Efforts by Citigroup Inc. senior executives to tighten controls in Mexico were rebuffed by managers there for at least five years before the U.S. bank found the local unit had suffered a $400 million loan fraud last month, four people with direct knowledge of the matter said.
Bank of America Corp. urged investors to approve new terms on Berkshire Hathaway Inc.’s preferred stock stake, saying a rejection could push the lender to issue new securities that would dilute profits.
Goldman Sachs Group Inc. awarded employees restricted stock worth $2.3 billion for their 2013 performance, the smallest amount in two years as the firm cut costs by lowering the portion of revenue it set aside for pay.
Bank of America Corp., the second- biggest U.S. lender, disclosed new probes into its mortgage and foreign-exchange businesses and boosted an estimate of potential legal losses by 20 percent to $6.1 billion.
Sallie Krawcheck, the former executive at Bank of America Corp. and Citigroup Inc., has been nominated to join the board of 2U Inc., the maker of online educational systems that’s planning to go public.
The Federal Reserve approved new standards for foreign banks that will require the biggest to hold more capital in the U.S., joining other countries in erecting walls around domestic financial systems.