Stock futures climbed to session highs on Monday as shares of major U.S. banks advanced following positive comments from influential analyst Meredith Whitney on CNBC television.
Financial difficulties at commercial lender CIT Group Inc could hurt small businesses that depend on credit to fund their growth and operations, though many of CIT's units serve an important function and are unlikely to disappear if the company restructures in bankruptcy court.
Stock futures were little changed on Monday as caution over the latest earnings season weighed and CIT Group Inc grappled with shoring up its finances, offsetting a broker upgrade of Goldman Sachs
.
Hopes rose that Swiss bank UBS can finally move on from a damaging U.S. tax row, after a request for a delay to a high-profile trial scheduled for later on Monday brought a settlement nearer.
World stocks fell on Monday, with particularly heavy losses in emerging markets, as investors fretted about a coming wave of corporate earnings and confidence in a rapid global economic recovery faded.
Bank of America Corp is trying to avoid paying billions of dollars in fees to U.S. taxpayers for guarantees against losses at Merrill Lynch, saying the rescue agreement was never signed and the funding never used, Bloomberg reported citing people familiar with the matter.
Delay in UBS tax case; CIT Scrambles; Too early for new stimulus talk
The U.S. government and UBS AG asked a federal judge on Sunday to delay the start of a closely-watched trial, as they seek to resolve their dispute over U.S. demands for the identities of thousands of wealthy Americans suspected of using the Swiss bank to dodge taxes.
The U.S. government and UBS AG asked a federal judge on Sunday to delay the start of a closely-watched trial, as they seek to resolve their dispute over U.S. demands for the identities of thousands of wealthy Americans suspected of using the Swiss bank to dodge taxes.
The U.S. government and UBS AG asked a federal judge on Sunday to delay the opening of a closely-watched trial, as they seek to resolve their dispute over U.S. demands for the identities of thousands of wealthy Americans suspected of using the Swiss bank to dodge taxes.
AllianceBernstein became the latest of the nine firms awarded the right to take part in the U.S. Treasury's toxic debt investment plan to seek capital from the equity markets.
Japan's Nomura has bought a 35 percent stake in LIC Mutual Fund in a deal which values the Indian fund firm at 8 billion rupees ($163 million).
The tax-evasion case first gained notoriety in June last year, when it was revealed that a former UBS AG banker once smuggled a client's diamonds into the United States in a toothpaste tube to avoid detection by U.S. authorities.
Under normal circumstances, Goldman Sachs Group Inc might be afforded a moment of gloating as it struts toward what could be a banner earnings announcement just nine months after being roiled by Wall Street's worse crisis since the Great Depression.
The Obama administration wants to give the U.S. Securities and Exchange Commission broad powers to identify and ban compensation practices at investment brokers and advisers that interfere with their fiduciary duties to clients.
The biggest U.S. banks, including Wells Fargo & Co. and Bank of America Corp., JP Morgan Chase and Citibank announced plans to stop exchanging the registered warrants for cash after Friday.
Altria Group Inc said it will seek a further review of a federal jury verdict against it that threw out $24 million in tax refunds from investments in utilities and other assets.
The biggest U.S. banks, including Wells Fargo & Co. and Bank of America Corp., JP Morgan Chase and Citibank announced plans to stop exchanging the registered warrants for cash after Friday.
Obama administration officials outlined comprehensive proposals to rein in the free-wheeling market in financial derivatives on Friday, which has been blamed for helping to create the global economic crisis, and proposed stronger investor protections.
JPMorgan Chase & Co , seeking to extricate itself from a federal bailout program, wants warrants held by the government to be sold at auction, after the Treasury Department demanded too high a price for the bank to buy them back.
The Dow industrials and the S&P 500 fell on Friday, dropping for the fourth straight week, after Chevron Corp warned about its quarterly results and consumer confidence fell to it lowest level since March.
The owner of a website onto which a purportedly stolen Goldman Sachs Group Inc computer code was downloaded has declined to say whether or not other people accessed the code while it was on the site.
