Finance

Post image for Bank of America announces new debit card fees

Bank of America announces new debit card fees

by Jorge Hernandez on September 30, 2011

Bank of America raised the ire of its customers on Friday by announcing it would begin charging a $5 monthly fee for anybody who uses their debit card to make purchases. The fee will be assessed regardless of how many purchases the users make, and it does not matter if they choose debit or credit […]

Post image for Rogue trader costs Swiss bank UBS $2 billion

Rogue trader costs Swiss bank UBS $2 billion

by Jorge Hernandez on September 15, 2011

A rogue trader caused a $2 billion loss for UBS on Thursday, causing the Swiss banking giant's shares dropping 8.7 percent. The plummeting shares could cause the bank to report a loss for the entire third quarter, inflicting more damage on an already fragile banking industry, the Associated Press reports. Authorities are withholding most pertinent […]

Post image for Yahoo! fires CEO Carol Bartz

Yahoo! fires CEO Carol Bartz

by Jorge Hernandez on September 7, 2011

In a sudden, but not surprising, move, Yahoo Inc's board fired Cheif Executive Carol Bartz over the phone on Tuesday after it failed to see turnaround during her 32 months on the job. The firing of Bartz comes after an independent study found the company was not doing as well as it could, prompting the […]

Post image for Job growth in August stagnant, figures show

Job growth in August stagnant, figures show

by Jorge Hernandez on September 2, 2011

The latest figures from the Department of Labor are not encouraging for those fearing a double-dip recession. The U.S. economy added no jobs in August, marking the first time in 11 months that the country saw no job growth, The New York Times reports. The cause of the stagnant market is due to a number of […]

Post image for Dow drops 200 points in early Monday trading

Dow drops 200 points in early Monday trading

by Jorge Hernandez on August 8, 2011

After the Dow dropped more than 500 points on Thursday, things did not get much better for the U.S. Markets on Monday. Amid concerns of Standard and Poor's downgrading of America's credit rating, the Dow dropped once again, dipping almost 200 points at the start of trading, MSNBC reports. The week on Wall Street was […]

Post image for Deutsche Bank sued for more than $1 billion

Deutsche Bank sued for more than $1 billion

by Jorge Hernandez on May 4, 2011

The investment bank Deutsche Bank is being sued by the federal government for more than $1 billion. The charges are related to the subprime mortgage deals which were part of the financial crisis in 2008. Deutsche Bank is a German bank but its mortgage lending branch, called MortgageIT, was based in New York City until […]

Post image for Blankfein may face perjury as banks plan SEC settlement

Blankfein may face perjury as banks plan SEC settlement

by Jorge Hernandez on April 15, 2011

Lloyd Blankfein, the CEO of Goldman Sachs, and other employees of the bank may face charges of perjury concerning statements that they gave while under oath about the bank's involvement in the mortgage market crisis. Banks such as JPMorgan Chase, Bank of America Merrill Lynch, Morgan Stanley, Citigroup and UBS will also likely pay individual […]

Post image for Oil futures down from 30 month high

Oil futures down from 30 month high

by Jorge Hernandez on March 24, 2011

Oil futures fell by about 0.6 percent on March 24, marking a decline from a 30-month long high, according to Bloomberg. Fears about political instability in Saudi Arabia, the largest exporter of crude oil in the Middle East, is not as pressing as previously anticipated, according to financial analysts. “At least for the moment, there […]

Post image for AT&T to buy T-mobile in potential largest deal of year

AT&T to buy T-mobile in potential largest deal of year

by Kelly MacNeil on March 21, 2011

In a deal that would make AT&T the undisputed number one wireless company in the U.S., overtaking Verizon Wireless in numbers of customers, the company has announced a $39 billion deal to buy T-Mobile USA, currently owned by Deutsche Telekom AG, according to Bloomberg. Stocks for AT&T have surged with the announcement which is still […]