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Pimco sues Citi over mortgage securities

Citi Building Sign

Pacific Investment Management Co. sued Citigroup over the bank’s role as trustee for $13.8bn of mortgage-backed securities made toxic when the housing bubble burst, leading to "substantial damages."



HSBC HQ London 3

HSBC Q3 pretax profit climbs 32%

HSBC Monday reported a better than expected 32 percent rise in pretax profit for the third quarter, as lower fines and settlements offset a decline in revenue.


Commerzbank CEO won't extend contract

Martin Blessing, who led Commerzbank for seven years, won’t extend his contract when it expires in 2016, becoming the latest CEO to join an unprecedented wave of management changes at Europe’s banks.