And here's why Societe Generale is shelling out $1.4b.
From CNBC: The U.S. banking sector reported $62 billion in profits in the third quarter, up 29.3 percent from the same period a year ago, according to quarterly data from the Federal Deposit Insurance Corporation.
Only 3.5 percent of banks reported net losses, down from 4 percent a year ago. The number of problem banks also fell from 81 in the second quarter to 71 in the third quarter, the lowest number since the third quarter of 2007.
From Bloomberg: Royal Bank of Scotland Group Plc and Nordea Bank Abp dropped out of a global regulator’s ranking of banks that pose the biggest threat to the financial system.
Falling out of the list compiled by the Financial Stability Board could bring with it a lower capital surcharge for both banks if their European supervisors follow the global regulator’s recommendations.
JPMorgan Chase & Co. retains it status as the world’s most systemically important bank, according to the FSB’s list published on Friday. Bank of America Corp. falls one level in the list, and now has a recommended capital surcharge of 1.5 percent of risk-weighted assets. China Construction Bank also falls one level and faces a 1 percent surcharge
From Reuters: French banking giant Societe Generale on Monday agreed to pay U.S. federal and state authorities $1.4 billion to resolve pending legal disputes.
The bank agreed to pay $1.34 billion to settle investigations into its handling dollar transactions in violation of U.S. sanctions against Cuba and other countries.
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