FSA Finalizes New Rules for Financial Benchmarks

The Financial Services Authority said it has finalized new rules and regulations for financial benchmarks that should help restore the trust that was eroded by the LIBOR scandal.

CIT Surprises With Q4 Profit Surge

CIT reported Q4 net income of $207 million, $1.03 per share, was up from $36 million or $0.18 per share for the year-ago quarter. Analysts polled by Thomson Reuters expected the company to earn $0.61 per share.