Bank Watch roundup: Even affluent worry about going broke in retirement
05/28/2014 7:00 AM
05/28/2014 2:16 PM
EVEN AFFLUENT WORRY ABOUT GOING BROKE IN RETIREMENT: A Bank of America survey of the "mass affluent" -- meaning they have between $50,000 and $250,000 in investable assets -- shows that more than half of them are worried about running out of money when they retire. Still, large chunks of them aren't willing to cut back on eating out or vacationing to save money, the survey says.
SMALLER BANKS NOW FACING GOVERNMENT MORTGAGE PROBES: As federal agencies wrap up cases against the likes of Bank of America and JPMorgan Chase, a new class of banks are now facing increased scrutiny over mortgage loans. SunTrust, Fifth Third and Regions have all recently disclosed new investigations into mortgage servicing, the Wall Street Journal reports.
BANK OF AMERICA SLASHES CORPORATE, INVESTMENT BANKING CLIENT LIST: It numbered nearly 12,000 just a few years ago, and is now less than half that. The Charlotte bank is focusing on its largest and most profitable clients, says Christian Meissner, head of global corporate and investment banking.
BOFA RETAINED TO SELL LOS ANGELES CLIPPERS: The Charlotte bank is getting the nod to find new owners in the wake of the Donald Sterling situation, Bloomberg reports.
BANK OF AMERICA RESUBMITS CAPITAL PLAN: But the bank is still short on details of what will come of its dividend. The Fed now has two and a half months to decide whether to approve the new capital plan.
CONSUMERS PAYING MORTGAGES AHEAD OF CREDIT CARDS: That returns payment behavior back to what it was before the financial crisis, the Wall Street Journal says.
CITGROUP WARNS OF TRADING REVENUE SLIDE: The bank's CFO told investors that trading revenue in the second quarter could be down by 20 to 25 percent, Bloomberg reports.
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