Warren Vows Fight as US Senate Begins Debate on Dodd-Frank Rewrite
Sen. Elizabeth Warren promised to fight a U.S. Senate bill easing bank rules introduced following the 2007-2009 global financial crisis as the chamber moved on Tuesday to begin debating the draft bipartisan legislation.
US Factory Orders Post Biggest Drop in Six Months
New orders for U.S.-made goods recorded their biggest decline in six months in January and business spending on equipment appeared to be slowing after strong growth in 2017.
Filing: Wells Fargo Reviews Wealth Business for Possible Customer Abuse
Wells Fargo & Co. is examining its wealth and investment management business for possible customer abuse, including overcharging and inappropriate referrals, after inquiries from government agencies, the company said on Thursday.
Treasury Recommends Preserving Dodd-Frank Bank Resolution Regime
The U.S. Treasury Department has recommended preserving powers created after the 2007-2009 financial crisis that allow regulators to step in and wind down a failing bank, in a win for big banks and overseas regulators who had lobbied for the United States to keep it.
U.S. Top Court Rejects Investor Appeals Over Fannie Mae, Freddie Mac
The U.S. Supreme Court on Tuesday declined to revive litigation in which shareholders accused the federal government of overstepping its authority when it restructured mortgage finance firms Fannie Mae and Freddie Mac following the 2008 housing crisis.
Buffett’s Business Partner Begs Feds to Ease Up on Wells Fargo, Blasts Bitcoin
Charlie Munger, the longtime business partner of fellow billionaire Warren Buffett, said on Wednesday it is time for regulators to “let up” on Wells Fargo & Co., which will end up “better off” as it corrects a series of mistakes in how it treated banking customers.
Trying to Calm Investors, Wells Fargo CEO Stresses on Stability
Wells Fargo & Co. CEO Tim Sloan tried to deliver a message of consistency and stability at an investor event on Tuesday, less than two weeks after it disclosed a regulatory sanction related to a long-running sales scandal.
US Jobless Claims Drop to Near 45-Year Low
The number of Americans filing for unemployment benefits unexpectedly fell last week, dropping to its lowest level in nearly 45 years as the labor market tightened further, bolstering expectations of faster wage growth this year.
Wall Street Casts Weary Eye at Wells Fargo’s Latest Woes
As Wells Fargo & Co. enters the latest chapter in its long-running sales practices saga, Wall Street is trying to figure out how to make sense of new developments that do not affect profits very much but can send the bank’s stock price careening.
Fed Puts Brakes on Wells Fargo When Bank Needs to Step on Gas
The Federal Reserve’s surprise ban on Wells Fargo & Co. growing its balance sheet comes at a difficult juncture for the United States’ third-largest lender.
Racial Bias Persists at Morgan Stanley, New Lawsuit Claims
Morgan Stanley has reneged on promises to stop discriminating against black employees, according to a lawsuit by a former broker who said he was fired after complaining about racial bias, including in pay and career opportunities.
JPMorgan Rolls Out $20B Investment Plan
JPMorgan Chase & Co. unveiled a $20 billion investment plan on Tuesday to increase wages, hire more, open new branches and expand its business as it takes advantage of sweeping changes to the U.S. tax law and improved regulatory environment.
Real Estate Investing Startup Cadre Partners with Goldman Sachs
New York-based real estate investment company Cadre has partnered with Goldman Sachs Group Inc to allow the bank’s private wealth management clients to invest through the startup’s platform. Goldman Sachs clients have committed to investing $250 million in properties through Cadre’s platform so far, the companies said on Wednesday.
Morgan Stanley to Take $1.25B Hit in Fourth-Quarter from Tax Bill
Morgan Stanley said on Friday it would take a $1.25 billion hit in its fourth-quarter earnings due to a cut in corporate tax rate as part of the U.S. tax code overhaul.
US Job Growth Slows In December; Wages Increase
U.S. job growth slowed more than expected in December amid a decline in retail employment, but a pick-up in monthly wage gains pointed to labor market strength that could pave the way for the Federal Reserve to increase interest rates in March.
Traders Keep Bets on Two Fed Rate Hikes After Jobs Report
Traders of U.S. short-term interest-rate futures continued to bet the Federal Reserve would raise interest rates just two times this year after a U.S. government report showed employers added fewer jobs than expected in December, even as wages picked up.
Goldman Warns of $5B Earnings Hit from New Tax Law
Goldman Sachs Group Inc. said on Friday it would take a $5-billion earnings hit in the fourth quarter for the new U.S. tax law, becoming the first major U.S. bank to detail the law’s one-time impact on corporate profits held overseas.
JPMorgan Pays $2.8M Fine Over Improper Safeguards For Customers
JPMorgan Chase & Co. will pay $2.8 million to settle charges that a broker-dealer unit lacked sufficient controls to safeguard customer securities from several countries over more than eight years, a U.S. regulator said on Wednesday.
Strong US Consumer, Business Spending Bolster Fourth Quarter Growth Picture
U.S. consumer spending accelerated in November and shipments of key capital goods orders increased for the 10th straight month, the latest signs of strong momentum in the economy as the year winds down.
