Banks that agreed to help troubled borrowers as part of a settlement with regulators over foreclosure misdeeds are spending most of the promised aid on sales that displace homeowners and forgiveness that erases home equity loans from their books.
Alpha Prime Fund Ltd. and Senator Fund SPC, two funds sued along with HSBC Holdings Plc by the trustee liquidating Bernard Madoff’s firm, filed so-called cross claims against HSBC to try to recoup damages they incurred in the fraud.
Citigroup Inc. , the third-largest U.S. bank by assets, named Venu Krishnamurthy to head the high- net-worth and affluent segments, replacing Deborah Doyle McWhinney , who vacated the position last week.
U.S. regulators may ask Internet- service providers such as AT&T Inc. and Comcast Corp. to adopt a voluntary standard for fighting computer viruses that might cost millions of dollars in network upgrades.
Bank of America Corp., Wells Fargo & Co. and three other banks that settled a nationwide probe of foreclosure practices this month will get a bonus from the deal: protection for $308 billion of home-equity loans they hold.