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Stocks close near peak for the week ... Citigroup to change executive pay process ... In China, R&D grew in 2012 ... Retail weak in Canada in December ... News from United Press International.
U.S. financial behemoth Citigroup is changing its executive compensation formula in response to disgruntled shareholders, a regulatory filing said.
The U.S. Federal Reserve said 10 banks agreed to pay $8.5 billion to close down a foreclosure fraud and lending abuse review.
U.S. financial giant Bank of America has plans to cut 16,000 jobs by the end of the year in an effort to become a sleeker company, an in-house document says.
Bank of America Chief Executive Officer Brian Moynihan said Monday the bank, largest in the United States, would trim annual costs by $5 billion.
Bank of America Corp., the largest U.S. bank holding company, plans to cut 40,000 jobs, more than 10 percent of the workforce, executives say.
Bank of America said Monday it had agreed to sell its Canadian credit card business to TD Bank Group for an undisclosed amount.
Bank of America, the largest U.S. bank by assets, is making management changes in reaction to a decline in profits, sources told The Wall Street Journal.
Bank of America's new Chief Executive Officer Brian Moynihan said the U.S. financial giant's next chief financial officer would come from outside the bank.
A Congressional panel assembled to find the causes of the financial meltdown has scheduled four top U.S. bankers to give testimony next week.
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