Update at 7 a.m. ET, Dec. 11. Settlement Announced:
Saying that "we accept responsibility for our past mistakes," the chief executive of Britain's HSBC has confirmed that the banking giant will pay a record $1.9 billion to settle charges related to a money laundering scheme in the U.S.
On our show yesterday, we talked with John Davis, who runs a legal medical marijuana business in Washington state. He described one of the big hurdles of starting a legal marijuana business: It's really hard to get a bank account.
His story reveals not only the gray area the marijuana business still inhabits (it's still illegal under federal law), but also just how hard it is to run a small business without a bank.
Saying it needs to "further reduce expenses and improve efficiency across the company," Citigroup announced today that it is eliminating about 11,000 jobs — 4 percent of its global workforce.
The banking giant also said it is expects to take "pre-tax charges of approximately $1 billion in the fourth quarter of 2012 and approximately $100 million of related charges in the first half of 2013."