Citigroup just agreed to pay $285 million to settle a civil fraud complaint that it misled investors in a $1 billion derivatives deal tied to the United States housing market, then bet against the investors as the housing market began to show signs of distress.
Bank of America Corp just reported a third quarter profit of $6.2 billion. Bank of America recently Announced That It Was Laying Off 30,000 People. The layoffs come after a decision by Bank of America, JP Morgan, and Citigroup earlier this year to “outsource IT and back office projects worth nearly $5 billion this year to India, as they seek to lower costs."
Late last month, BOA announced that it would start charging a $5-a-month fee simply for consumers to use their debit cards for purchases.