Bank of America Ordered to Pay $250 Million Over Wrongful Fees

Federal regulators also said the bank withheld credit-card rewards and opened accounts in customers' names without their consent. 


 
Farmers Limits Insurance Sales in Florida, California

The insurer is the latest to cut back in states where premiums have soared amid storm and wildfire risks. 


 
Fed's Williams says economy won't hit its weakest point until next year

New York Federal Reserve President John Williams said Tuesday that the U.S. economy won't hit its weakest point of the cycle until next year. 


 
Bank of Canada Expected to Deliver Another Rate Increase

Economists lean toward a rise in rates, to 5.0%, even though inflation and employment are showing signs of cooling. 


 
KPMG Plans $2 Billion Investment in AI, Cloud Services

An expanded partnership with Microsoft is expected to bring in $12 billion in revenue for KPMG over five years, the Big Four accounting firm said. 


 
The Accountant Shortage Is Showing Up in Financial Statements

Advance Auto Parts and others have cited a lack of skilled accounting personnel for material weaknesses in their financial-reporting controls, a key predictor of restatements. 


 
Deal Activity Slumps as Pricing Proves to Be a Sticking Point

CFOs are looking for opportunities, but many see a disconnect as sellers want top dollar and buyers seek bargains 


 
Merrill Lynch to Pay $12 Million for Failing to File Hundreds of Suspicious Activity Reports

Anti-money-laundering rules require broker-dealers to report to regulators on transactions over $5,000, but Merrill's parent used a $25,000 threshold since their tie-up. 


 
Raymond James to Pay $13 Million for Unreasonable Fees, Regulators Say

The company charged excessive commissions on over 270,000 equity transactions and trades, resulting in its customers paying $8.25 million more than they should have, the North American Securities Administrators Association says. 


 
Financial Services Roundup: Market Talk

Find insights on pension plan funding, Nordic banks' return on equity, Digital Telecommunications Infrastructure Fund, and more in the latest Market Talks covering Financial Services.


(END) Dow Jones Newswires

07-12-23 0015ET