The Greek debt crisis roiled financial markets on Monday, but shouldn’t have a big impact in Charlotte and the rest of the United States unless it spreads to bigger European countries, a Charlotte-area economist said.
Athanasios Vamvakidis, Bank of America Corp.’s head of European currency strategy, is in a difficult spot: He advises clients from London on how to make money – or at least minimize losses – as his homeland unravels.
Puerto Rico’s move could roil financial markets already dealing with the turmoil of the renewed debt crisis in Greece. It also raises questions about the once-staid municipal bond market, which states and cities count on to pay upfront costs for public improvements such as roads, parks and hospitals.
Fifth Third Bancorp announced Monday plans to consolidate or sell about 8 percent of its U.S. branches as it responds to more customers conducting routine transactions online. But the Cincinnati-based lender declined to disclose whether the Charlotte area will be impacted.
Bank of America was scolded earlier this year by the Federal Reserve for not anticipating problems with its recent “stress test” submission, The Wall Street Journal has reported, citing people familiar with the matter.
A federal regulator on Wednesday lifted an enforcement action imposed against Bank of America for deficient foreclosure practices but placed new restrictions on Wells Fargo after it failed to make required improvements.
In a victory for Bank of America, the U.S. Supreme Court ruled this week that the lender isn’t required to void second mortgage liens on “underwater” homes when borrowers file for a certain type of bankruptcy.
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