AP) — Businesses could face red tape at the border, customers could see higher credit card fees, patients could endure delays to medical treatment and there could even be a sperm shortage if Britain leaves the European Union next year without a deal, the U.K. government acknowledged Thursday.
But Prime Minister Theresa May's Conservative government vowed it would limit the instability that could be triggered by a disorderly Brexit, releasing documents outlining its plans to cope.
Target and Lowe’s jump while Harford Financial falls
NEW YORK (AP) — Stocks that moved substantially or traded heavily Wednesday:
Target Corp., up $2.67 to $85.94
The retailer raised its annual forecasts as its sales over the internet and in stores both climbed.
Lowe's Cos., up $5.78 to $105.52
The home improvement retailer had a solid second quarter as Americans continue to invest in their homes.
Super Micro Computer Inc., down $2.70 to $15.65
The server technology company said the Nasdaq will move to delist its stock.
Former asset-management firm employee admits to fraud
CHICAGO (AP) — A former employee of a Chicago-based asset-management firm has pleaded guilty to mail fraud charges for using company funds to pay for personal expenses.
Kirstine Lazzara on Wednesday admitted stealing nearly $54,000 over nearly four years from Nuveen, an arm of the financial service group TIAA.
German American Bancorp: 2Q Earnings Snapshot
JASPER, Ind. (AP) _ German American Bancorp Inc. (GABC) on Monday reported second-quarter profit of $11.1 million.
The Jasper, Indiana-based bank said it had earnings of 48 cents per share.
The financial services holding company posted revenue of $40.4 million in the period. Its revenue net of interest expense was $36.4 million, which topped Street forecasts.
Ameriprise: 2Q Earnings Snapshot
MINNEAPOLIS (AP) _ Ameriprise Financial Services Inc. (AMP) on Tuesday reported second-quarter earnings of $462 million.
The Minneapolis-based company said it had net income of $3.10 per share. Earnings, adjusted for one-time gains and costs, were $3.60 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $3.51 per share.
The financial services company posted revenue of $3.2 billion in the period.
ALBANY, N.Y. (AP) — The former chief information technology officer for a New York government agency has pleaded guilty to a contract kickback scheme that predated his state employment.
Federal prosecutors say between January 2011 and April 2013, Mark Berger took $985,000 in cash bribes from two New Jersey IT firms in exchange for contracts with a Texas-based financial services company where he was CIO. The money was delivered to Berger's home in Roslyn on Long Island.
Peoples Bancorp: 2Q Earnings Snapshot
MARIETTA, Ohio (AP) _ Peoples Bancorp Inc. (PEBO) on Tuesday reported second-quarter profit of $7.9 million.
The bank, based in Marietta, Ohio, said it had earnings of 41 cents per share. Earnings, adjusted for one-time gains and costs, were 62 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.
WASHINGTON (AP) — President Trump's nominee to take over the nation's consumer watchdog agency exasperated some Democrats with vague answers at a Senate hearing Thursday, but Kathy Kraninger appears to be on her way to getting confirmed later this year.
Republicans hold a 51-seat Republican majority in the Senate, so Kraninger's confirmation seems all but certain.
Fed says trade war downturn could pose challenges
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Wednesday that the central bank has tools it can use to cushion the potential economic fallout from a trade war. But he told Congress the effort could be challenging if higher tariffs push inflation up too sharply.
If the retaliatory tariffs imposed by other countries slowed U.S. economy, Powell said the Fed could employ its normal tools, such as lowering interest rates.
SINGAPORE (AP) — Asian markets climbed higher on Wednesday as a sweep of positive news from Wall Street and beyond boosted confidence in the U.S. economy.
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks shook off a weak start and ended higher on Wall Street, led by gains in technology, health care and consumer products companies.
Johnson & Johnson added 3.5 percent Tuesday after reporting a strong quarter thanks to solid growth in its prescription drug business.
Technology companies are also rising, and financial services company Charles Schwab rose 3.6 percent after its own results beat forecasts.
OMAHA, Neb. (AP) — Insurer MetLife says it intends to hire more than 150 people for its future Omaha customer service center.
NEW YORK (AP) — New York regulators are slapping a $205 million fine on Deutsche Bank, following allegations that traders at Deutsche manipulated the foreign exchange market for years.
Deutsche Bank is the latest Wall Street firm to face penalties for manipulating the $5.3 trillion currency market. Banks such as Barclays, Citigroup and several others have paid hundreds of millions of dollars in fines since the scandal broke several years ago.
LONDON (AP) — London Mayor Sadiq Khan says he's optimistic the city will continue to draw investors after Brexit as a survey showed Britain's attractiveness as a destination for foreign direct investment dimmed last year.
JACKSON, Miss. (AP) — A Mississippi-based credit union and associated loan fund have been named the winner of The Wall Street Journal's financial inclusion challenge.
Hope Enterprise Corp. and Hope Credit Union announced the win last week.
NEW YORK (AP) — Goldman Sachs Group has agreed to pay over $110 million to settle allegations that its foreign exchange traders engaged in improper conduct.
Officials say Goldman traders participated in chat rooms, sometimes using code names, to discreetly share confidential customer information with other global bank traders to affect foreign exchange prices. They say the unlawful conduct happened from 2008 to early 2013.
U.S. Senate votes to revoke protections on anti-discriminatory auto loans
America is often touted as a nation of laws, and not of men. But it seems that today some lawmakers have no interest in upholding laws that mandate fairness in financial services — particularly when consumers of color are affected.