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U.S. stocks dropped on Thursday as President Barack Obama took a tough stance on financial institutions, proposing rules to make the system safer by preventing the biggest banks from taking excessive risks.

President Barack Obama proposed stricter limits on financial institutions' risk-taking on Thursday in a new populist-tinged move that sent bank shares tumbling and aimed to shore up the president's political base.

Goldman Sachs Group Inc , which had been on track to pay employees a near-record amount, instead set aside nothing for compensation in the fourth quarter and gave $500 million to charity.

Goldman Sachs Group Inc , which had been on track to pay employees a near-record amount, instead set aside nothing for compensation in the fourth quarter and gave $500 million to charity.

Fifth Third Bancorp reported a much smaller fourth-quarter loss on Thursday after it recorded fewer writedowns on mortgages and other loans.

U.S. retail brokerages posted mixed fourth-quarter profits as higher merger and recruiting expenses offset growing management fees and a market-fueled increase in client assets.

In a sign that the U.S. banking sector's problems are far from over, lenders including Bank of America Corp reported falling bond trading revenue and mortgage lending weakness in the fourth quarter.

The Dow Jones Industrial Average dropped 122.43 points on Wednesday, losing 1.14 percent to close at 10,603 on fears that the Asian led economic recovery may stall because of government tightening.

Wells Fargo & Co and U.S. Bancorp reported better-than-forecast quarterly earnings, helped by recent acquisitions, while larger rival Bank of America Corp got a boost from Merrill Lynch.

Wall Street suffered its worst slide of 2010 on Wednesday as investors worried that lending restrictions in China could hurt the global economic recovery, while a conservative outlook from IBM dented recent optimism about the technology sector.

U.S. retail brokerages modestly boosted fourth-quarter profits as higher merger and recruiting expenses largely offset growing management fees and a market-fueled increase in client assets.

U.S. stocks were having their worst day of 2010 on Wednesday as lending restrictions in China worried investors about the global economic recovery, while a conservative outlook from IBM weighed down technology shares.

Four of the major U.S. financial institutions - with a combined market capitalization of $352 billion - reported mixed fourth quarter earnings today.

Wells Fargo & Co and U.S. Bancorp reported better-than-forecast quarterly earnings, helped by recent acquisitions, while larger rival Bank of America Corp got a boost from Merrill Lynch.

Bank of America Corp reported a wider-than-expected quarterly loss, hurt by still-high loan losses and its repayment of U.S. government bailout aid.

(Corrects global markets unit net income in 8th paragraph to $1.2 billion from $4.8 billion)

Bank of America (NYSE:BAC) this morning reported a loss of $0.29 per share for the year 2009 and a loss of $0.60 per share for the fourth quarter.

U.S. stocks were poised for a lower open on Wednesday on reports of bank lending restrictions in China and as quarterly results from three big U.S. banks raised uneasiness about the state of the sector.

U.S. stock index futures fell on Wednesday on reports of bank lending restrictions in China and as quarterly results from a host of U.S. banks increased uneasiness about the state of financial companies.

Bank of America Corp reported a wider-than-expected quarterly loss of $5.2 billion, hurt by still-high loan losses and its repayment of U.S. government bailout aid.

U.S. stock index futures fell on Wednesday on reports of bank lending restrictions in China as earnings reports from a host of U.S. banks increased uneasiness about the state of financial companies.

Bank of America Corp reported a fourth-quarter loss of $5.2 billion, hurt by higher credit costs, lower net interest income and its repayment of U.S. government bailout aid.

Citigroup Inc posted a $7.6 billion quarterly loss on Tuesday, but the bank's shares rose as declining loan losses raised hopes that the worst might soon be over.

Bank of America Corp likely will post another loss when it reports fourth-quarter earnings on Wednesday, as banks continue to grapple with their problems loans and a weak economy.

Citigroup Inc posted a $7.6 billion quarterly loss on Tuesday after recording big charges linked to repaying government funds and bad loans.

Citigroup Inc posted a $7.6 billion quarterly loss on costs related to TARP repayment and still high loan losses, but the bank's shares edged higher as some investors saw glimmers of hope.

Citigroup Inc, reported a loss of $0.33 per share for its fourth fiscal quarter on Tuesday, in line with analysts' expectations, according to data compiled by FactSet.

Citigroup Inc posted a fourth-quarter loss of $7.6 billion after taking charges linked to repaying government funds.

U.S. credit card data for December showed some signs that fewer consumers were falling seriously behind in their payments.