A move by the world’s central banks to lower the cost of borrowing exhilarated investors Wednesday, sending the Dow Jones industrial average soaring 490 points and easing fears of a global credit crisis similar to the one that followed the 2008 collapse of Lehman Brothers.
NEW YORK — Bank of America Corp. is scrapping its plan to charge a $5 monthly debit card fee. The bank’s decision to drop the fee came after a roar of customer outrage in recent weeks over the fee. Other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., already canceled tests of similar debit card fees last week.
NEW YORK — Higher bank fees are here to stay. The latest third-quarter earnings reports from this week confirm that banks are struggling to make money the old-fashioned way, by lending money to consumers and businesses. The main reason: interest rates are at historic lows. That makes it harder for banks to charge high rates on loans.
NEW YORK (AP) — A growing belief that the U.S. economy may be headed toward recession gave the stock market its fourth straight week of losses.
WASHINGTON — JPMorgan Chase & Co. has agreed to pay $153.6 million to settle civil fraud charges that it mislead buyers of complex mortgage investments just before the housing market collapsed.
WASHINGTON — The number of U.S. banks at risk of failing made up nearly 12 percent of all federally insured banks in the first three months of 2011, the highest level in 18 years. That proportion is about the same as in the October-December quarter last year, though the increase in the number of banks on the Federal Deposit Insurance Corp.’s confidential “problem” list is slowing.
COLUMBUS — Shareholders trying to get into JPMorgan Chase & Co.’s annual meeting held Tuesday in this midwestern city were greeted by heavy security and over 400 protesters shouting slogans outside every entrance.