Weak Demand for Loans Hits Banks
J.P. Morgan Chase and Wells Fargo reported higher first-quarter profits, but mortgage business and profit margins on lending declined, underscoring lackluster demand for new loans.
Indications: Stock futures fall ahead of J.P. Morgan earnngs
Losses pick up for U.S. stock market futures on Friday as investors ready for earnings from bank majors J.P. Morgan Chase & Co. and Wells Fargo & Co. Retail sales and consumer sentiment will also be key for investors.
Stocks to Watch: J.P. Morgan, Wells Fargo to kick off bank earnings
J.P. Morgan Chase and Wells Fargo are likely to take center stage on Friday, with the two banks among the first major financial institutions to report quarterly results.
HSBC to Pay $249M to Settle Foreclosure-Abuse Case
(WASHINGTON) — British bank HSBC will pay $249 million to settle federal complaints that its U.S. division wrongfully foreclosed on homeowners who should have been allowed to stay in their homes. The agreement with the Federal Reserve and the Office of the Comptroller of the Currency is similar to deals with 12 other banks that ended a review of loan files required under a 2011 federal action. Combined, the 13 banks will pay $9.3 billion. The settlements could compensate Americans whose homes were seized because of abuses such as “robo-signing,” when banks automatically signed off on foreclosures without properly reviewing documents. The agreement will also help eliminate huge potential liabilities for the banks. (MORE: Bank of America’s Earnings Shrink on Mortgage Settlements) Consumer advocates say regulators settled for too low a price by letting banks avoid full responsibility for foreclosures that victimized families. Under the settlement, HSBC will pay $96 million in cash compensation ...
Banks, Regulators Reach Settlement
Ten U.S. banks reached a $8.5 billion agreement with bank regulators to settle charges of foreclosure abuses. Bank of America, J.P. Morgan Chase, Wells Fargo and Citigroup signed on to the pact.