US banks News

A lower credit rating could push funding costs for those banks even higher.  

The Mark Zuckergerg-led company is still recovering from its recent data privacy scandal.

Morgan Stanley`s quarterly profit fell by more than half as the Wall Street bank`s fixed-income trading and investment banking businesses took a hit from market volatility early in the year.

Wall Street bank Morgan Stanley's profit slumped for the second straight quarter as investors fled the bond, currency and commodity markets amid uncertainty about the timing of a US interest rate hike and concerns about China's cooling economy.

Global software major Infosys Ltd will offer its flagship Finacle product to service US banks` Verizon cloud platforms.

About $2 billion of that is to come from cost-cutting in retail banking, with the bank planning to close 300 of its 5,570 branches by the end of 2016.

The Federal Reserve rejected the capital plans of the US operations of Spanish bank Santander and Germany`s Deutsche Bank, saying it saw serious problems in the planning processes of both.

Executives at the biggest U.S. banks are sharing notes with each other before their next round of tests with federal regulators.

A key overnight borrowing cost for US banks reached its highest level since April 2013 on Monday after the Federal Reserve raised an interest rate on a test program aimed to hit its rate target when it decides to tighten policy, Fed data showed.

JP Morgan Chase and at least four other US banks have been victims of a "sophisticated" series of cyber attacks this month, sources close to the investigation told The New York Times.