11 May 2004 02:38 PM

While the rate of U.S. inflation appears to be on the rise, the increase is not substantial enough to worry Chicago Federal Reserve President Michael Moskow. "A year ago, we were worried about unwelcome disinflation; that

11 May 2004 08:50 AM

Wells Fargo (WFC) said it’ll pay an undiclosed amount to buy PayDay of Minnesota, a private payroll service specialist based in Bloomington, Minn. The bank said the company will become part of its business payroll

11 May 2004 06:50 AM

Citigroup (C) said it would take a $5 billion charge, equivalent to 95 cents a share, in the second quarter to settle the WorldCom class action suit and increase litigation reserves. Under terms of the WorldCom settlement, the

11 May 2004 06:15 AM

Fannie Mae said Monday it had agreed with regulators to take a pre-tax charge of between $240 million and $260 million in its second-quarter results, but saw no need to restate its previous financial reports.

11 May 2004 05:58 AM

U.K. bank Abbey National was 1.3 percent stronger after the Guardian newspaper reported speculation that Citigroup has appointed advisors to decide whether to mount a takeover bid for it. Abbey shares have risen lately

11 May 2004 05:17 AM

Deutsche Bank (DB) executives later today are expected to dicuss an offer for Postbank, Germany’s biggest retail bank, the New York Times reported, citing sources. The postal savings bank is owned by Deutsche Post, which

10 May 2004 11:22 AM

The Federal Reserve fined Swiss bank UBS $100 million for business dealings with Cuba, Iran, Libya and Yugoslavia. "Certain

10 May 2004 07:12 AM

Standard & Poor’s said its ’AA-’ rating on Citigroup’s long-term debt will not be impacted by today’s news the bank is taking a $4.95 billion after-tax charge to settle Worldcom-related litigation. The settlement, and a raising

10 May 2004 05:06 AM

Shares of Deutsche Bank (DB) edged lower in Frankfurt on deal speculation after Chief Executive Josef Ackermann indicated in the German newspaper Handelsblatt that the bank is considering acquisitions. "The

07 May 2004 09:34 AM

The blowout April jobs report has persuaded traders that the Federal Reserve will raise rates for the first time in four years at the June meeting. Prices on federal funds futures at the Chicago Board of Trade indicate an 86 percent chance of a quarter-point rate hike in June, up from 48 percent before the jobs report was released early Friday. The

07 May 2004 09:00 AM

Chances for a U.S. interest rate hike in June "has taken a big step up" after the surge in April nonfarm payrolls by 288,000, said Ian Shepherdson, Chief U.S. Economist at High Frequency Economics. The data is "great news -

07 May 2004 05:39 AM

Emerging-market bonds, stocks and currencies tumbled after a drop in U.S. jobless claims heightened speculation the Federal Reserve will raise its benchmark lending rate, luring money away from developing

07 May 2004 05:23 AM

Fannie Mae’s (FNM) regulator said Thursday that the mortgage lending giant’s accounting policies are inadequate for securities related to manufactured housing and aircraft leases. The Office of Federal Housing

07 May 2004 03:57 AM

The Federal Reserve Board’s policymaking Federal Open Market Committee debated changing its wording on inflation at its March meeting but ultimately decided to keep the wording agreed to in January until a later date, according to a summary of the March meeting released Thursday. "Many members held that a case could be made for

07 May 2004 03:12 AM

Deutsche Bank Alex. Brown (DB) said Thursday it has hired six client advisors. Drew Mandala, Jason Abrahams and Scott Rhodenizer, formerly of Wachovia Securities, joined Deutsche Bank private clients services unit in