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U.S. stocks tumbled on Friday after the top German official at the European Central Bank resigned in protest of the bank's bond-buying program, which has been a major tool in fighting the region's debt crisis.

In the event the Bank actually follows through with this huge elimination, it would represent one of the biggest job culls in recent corporate history.

Investors are likely skeptical about the efficacy of Obama’s jobs program and whether or not such a massive scheme would pass Congress.

Bank of Nova Scotia (BNS.TO) said on Friday it will buy a near 20 percent stake in Bank of Guangzhou for about C$719 million ($722 million) to expand its footprint in China, becoming the latest foreign bank to invest in a Chinese bank before the bank does an IPO.

Major global banks have been jettisoning workers en masse for the past few months – the brutal manifestation of a grim new economic landscape.

China's inflation pulled back in August from a three-year high while economic activity slowed, underlining expectations that the central bank can hold off on further tightening of monetary policy in the face of a global economic slowdown.

Bank of America Corp officials have discussed slashing roughly 40,000 jobs during the first wave of a restructuring, the Wall Street Journal said, citing people familiar with the plans.

China's inflation pulled back in August from a three-year high, underlining expectations that price pressures have peaked and the central bank can hold off on further tightening of monetary policy in the face of a global economic slowdown.

Bank of America executives have discussed slashing roughly 40,000 jobs during the first wave of a restructuring, the Wall Street Journal reports, citing people familiar with the plans.

The bank’s chief executive Stuart Gulliver warned in August that HSBC will cut up to 30,000 jobs around the world by 2013.

A lawsuit accusing several mortgage lenders of fraud over home loans maintained within the industry's private electronic database cannot proceed, according to a U.S. appeals court ruling.

Bank of America Corp Chief Executive Brian Moynihan is running out of time to fix the largest U.S. bank.

The U.S. Department of Energy said it has offered $344 million in loan aid for a solar power program at military bases that could double the number of the country's residential rooftop solar arrays.

U.S. Treasury debt prices fell on Wednesday as traders booked profits from a recent rally and higher stocks undermined the safe-haven value of U.S. government debt.

General Electric Co said it would vigorously contest a lawsuit by the Federal Housing Finance Agency, which said the conglomerate's former WMC unit made inaccurate statements about the sale of two residential mortgage-backed securities.

Stock index futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500 up 1 percent, Dow Jones futures up 0.79 percent and Nasdaq 100 futures up 0.97 percent at 0900 GMT (5 a.m. ET).

Bank of America Corp said its consumer banking chief, Joe Price, and wealth management head, Sallie Krawcheck, will leave the company as part of a broad management reorganization.

JPMorgan Chase & Co and Bank of America led bank stocks lower on Tuesday after mortgage lawsuits filed late on Friday aggravated investor fears that the biggest banks could face massive legal liabilities.

JPMorgan Chase & Co, the second largest U.S. bank by assets, led a broader decline in bank share prices, as investors feared lenders face a growing list of lawsuits due to problem mortgages.

State prosecutors accusing major U.S. banks of improper mortgage practices have offered them a deal that may limit their legal liabilities in return for a multibillion-dollar payment, the Financial Times reported Tuesday.

Big U.S. banks in talks with state prosecutors to settle claims of improper mortgage practices have been offered a deal that may limit their legal liabilities in return for a multibillion-dollar payment, the Financial Times reported on Tuesday.

A consortium that included the Chinese government was the biggest buyer of a 5 percent stake in China Construction Bank Corp sold last month by Bank of America, the Financial Times reported on Sunday.

Bank of America Corp executives are discussing plans to potentially shed 25,000 to 30,000 jobs over the next several years, the Charlotte Observer said.

A U.S. regulator will soon file lawsuits against major banks accusing them of bundling subprime home loans into bonds that never should have been sold to investors and causing mortgage giants Fannie Mae and Freddie Mac to lose billions, according to a source familiar with the matter.

Stocks of large financial companies, such as Bank of American and Goldman Sachs, have taken a pounding Friday over a likely lawsuit concerning mortgage sales.

Give credit to the co-manager of trading at Themis Trading, Sal Arnuk, for encapsulating Friday's lousy economic data, slumping stock market and clueless American president.

Wall Street was set to fall more than 1 percent at the open on Friday after data showed U.S. employment growth ground to a halt in August, adding to worries about the health of the economy.

U.S. employment growth ground to a halt in August as sagging consumer confidence discouraged already skittish U.S. businesses from hiring, keeping pressure on the Federal Reserve to provide more monetary stimulus to aid the economy.

Stock index futures fell on Friday ahead of labor market data expected to underscore fears the economy is headed for another recession and as concerns about the euro zone debt crisis resurfaced.