David Scheer News
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Goldman Sachs Group Inc. was rebuked by Delaware Chancery Court Judge Leo Strine for “incomplete and inadequate” handling of a conflict of interest, less than 14 months after the bank finished examining its business practices.
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National Bank of Canada, the country’s sixth-largest bank, said profit climbed 3.1 percent to a record as it posted higher earnings from consumer banking. The bank was the fourth Canadian lender this quarter to top analyst estimates.
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General Motors Co. chose Wells Fargo & Co. to provide financing to Chevrolet, Buick, GMC and Cadillac dealers and retail customers in GM’s U.S. West marketing region, including California.
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Royal Bank of Canada and Toronto- Dominion Bank, the country’s two biggest banks, raised their dividends after reporting profits that topped analysts’ estimates on record earnings from consumer lending.
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Piper Jaffray Cos., the investment bank and asset manager founded in 1895, said it’s staying independent after Mergermarket reported takeover talks with a Chinese securities firm.
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Massachusetts’s top securities regulator said he is seeking legislation to bar firms such as Bank of America Corp. from holding state deposits unless they offer customers free basic checking accounts.
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Banco BTG Pactual SA, the Brazilian bank led by billionaire Andre Esteves, plans to sell new and existing shares in an initial public offering after pursuing about $1.5 billion of acquisitions in the past five months.
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Goldman Sachs Group Inc., the fifth- biggest U.S. bank by assets, agreed to buy Ariel Holdings Ltd.’s Bermuda-based insurance and reinsurance businesses to expand property and casualty coverage.
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Toronto-Dominion Bank, Canada’s second-largest bank, said profit declined for the first time in more than a year after it recorded litigation costs related to a Ponzi scheme in Florida. The lender boosted its quarterly dividend 5.9 percent.
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Matthew DeSalvo, who ran Credit Suisse Group AG’s top-ranked stock sales and trading unit in the U.S., left the firm this week as the company merged the business with electronic trading.
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