Banking

Bank of America is accelerating plans to cut costs by laying off workers. According to the Wall Street Journal, the bank has set a target of cutting 16,000 jobs by the end of this year -- about 6 percent of the bank's workforce.

As part of our coverage of "The Real Economy" -- what matters most to voters this election year -- we've invited a guy named Mike Sleaford into the studio to give us his thoughts on the election and the economy.

With costs to open rural bank branches prohibitive, tech companies look to turn payphones into virtual banks.

According to the Financial Times newspaper, four big European banks have joined Barclays in the not-so-prestigious club of financial institutions being investigated for rigging a benchmark lending rate called LIBOR.

In the face of a tough banking market and disappointing earnings, Goldman Sachs announced this week that it will build a private bank -- joining the ranks of UBS and U.S. Trust and others -- that will manage and lend money to very wealthy individuals and companies.

A congressional watchdog panel will be grilling executives from the British bank HSBC about -- get this -- money laundering, drugs and terrorist financing.

News this morning that Bob Diamond, the former head of Barclay's bank has given up $30 million in bonuses after resigning over that interest rate rigging scandal. And the scandal has brought up the issue -- yet again -- of whether current regulations on the financial industry are adequate.

The British Parliament has started investigating the ethics of London's financial center. This follows that big scandal involving the British bank Barclays, which was fined a half billion dollars for rigging a key interest rate called LIBOR.

Yesterday Bob Diamond resigned as CEO of Barclays Bank, and this hour he's sitting before a Parliamentary committee in London. Parliament is investigating the possible manipulation of interest rates by Barclays and other banks.

Today the freshly resigned CEO of Barclays Bank goes before a parliamentary committee in London. Parliament is investigating the possible manipulation of interest rates by Barclays and other banks.