Here's a look at what's news in banking and finance this morning:
- The settlement between the largest mortgage servicers, state attorneys general and federal agencies is expected to wrap up this week, the Wall Street Journal reports. There is still uncertainty, though, about whether California will sign on.
- The Berkeley, Calif., city council is considering taking its money out of Wells Fargo and putting it in a community bank. Time magazine wonders, should cities have a Bank Transfer Day of their own?
- Bank of America had already been shrinking its balance sheet. But the Charlotte bank, and others with presences on Wall Street, are also shrinking physically, selling or subleasing hundreds of thousands of square feet of office space, the Wall Street Journal says.
- Independent brokerages in the U.S. are increasingly closing this year as tough markets make it more difficult for them to raise capital, Bloomberg reports.