Northern Trust settles down after an intense media frenzy

Northern Trust, the US bank that sparked outrage by throwing lavish parties shortly after receiving government bail-out funds, will cut its entertainment budget at the event next year

Brian Moynihan, who on Wednesday night was appointed chief executive of Bank of America, is a lawyer by training who takes over the biggest US bank at a time of turmoil in the economy.

The pledge by Brian Moynihan to preserve Charlotte’s place on the global financial map was a factor in the board’s decision to promote him to chief executive

Banks will be blocked from paying bonuses or dividends to shareholders if their capital levels fall below a minimum threshold, under a new international regulatory regime

The US bank’s international franchise may never recover fully from the frayed relationships and alienated investors left in the wake of the financial meltdown

Bank names Brian Moynihan its next chief executive, keeping the job within the company and disappointing some institutional shareholders who have been agitating for a leadership change

Lehman Brothers won its request to pay $50m in bonuses to employees charged with unwinding the investment bank’s derivatives contracts as it liquidates.