JPMorgan Chase & Co., the bank that incurred a $6.2 billion trading loss last year, will elect Linda B. Bammann and Michael A. Neal to its board and named Lee R. Raymond as lead independent director, giving him more powers.
Citigroup Inc. is removing the last traces of its government bailout by persuading investors to buy almost three times the subordinated debt it issued seven months ago as it restores profitability after the financial crisis.
Customers of IndyMac Bancorp Inc., the California mortgage lender that failed two years ago, would recover some of their $265 million in lost deposits under a proposal offered by House lawmakers to the financial-overhaul bill.
Washington Mutual Inc. filed a revised reorganization plan yesterday in anticipation of tomorrow’s hearing on the explanatory disclosure statement. The modified plan is based on an amended proposal for a global settlement with the Federal Deposit Insurance Corp., JPMorgan Chase & Co . and creditor groups.
The Federal Deposit Insurance Corp. is selling $2.42 billion of bonds issued by Citigroup Inc. in a transaction that will eliminate U.S. government holdings in the bank linked to the 2008 financial crisis.
Developer Norman Radow expected some thanks in April when he offered to repay a $35 million defaulted loan on a 32-story San Diego condominium project he had taken over, originally financed by failed Corus Bank. Instead, his new lender urged him to keep the money.