Bank Watch roundup: Bank of America settlement could hit $12 billion

06/06/2014 7:00 AM

06/06/2014 7:42 AM

BANK OF AMERICA SETTLEMENT COULD HIT $12 BILLION: That's the figure currently on the table as the Charlotte bank talks with the Justice Department and a few states to resolve claims on how the bank handled mortgages packaged into bonds, the Wall Street Journal says. About $5 billion of that could come in the form of consumer relief. In total, the amount Bank of America has paid the government would exceed that paid by JPMorgan Chase last year in its blockbuster settlement.

SALLIE KRAWCHECK LAUNCHES INDEX FUND INVESTING IN WOMEN: The former Bank of America executive has partnered with Pax World Management to create a fund that targets companies with a large number of women in leadership positions, The New York Times reports. The women's network she now leads has also changed names, from 85 Broads to Ellevate.

BANK OF AMERICA MERCHANT SERVICES EXPANDS INTO CANADA: The payments processing company (a joint venture between First Data and the Charlotte bank) said Thursday that it will now offer its services to new clients in Canada and U.S. firms who do business north of the border. The Canadian operations will be based in Toronto.

WELLS FARGO DAY OF CARING IS THIS WEEKEND: It's actually 10 days now, but Saturday is the big event. About 4,000 Wells employees will be volunteering at Charlotte area nonprofits.

BANK OF NORTH CAROLINA MAKES ANOTHER ACQUISITION: The purchase of Charleston's Harbor National Bank now gives BNC Bancorp a round $4 billion in assets.

AMERICAN HOUSEHOLD WEALTH HITS A NEW RECORD: The Federal Reserve found that household and nonprofit wealth rose 2 percent in the first quarter this year to set a new record high, the Wall Street Journal reports. Rising stock prices and home values are helping.

OBAMA'S NOT GETTING INVOLVED IN THE BNP PARIBAS CASE: Since the president is meeting with his French counterpart, he got asked whether he could intervene in the Justice Department case against BNP Paribas. He says he isn't playing a role, the Wall Street Journal reports.

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