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BofA and UBS reach new swaps settlement with Detroit

Detroit Sky Line Leocap Sxc Hu

Hoping the third time's the charm, the bankrupt city of Detroit says it has reached a tentative, $85 million deal to settle so-called "swaps" contracts with UBS and Bank of America Merrill Lynch, after previous agreements were deemed too expensive.

Bankers to get EU bonus cap reprieve

Dunce Cap Hat

Bankers who earn more than $1.4m won the chance of a reprieve from European Union bonus curbs as regulators published a blueprint to implement rules on rewards for irresponsible risk-taking.

Citigroup's Mexico worries grow

Mexico Flag

A headache is growing for Citigroup as a banking affiliate involved in money transfers across the Mexican border has become ensnared in a criminal investigation.