U.K. Pressures BofA Unit on Risk Management

British regulators are pressuring Bank of America's European investment-banking arm to improve the way it manages risks, saying its current practices are "simplistic" and need to be retooled, according to people familiar with the matter and communications reviewed by The Wall Street Journal.

Santander Finance Chief Named New CEO

Santander replaced its chief executive with its long-standing finance chief and made several changes to its board of directors, in the first major shake-up at the eurozone's largest lender since Ana Botín took the reins following her father's death.

India to Sell Stake in Coal India or ONGC

India's new government hopes to raise billions of dollars through selling government stakes in one of the two massive state-run companies by December 10.

Clarkson to Buy RS Platou for $440 Million

Clarkson, the world's largest shipbroker, said it plans to acquire Oslo-based rival RS Platou for a record $440 million, in a move likely to kick off further consolidation in an industry struggling to cope with falling brokerage fees and asset prices.

New Hertz CEO to Receive $1.45 Million Salary

Hertz Global Holdings' new chief executive, John P. Tague, will receive a base salary of $1.45 million, along with the opportunity to make another $3.63 million in an annual bonus.

Tencent to Distribute HBO Dramas, Movies Online in China

Time Warner's HBO has signed a deal with Tencent Holdings to distribute its TV dramas and movies through the Chinese Internet giant's online video site as the U.S. cable network tries to expand its audience.

Volvo Makes Provision For Anti-Trust Probe

Swedish truck maker Volvo says it has made a provision of €400 million related to an ongoing anti-trust investigation by the European Commission.

ING to Cut 1,700 Jobs

ING says that it will shed 1,700 jobs over the next three years as it expands and strengthens its digital network.

Home Depot Facing at Least 44 Civil Suits in Data Breach

Home Depot said that it faces at least 44 civil lawsuits in the U.S. and Canada related to a widespread data breach at the home-improvement retailer earlier this year.

Sony Pulls FIFA World Cup Sponsorship

Sony Corp. has decided to end its sponsorship of World Cup soccer amid growing concerns about the transparency of the bidding process for the next two tournaments, a person familiar with the matter says.

Hormel Foods Sales Rise 9.5%

Hormel said sales in its key refrigerated foods and Jennie-O Turkey Store segments helped offset a slowdown in its specialty foods and grocery products segment. Overall, 4Q earnings rose to $171 million, or 63c a share, as revenue climbed 9.5% to $2.54 billion.