U.S. recoups jobs lost in recession as economy picks up

Reuters: U.S. employers kept up a solid pace of hiring in May, returning employment to its pre-recession level and offering confirmation the economy has snapped back from a winter slump. Nonfarm payrolls increased 217,000 last month, the Labor Department said on Friday. The gain was in line with market expectations. Data for March and April was revised to show 6,000 fewer jobs created than previously reported.


Bank of America negotiating on $12 billion mortgage settlement

CNN Money: Bank of America is negotiating a deal with the Justice Department and a number of states that could lead to a roughly $12 billion settlement related to the bank's mortgage banking practices, according to a U.S. law enforcement official. At issue are allegations that Bank of America defrauded buyers of mortgage-backed securities by misleading them about the quality of the loans involved.


Shifts in wireless market may sway a Sprint deal

The New York Times: In the view of Sprint and T-Mobile USA, less is more. A merger of the two companies - the No. 3 and No. 4 wireless carriers in the country - would not reduce the number of competitors in the wireless phone market, the deal's supporters say. Rather, it would add a competitor to a market now dominated by AT&T and Verizon.