Banking

Bank Watch roundup: U.S. prosecutors press on with BofA case

CHARLOTTE PROSECUTORS PRESSING ON WITH BOFA CASE: Two weeks after a magistrate judge recommended dismissal of the U.S. lawsuit over prime mortgages, the U.S. attorney in Charlotte filed a motion asking the district court to set aside the recommendation.

BANKS STREET PARTNERS HIRES BOFA ANALYST: The prominent Southeastern investment bank has brought on Matt Kennedy, a former Bank of America senior financial analyst in retail distribution, as an associate.

HUNTINGTON BUYING BOFA BRANCHES: Huntington Bancshares is buying 11 branches in Michigan from the Charlotte bank, Crain's Detroit Business reports. It's about $450 million in deposits at a 3.5 percent premium.

ALLY SHARES SLIDE: In their first day of trading, Ally Financial shares fell about 3 percent.

BETTER HOURS FOR JUNIOR BANKERS DON'T REALLY HELP: Banks like Bank of America have taken to offering young employees a respite from the traditional brutally demanding work schedule. But it turns out that 80 hours of work a week is staying 80 hours of work, the days the work is done is all that's changing, The New York Times reports.

CITIGROUP PROBED FOR NOT REPORTING SUSPECTED DRUG CARTEL ACTIVITY: At a time when the bank is still under scrutiny for big losses in its Mexico division, a new investigation looks at whether the bank adequately reported suspicious activity along the U.S.-Mexico border, the Wall Street Journal reports.

REGULATORS LOOKING AT MORE BANKS ABOUT BOND DEALS: The SEC and FINRA are still investigating how banks apportion popular bond deals to clients, the Wall Street Journal reports.

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