RBC Capital Markets (NYSE:RY) has agreed to pay a $30.4 million fine to settle SEC charges of misconduct in the sale of $200 million in notes to 5 Wisconsin school districts. The SEC claims the bankers sold the notes despite having “significant concerns” about their suitability for the districts.
The Bank of Spain will reportedly inject several billion euros and take over 3 more of the country’s troubled savings banks this week — CatalunyaCaixa, Unnim and Novacaixagalicia — and is expected to receive offers to sell a fourth — mid-sized lender Caja de Ahorros del Mediterráneo — with Banco Santander and Banco Bilbao Vizcaya Argentaria SA (NYSE:BBVA) among the buyers interested in CAM.
Industrial & Commercial Bank of China (PINK:IDCBF) may raise as much as $11 billion in the debt markets over the coming months, in order to raise capital levels to protect against a possible wave of bad loans from the nation’s credit bubble.
The Federal Housing Finance Agency finds that Freddie Mac used flawed analyst when accepting a $1.35 billion settlement from Bank of America (NYSE:BAC) for MBS it sold during the boom, costing taxpayers. Freddie executives claimed they did not want to damage their relationship with BofA, settling despite objections.
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Goldman Sachs (NYSE:GS) is preparing to expand its $1.2 billion cost-cutting initiative by “hundreds of millions of dollars,” according to sources, a move that will likely lead to more job cuts. Goldman is facing what may be one of its worst quarters as a public company.