Items Tagged with 'Bank of New York Mellon'


  • BNY Mellon adds former Visa CEO Charles Scharf as CEO, chairman

    Replacing Gerald Hassell, who began term as CEO in 2011
    The Bank of New York Mellon announced Monday that the CEO Gerald Hassell is retiring and stepping down immediately. Hassell will be replaced by Charles Scharf, the former CEO of Visa. Hassell began serving as BNY Mellon’s CEO in 2011. Prior to that, he served as president of the bank since the merger of The Bank of New York and Mellon Financial Corporation in 2007.
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  • Mortgage bond investors finally get paid $8.5 billion Countrywide settlement

    Five-year wait to receive settlement funds is over
    Last month, mortgage bond investors moved one step closer to ending their five-year wait for their money from an $8.5 billion settlement involving Bank of America, mortgages originated by its Countrywide unit, and the Bank of New York Mellon. At the time, a report suggested that the aggrieved bondholders would receive their money in June, and according to a new report from Fitch Ratings, that’s exactly what happened.
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  • The Big Short's Michael Burry just bailed on big bank stocks

    Burry's hedge fund, Scion Asset Management, exits several bank positions
    Michael Burry, whose name still carries significant weight in the financial industry, is no stranger to having a strong opinion about the nation’s biggest banks. And Burry's hedge fund, Scion Asset Management, completely dumped its position on several of the big banks during the first quarter. Does he know something we don't?
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  • Finally: $8.5B Countrywide mortgage bond settlement gets green light

    Payouts set to reach burnt investors as soon as June
    Ending a legal quagmire that stretched back to 2011, investors are finally set to receive their money from an $8.5 billion settlement involving Bank of America, mortgages originated by its Countrywide unit, and the Bank of New York Mellon, which acted as the trustee for the mortgage bond investors.
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  • Five major banks fail bailout test, would need taxpayer money in crisis

    Bank of America, JPMorgan Chase, Wells Fargo, others must improve 'living wills'
    Five of the nation’s largest banks are not prepared for a financial crisis and would need taxpayer bailouts, the Board of Governors of the Federal Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation announced Wednesday.
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  • Bank of New York Mellon to face lawsuit over toxic mortgages

    Alledgedly caused $1.12 billion in investor losses
    A U.S. judge ruled on Thursday that Bank of New York Mellon must face a lawsuit seeking to hold it liable for causing $1.12 billion of investor losses due to toxic residential mortgage. This is only the latest case from Manhattan federal judges over similar claims.
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  • Fed proposes new bailout rules for biggest banks

    Would be required to carry $120 billion in debt to reduce taxpayer burden
    Eight of the country’s largest banks would be required to raise $120 billion to comply with a new rule proposed Friday by the Federal Reserve Board, with the money designated to recapitalize the bank should it fail, lessening the likelihood of a a government bailout.
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  • FDIC sues 3 banks over faulty mortgage-backed securities

    Citigroup, US Bancorp now in the limelight
    The Federal Deposit Insurance Corporation sued Citigroup and US Bancorp, along with the Bank of New York Mellon, on Wednesday in an attempt to get back more than $695 million that it lost from selling shoddy residential mortgage-backed securities once owned by a failed Texas bank.
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