Financial Service News

The Federal Deposit Insurance Corp. says Integrity Bank of Alpharetta, Ga., has become the 10th U.S. bank to fail so far this year.

How high could the price of gasoline go? CIBC World Markets says gasoline at $1.75 per litre is a possibility if the Gulf of Mexico is hit this year by storms on a par with hurricanes Katrina and Rita in 2005.

Bradford & Bingley posts 1H loss on financing costs; Analysis by Stephen Pope of Cantor Fitzgerald Europe

COMMONWEALTH Bank of Australia will buy a 33 per cent interest in mortgage broker Aussie Home Loans.

Beleaguered lender Bradford & Bingley said it had crashed into the red in the first half of 2008, after credit crunch losses and rising bad debts.

Shares of mortgage and bond insurers rallied Thursday on news that MBIA Inc. is in a deal to reinsure billions of dollars in municipal bonds, showing the embattled bond insurer is able to attract new business ...

U.K. house prices declined at the fastest annual pace in almost two decades in August after lower mortgage lending and the prospect of a recession discouraged home buyers, Nationwide Building Society said.

Royal Bank of Canada says its net income fell to $1.26 billion in its third quarter, down 10 per cent from a year ago as writedowns and provisions for bad loans offset gains in RBC's domestic banking business.

Analysis by Bernhard Maeder of Credit Suisse Asset Management

The 10 ASEAN nations have been holding their annual talks. South East Asian nations have concluded talks with Australia and New Zealand on a comprehensive free trade deal, they said in a statement.

That writedown was actually lower than most analysts expected. The soft earnings resulted from weakness in both investment banking and consumer banking, including high provisions for losses in the bank's credit ...

Fannie Mae says three top executives are leaving as the mortgage finance company aims to cope with mounting losses.

John Allison, the long-time chairman and chief executive of BB&T Corp., said today that he plans to retire as chief executive on Dec.

The New York attorney general's office said Wednesday it is investigating whether brokers at Fidelity Investments were given incentives by Goldman Sachs Group Inc.

A trio of private-equity firms remain in the running for Lehman Bros. Holdings' asset-management unit as the investment bank tries to raise capital, according to a published report.

The Bank of Nova Scotia says profits fell two per cent to $1.01 billion in the third quarter on credit losses and lower capital markets revenue.

Citigroup Inc. isn't just eliminating jobs to slash costs - it's also clamping down on colour copying and BlackBerrys.

Aug 26 - 117 American banks are on an updated regulatory watch list as the credit crisis shows no sign of abating.

Even as they grappled with inflation worries, most Federal Reserve officials at their August meeting didn't believe the Fed's key interest rate was too low given harder-to-get credit conditions straining ...

Credit Suisse Group said Tuesday it has acquired a majority stake in U.S.-based company Asset Management Finance Corporation for $384 million of newly issued Credit Suisse stock.

The Swiss bank said the deal for over 80 percent of AMF has cleared all regulatory approvals and will close Tuesday. It acquires the stake from National Bank Financial of Canada.

AMF, based in New York, provides capital to asset managers in exchange for a non-voting, limited-term interest in a manager's future revenues, Credit Suisse said in a statement. This allows firms to bring in capital while maintaining ownership, independence and operational autonomy, the statement said.