Financial Services
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Cities need resilience to face future superstorms
Whether or not Hurricane Sandy had a connection to climate change, the latter will make future Hurricane Sandys more common, imposing enormous costs on cities. more
Guest Column:
Peter Orszag | 5/13/13
Alemany retiring; Van Saun to lead Citizens
PROVIDENCE – Chairman and CEO of RBS Citizens Financial Group Inc. Ellen Alemany will retire Oct. 1 after more than five years with the Providence-based group, according to a press release from the parent company, Royal Bank of Scotland Group PLC. more
5/13/13
BofA’s post-crisis picture optimistic
William F. Hatfield is president of Bank of America in the Rhode Island market, a position that allows him to see the details of the state’s economy as well as to cast an eye toward the nation. As the bank emerges from the “hard work” of cleaning up after the nation’s financial meltdown, Hatfield sees “great opportunity” for his company and the region. more

By Mark S. Murphy
PBN Editor | 5/13/13

UnitedHealthcare named new sponsor of Newport Marathon
UnitedHealthcare Employer & Individual of New England has been named the new title sponsor for the UnitedHealthcare Newport Marathon, taking over for Lincoln-based Amica Mutual Insurance Co., which held the title sponsorship position since 2009. more
| 5/9/13
Alemany set to retire from Citizens after 5 years at helm
Chairman and CEO of RBS Citizens Financial Group Inc. Ellen Alemany will retire Oct. 1 after more than five years with the Providence-based group, according to a press release from the parent company, Royal Bank of Scotland Group PLC. more
Van Saun to head Citizens in U.S. as Alemany retires
Royal Bank of Scotland Group Plc named Nathan Bostock as finance director to replace Bruce Van Saun, who is moving to run Citizens Financial Group Inc. as the British lender prepares to sell a stake in the U.S. division. more
BofA faces narrowed claims in lawsuit over Fannie Mae mortgages
A judge narrowed a $1 billion lawsuit by the U.S. against Bank of America Corp. over mortgages the bank and its Countrywide unit sold to Fannie Mae and Freddie Mac. more
BofA traders post gains all quarter as Morgan Stanley stumbles
Bank of America Corp.’s traders posted gains every business day during the first quarter as Morgan Stanley’s lost money in eight sessions, double the rate a year earlier. more
FM Global to offer record ‘membership credit’
Clients of FM Global, the Johnston-based commercial property insurer, will receive a collective $435 million in premium reductions as part of a record “membership credit” to policy holders. more
| 5/7/13
BofA settles ‘big kahuna’ mortgage suit as new case looms
Bank of America Corp. CEO Brian T. Moynihan, who once vowed to wage “hand-to-hand combat” in lawsuits over faulty mortgages, settled one big fight with MBIA Inc. yesterday as another remains unfinished. more
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