Consumer Lending News
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The Federal Reserve announced an enforcement action against Bank of Montreal, Canada’s fourth- largest lender by assets, for “deficiencies” in compliance with anti-money laundering and Bank Secrecy Act rules and regulations.
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Russia’s economy grew at the weakest pace since 2009 in the first quarter as the euro area’s longest recession hurt demand for commodity exports and investment at companies including OAO Gazprom cooled.
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Russia’s economy probably grew at the weakest pace since 2009 in the first quarter as investment at companies including OAO Gazprom cooled and the euro area’s longest recession hurt demand for commodity exports.
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Royal Bank of Canada, Bank of Nova Scotia and six other large Canadian lenders are trading at the lowest premium to U.S. bank stocks in more than two years, as their American counterparts regain the confidence of investors.
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Latham & Watkins LLP is opening a new office in Dusseldorf and hiring four partners from Shearman & Sterling LLP, which announced the closing of two German offices last month.
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JPMorgan Chase & Co., the biggest U.S. bank, named Matt Zames sole chief operating officer as Frank Bisignano departed to become chief executive officer of First Data Corp.
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The following is the text of the Federal Reserve Board’s eleventh District--Dallas.
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Russia is probably already in a recession and monetary policy should be eased to ignite growth, said Ksenia Yudaeva, President Vladimir Putin’s representative to the Group of 20 nations.
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Bharat Masrani, who helped oversee Toronto-Dominion Bank’s $25 billion U.S. expansion, is likely to add to that business when he takes over next year as chief executive officer of Canada’s second-biggest bank.
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Bank of Montreal reported first- quarter profit that beat analysts’ estimates as higher earnings from investment banking and the U.S. offset a slowdown in consumer lending in Canada. The bank raised its dividend 2.8 percent.
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