Financial Services
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BofA misses estimates as mortgage banking weighs on results
(Updated, 10:15 a.m.) Bank of America Corp. reported first-quarter profit that missed analysts’ estimates as lower mortgage banking income and higher legal costs slowed the firm’s turnaround. The shares dropped 3 percent in early trading. more
Starkweather & Shepley acquires Braintree-based firm
Starkweather & Shepley Insurance Brokerage Inc., Rhode Island’s largest independent insurance agency, has acquired Braintree, Mass.-based Crosbie-Macdonald MD Insurance Services, Starkweather & Shepley announced Friday. more
| 4/12/13
RBS said to fire derivatives trader weeks after Libor fine
Royal Bank of Scotland Group PLC dismissed a London-based interest-rates trader, weeks after settling with regulators over its part in the Libor scandal, two people with knowledge of the situation said. more
U.S. isn’t broke, dollar won’t fail, Capital Economics says
The U.S. isn’t broke, and the dollar isn’t in danger of collapse even after unprecedented stimulus measures enacted following the worst financial crisis since the Great Depression, according to Capital Economics Ltd. more
Europe’s banks may need to shrink to cut costs, Barclays says
The European banking industry may have to consolidate further if revenues don’t recover and firms don’t achieve their cost-savings targets, according to a Barclays PLC research note. more
Barnum Financial Group named MetLife’s 2012 firm of the year
Barnum Financial Group, an office of MetLife, has been named MetLife’s 2012 Firm of the Year. The company, which has five locations in Rhode Island, was also awarded the company’s highest management honor, the 2012 Individual Distribution Firm of the Year, the company announced recently. more
RBS likely to face more Libor sanctions, Japanese watchdog says
Royal Bank of Scotland Group Plc faces further sanctions in Japan after the country’s securities regulator found traders at Britain’s biggest publicly owned lender attempted to manipulate benchmark interest rates. more
BofA to revamp branch design to attract customers
Bank of America Corp. plans to renovate its 5,400 domestic branches to include tablet-carrying employees and couch and chair lounge areas for customer use in order to coax customers back into its branches, according to a report from USA Today. more
Amica ranks highest for customer satisfaction
Amica Mutual Insurance Co. has ranked highest in customer satisfaction on the J.D. Power and Associates 2013 Property Claims Satisfaction Study, the insurer announced Wednesday, adding that this is the second consecutive year that Amica has ranked highest in the study. more
| 4/3/13
RBS shareholders sue for $6B on 2008 rights offering
Royal Bank of Scotland Group Plc and former CEO Fred Goodwin were sued by about 12,000 shareholders who said the lender misled them in 2008 when it issued new shares months before a government bailout. more
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