2 Canadian Bank Executives Ousted After Subprime Losses
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The Canadian Imperial Bank of Commerce fired two executives at its CIBC World Markets unit as it grapples with a $9.8 billion exposure to subprime debt.
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its bad bets on subprime mortgages.
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Bear Stearns Cos. Inc.  on Friday replaced the head of its asset management business after two of the investment bank's hedge funds hit rock bottom by making bad bets on risky mortgages.
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Markets fell on Friday as  losses stemming from subprime home loans  struck two prominent players in the financial industry.
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Washington (Dec. 23, 2004) - Two top executives and auditor KPMG are out this week at Fannie Mae, following the Securities and Exchange Commission&#39;s decision that the mortgage giant violated accounting rules, leaving it faced with a massive restatement.
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Two former Citigroup executives won dismissal yesterday of a lawsuit in which the government accused them of keeping tens of millions of dollars for the bankâs asset management arm that should have gone to reduce mutual fund fees.
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Citigroup Inc. , the financial services giant, said yesterday that it was removing three senior executives in the wake of a banking scandal in Japan.
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Officials at SunTrust Banks Inc. fired three finance executives and reassigned the company controller after concluding that there were ânumerous errorsâ in the loan loss-allowance calculations for the first two quarters.
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The chief executive and chief  financial officer of U.S. mortgage finance giant Fannie Mae  stepped down late on Tuesday after regulators exposed  accounting errors that are expected to force a massive earnings  restatement.
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The executives were forced to resign on Tuesday in the wake of Citigroup's private banking operations being shut down in Japan last month.
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Fannie Mae , the nation's second largest financial institution, forced out two top executives as it struggles to deal with an accounting scandal which will likely force it to wipe out $9 billion in profits over the past four years.
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NEW YORK - In a startling move backing up his promise to clean up Citigroup&#39;s global image, Chief Executive Officer Charles Prince ousted the three top executives responsible for the scandal at Citigroup&#39;s private bank in Japan.
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Lehman Brothers Holdings and the National City Corporation said yesterday that they would lay off more than 2,000 workers as the banks scale back their struggling mortgage businesses.
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Under pressure from regulators, Fannie Mae ousted chief executive Franklin D. Raines and Chief Financial Officer J. Timothy Howard and replaced KPMG as its auditor.
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SunTrust Banks Inc. STI.N, the No. 7  U.S. bank, on Wednesday said it fired three finance executives,  including its chief credit officer, after finding "numerous  errors" in how much to set aside for bad loans.
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Bear Stearns CEO James Cayne resigns amid the US investment bank's losses in the sub-prime mortgage crisis.
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MBIA Inc  ousted Chief Executive Gary Dunton and replaced him with former CEO Joseph "Jay" Brown as the bond insurer scrambles to overcome mortgage-related losses, maintain a top credit rating and restore market confidence.