Bank Overstated Loan Loss Reserves for First Two Quarters
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SunTrust Banks Inc. will restate its earnings for the first two quarters of the year after discovering errors in how it sets aside money to cover problem loans.
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Quality Distribution is hammered after reporting a large loss for the second quarter.
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Comings and goings in the banking indurstry.
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The central bank ordered banks in the country to increase reserves for the first time in 17 years to rein in household debt and help curb a surge in property prices. The Bank of Korea raised the required reserve ratio on demand deposits to 7 percent from 5 percent, it said Thursday in a statement. The move was the latest effort by policy makers to damp rising household debt and surging property prices, which last month rose at the fastest pace in three years, threatening economic expansion. The government said last week that it planned to build more apartments and tighten lending restrictions for home buyers.
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Mortgage lender's shares plummet more than 20% after Bank of England intervention.
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Losses at Japanese financial firms from the US sub-prime loan crisis more than doubled in the last three months of 2007.
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Subprime losses at Japan's Mizuho Financial Group Inc  may have ballooned to as much as $2.8 billion, potentially forcing the bank to cut its full-year forecast for a second time, newspaper reports said on Wednesday.
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Banks fail to tell their customers exactly what their overdraft charges are for, says the OFT
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A group of US and European banks borrow $2bn from the Federal Reserve to ease credit woes, following recent turmoil.
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Credit Suisse analysts estimated banks  could lose up to $52 billion over time due to their exposure to  collateralized debt obligations that invested in U.S. subprime  mortgages.
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Some big banks report poor quarterly results and many bankers are surprised. Why?
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The government says it will cover losses by financial institutions providing money to the troubled bank.
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Banks are being accused of pressuring customers into taking out costly loans to try to clear their debts.
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Business & money: Swiss bank suffers a further Â£2bn writedown, pushing it into the first annual loss in its history
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The Bush administration announced Wednesday that it will run out of maneuvering room to manage the government&#39;s massive borrowing needs in two weeks, putting more pressure
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Lenders have concocted a frightening brew of fees. Are there fang marks on your wallet?
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US investment bank Bear Stearns reports its first loss after making risky bets on sub-prime mortgages.