Results of the stress tests of 91 European Union banks show the region’s problems are “manageable,” said Gary Townsend, chief executive officer of Hill-Townsend Capital LLC in Chevy Chase, Maryland, a hedge fund that specializes in financial firms.
Morgan Stanley rose by the most in more than a year in New York trading after reporting earnings that beat analysts’ estimates and revenue from trading stocks that surpassed all five of the company’s bigger competitors.
The Federal Reserve sought to curb the threat of financial turmoil by compelling the biggest banks to follow a tougher standard for risk management and demanding stricter oversight by companies’ boards of directors.
Malcolm Barnes distributed snacks for 27 years before losing his job in October 2007. After applying unsuccessfully with food companies, he’s taken welding and machining classes and is looking for manufacturing work.
Bank of America Corp., the largest U.S. bank, will sell its stake in Banco Santander SA’s Mexican unit for $900 million more than it paid in 2003, marking the lender’s fourth major asset sale this year.