Bloomberg American International Group Inc. fell 2.7 percent after second-quarter earnings came in below estimates as a restructuring expense hurt results. Profit in the period fell from a year earlier as private equity and hedge fund performance weakened, the New York-based insurer said in a statement. Net investment income, which declined 12 percent to $3.1 billion, is on target for ...

Bloomberg Wells Fargo & Co. disclosed another round of lapses and potential scandals in a quarterly report, saying it faces a US inquiry into its purchase of low-income housing credits and conceding it may have unnecessarily foreclosed on about 400 homeowners. Government agencies are examining how Wells Fargo negotiated and purchased “certain federal low-income housing tax credits in connection with ...

Bloomberg Deutsche Bank AG had the credit rating of a class of debt cut to the lowest-investment grade level by Moody’s Investors Service after a change in German law last month paved the way for a more senior kind of borrowing. Moody’s downgraded the bank’s senior debt to Baa3 from Baa2 and reclassified the bonds as “junior senior” debt. The ...