Banking
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A food company that regularly poisoned people wouldn’t expect to stay in business for long. A pharmaceutical company whose drugs made patients sick would be shut down. But a bank that repeatedly rips off its customers? Why, it can just keep paying fines, toss out a “mea culpa” press release, and get back to business as usual -- even when it’s 80 percent owned by taxpayers. more
(Updated, 10:45 a.m.) Banco Santander SA cut a planned sale of as much as 2.5 billion euros ($3.3 billion) of the riskiest bank bonds to 1.5 billion euros. more
Bank of America Corp., which agreed to a record $16.7 billion settlement of government mortgage probes in August, posted a surprise third-quarter profit as revenue from trading stocks and bonds increased. more
Banco Santander SA said third-quarter profit rose 52 percent, beating estimates, as charges for bad loans dropped in Spain and earnings climbed in the U.K. and Brazil. more
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