Bank Watch roundup: Wells Fargo Securities settles before trial

04/15/2014 7:00 AM

04/17/2014 7:39 AM

WELLS FARGO SECURITIES SETTLES LAWSUIT: On the eve of trial, Wells settled a lawsuit brought by retirement plans claiming the bank improperly exchanged investors' holdings for collateral to invest, Bloomberg reports. Terms were not disclosed. Wells lost a similar trial, but won a second.

CITIGROUP PROFIT RISES: The New York bank earned $4.1 billion in the first quarter, once you take out an accounting change and a tax item. Revenue fell, so the improvement was based on cost cutting and loan loss provisions.

BROKERS WHO FAIL TESTS MORE LIKELY TO HAVE DISCIPLINARY RECORDS: The Wall Street Journal says repeat failures on state-run Series 63 exams correlates with more red flags on brokers' records. Regulators say they may make more information like that disclosed to investors.

PARK STERLING CEO GETS A RAISE: Jim Cherry saw his pay rise 32 percent in what was a busy year for the Charlotte bank. Park Sterling's top executives received stock awards for the first time since 2011.

RICHMOND FED HAS NEW LOCAL BOARD MEMBER: Laura Clark, executive director of Renaissance West Community Initiative, will serve through 2015 on the Charlotte board of the Federal Reserve Bank of Richmond.

WELLS ANNOUNCING NONPROFIT INVESTMENT TODAY: The bank will be at Lee Street Theatre in Salisbury this evening to unveil an investment in nonprofits, Wells said Monday.

TIAA-CREF BUYS NUVEEN IN $6.25B DEAL: The retirement firm that keeps its largest employee base in Charlotte said Monday it will spend $6.25 billion to buy Nuveen Investments, a deal that will expand TIAA-CREF's offerings.

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