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A pessimistic outlook from J.P. Morgan and new dismal data from Capital One foreshadow deeper and more protracted pain for credit-card issuers.
New York's attorney general issued subpoenas to former GMAC Financial Services Chairman J. Ezra Merkin, three of his funds and 15 nonprofits in his probe of alleged frauds on charities in the Bernard Madoff scandal.
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Marshall & Ilsley said it has essentially eliminated its dividend and enacted $100 million in cost cuts as Wisconsin's largest bank swung to a fourth-quarter loss on slumping credit quality.
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Lehman Brothers and numerous U.S. affiliates have increased their cash balance to about $6 billion since entering bankruptcy protection.
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Bank lending leapt 19% in China last month, showing that Beijing's stimulus measures are bearing fruit.
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