Here's a look at what's news in banking and finance this morning:
- In Switzerland, Bank of America CEO Brian Moynihan said his bank and other big banks reflect the economies they work in, MarketWatch reports. He also defended BofA's size, saying it's necessary to support customers in different economies.
- Bank of America is warning investment bankers that they could see a 25 percent pay cut this year, in salary and bonus, Bloomberg says.
- In the State of the Union address last night, President Barack Obama proposed mortgage legislation that would help underwater homeowners with privately owned mortgages to refinance into FHA-backed loans, The New York Times reports.
- Bank lending was up in the fourth quarter, but what should we make of it? The Motley Fool ponders.
- The new head of the Consumer Financial Protection Bureau said he supports exemptions to new regulations for small banks, Bloomberg reports. Richard Corday made the remarks on a conference call with trade group Independent Community Bankers of America.