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Big BofA fine is government extortion: Kovacevich

Money On Hook

The $16.65 billion settlement by Bank of America over financial crisis-era mortgage securities highlights a pattern of the government extorting the banks, said Dick Kovacevich, former Wells Fargo chairman and CEO.

Pressure rises for Standard Chartered board

Standard Chartered Shanghai Towers

A $300m fine on Standard Chartered for lapses in anti-money laundering controls has piled pressure on the bank's board, coming after a series of transgressions and a drop in earnings that had prompted calls for change at the top.