Bond insurer Ambac Financial Group Inc said JPMorgan Chase & Co will pay $995 million to settle disputes related to residential mortgage-backed securities.
Morgan Stanley plans to cut $1 billion in costs by 2017 by outsourcing some operations and making greater use of technology, Chief Executive James Gorman said.
Five of the world's largest banks, including JPMorgan Chase & Co and Citigroup Inc, were fined roughly $5.7 billion, and four of them pleaded guilty to U.S. criminal charges over manipulation of foreign exchange rates, authorities said on Wednesday.
JPMorgan Chase, the largest U.S. bank, one the largest providers of financial services in the world and one of the most powerful banks in the world has accumulated one of the largest stockpiles of silver the world has ever seen.
