Oil explorers like Exxon Mobil Corp. and OAO Rosneft risk wasting $1.1 trillion of investors’ cash through 2025 on expensive, uneconomic projects from the Arctic and deep seas to tar sands, according to a study.
A federal judge said he needs more information on the basis for Bank of America Corp.’s $33 million settlement of a lawsuit filed by the U.S. Securities and Exchange Commission before he can approve it.
Activist investors agreed to withdraw a resolution to be voted on at Exxon Mobil Corp.’s annual shareholders’ meeting calling on the world’s largest oil company to disclose its exposure to stricter climate-change laws.
JPMorgan Chase & Co. and Wells Fargo & Co. increased dividends and authorized share buybacks after the Federal Reserve reviewed the ability of the largest U.S. lenders to withstand another economic slump. Bank stocks rallied in New York trading.
Bank of America Corp. Chief Executive Officer Brian T. Moynihan said efforts to prevent foreclosures are failing frequently, with more than half of borrowers in some categories defaulting a second time.