Michael McCoy News
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The allure of the fast-growing U.S. market for prepaid debit cards is pitting niche players like pop star Justin Bieber against financial giants including JPMorgan Chase & Co. and American Express Co.
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Wells Fargo & Co., the fourth- largest U.S. bank by assets, said its president of credit cards stepped down more than two months ago.
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Capital One Financial Corp. said it was the latest target in a new round of coordinated cyber attacks aimed at disrupting the websites of major U.S. banks, and SunTrust Banks Inc. and Regions Financial Corp. said they expect to be next.
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U.S. state attorneys general are pressing four banks to accept a legal settlement over botched foreclosures similar to a deal reached with larger competitors this year, according to three people briefed on the matter.
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Morgan Stanley and Citigroup Inc., criticized by California for arranging investment bets against state bonds, pitched Treasurer Bill Lockyer on ideas for legislation to sell $25 “minibonds” to expand sales to individuals, records from his office show.
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SunTrust Banks Inc. sold its largest U.S. structured note last month, almost two years after entering the market.
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Toronto-Dominion Bank Chief Executive Officer Edmund Clark faced investor doubts when he announced in 2004 he was buying a U.S. consumer lender, challenging larger rivals such as Bank of America Corp. in the world’s largest financial market.
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SunTrust Banks Inc., the eighth- largest U.S. bank by deposits, will eliminate a monthly check- card fee as more customers rebel against efforts by lenders to recoup revenue lost to new regulations.
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Charlsey Smedley, a retired schoolteacher in Orlando, Florida, started moving her checking account last month to JPMorgan Chase & Co. from Bank America Corp., where she has been a customer for more than 35 years.
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SunTrust Banks Inc.’s mortgage unit agreed to pay $21 million to resolve U.S. allegations it charged black and Hispanic borrowers discriminatory rates for home loans.
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