Money Matters - Simplified

Bank of America

Rupee may plummet to 68/dollar if US defaults on October 18: BofA-ML

India: The Indian rupee is bound to plummet to 68 per dollar if the US lawmakers do not come to a conclusion on increasing the debt ceiling.

JP Morgan becomes the latest hacking victim

Banking giant JP Morgan Chase was off the internet this afternoon owing to distributed-denial-of-service attack.

Anonymous at it again: Leaks details of BofA executives, surveilance

Anonymous crosses swords with Bank of America, again

Seems Anonymous is hell bent on living up to its promise made last year that it is not down and out, and that it will make 2013 an eventful year. Well, in another daring, high profile scoop, it has leaked sensitive Bank of America data and unearthed evidence of surveillance by the top bank.

U.S. banks plan to use email, mobile to transfer payments

The three biggest US banks are busy in discussions to connect the payment networks.Plans are in pipeline to link digital payment systems with each other to get a relief from the cash and cheque payments. This will help more number of consumers to easily transfer cash payments with the help of messages sent from mobile phones and electronic mail.

US companies brace for imminent Grexit

Efforts by Greece to avoid defaults on its payments notwithstanding, US companies have already started preparing contingency plans to brace for imminent Grexit, the likely scenario of Greece exiting the Euro.

Facebook stock drops 5.39%, targets slashed!

Business upheaval for Facebook Inc.! The popular social networking site drooped to a confirmed low on Friday after the price targets of the stocks were slashed by a couple of brokers.

Morgan Stanley to slash 1600 jobs

It's going to be a tough new year for many at Morgan Stanley. The Wall Street bank has disclosed plans to cut 1600 jobs in the first three months of the coming year.

Bank of America customers might be able to escape debit card fee

Buffeted by public outrage, Bank of America Corp. (NYSE: BAC) is reported to be considering ways to allow customers to escape its proposed $5 monthly fee for debit card usage.

Fitch downgrades Lloyds, RBS, UBS

Fitch Ratings has downgraded three European banks and put another seven lenders on the negative watch list.

Faulty mortgages would cost lenders dearly -- Bloomberg News report

According to the data collected by Bloomberg News, the five biggest home lenders of the country would face a loss of at least $65.7 billion due to the faulty mortgages and the foreclosure abuses.