Banks are bracing for the biggest round of job cuts since the global financial crisis as executives come under pressure to cut costs following collapsing investment banking revenues. The layoffs – which are expected to number in the tens of thousands across the sector – reverse the massive hirings made by banks in recent years …
Banks brace for biggest job cuts since financial crisis Read More »
U.S. stocks closed mixed on Tuesday as a shortened but busy week filled with corporate earnings began on Wall Street. The Dow Jones Industrial Average (^DJI) fell nearly 400 points, or about 1.1%, weighed down by bank stocks after Goldman Sachs (GS) posted its biggest shortfall in a decade. The S&P 500 (^GSPC) closed the …
CEO Ralph Hamers of Swiss bank UBS addresses the annual meeting of the Swiss Financial Institute in Zurich, Switzerland November 10, 2022. Arnd Wiegman Reuters 2023 will be “the year of inflection” for the global economy, said UBS CEO Ralph Hamers on the sidelines of the World Economic Forum in Davos, Switzerland, where inflation, interest …
‘The year of inflection’: CEOs of biggest banks weigh in on inflation outlook Read More »
Fired bankers are complaining that Goldman Sachs used scare and underhand tactics as it staged this week’s bloodbath that claimed the lives of more than 3,000 employees, The Post has learned. Insiders claim the Wall Street giant – whose Wednesday layoffs were dubbed ‘David’s Demolition Day’ after CEO David Solomon – emailed calendar invites that …
US stocks fell slightly ahead of Friday’s open amid major earnings reports from financial heavyweights. The S&P 500 (^GSPC) fell 0.8%, while the Dow Jones Industrial Average (^DJI) fell 0.7%. The tech-heavy Nasdaq Composite (^IXIC) fell about 0.8%. Bond prices rose. The yield on the benchmark 10-year US Treasury fell to 3.46% from 3.5% on …
Live stock market news updates: Stocks drop as banks report earnings Read More »
Charles Scharf, chief executive of Wells Fargo & Co., listens during a House Financial Services Committee hearing in Washington, DC, U.S., Tuesday, March 10, 2020. Andre Harrer | Bloomberg | Getty Images Wells Fargo is pulling out of the multi-trillion dollar market for US mortgages amid regulatory pressure and the impact of rising interest rates. …
Wells Fargo, once the No. 1 mortgage lender, pulls out of the real estate market Read More »
NEW YORK, Jan 10 (Reuters) – U.S. banking giants are expected to report lower fourth-quarter profits this week as lenders hoard funds to prepare for an economic slowdown that hits investment banks. Four US banking giants – JPMorgan Chase & Co (JPM.N), Bank of America Corp (BAC.N), Citigroup Inc (CN) and Wells Fargo & Co …
Meat bans, soaring gold prices and Britain’s vote against ‘no Brexit’ could be on the cards for 2023, according to Saxo’s outrageous predictions. Bloomberg/Contributor/Getty Images Saxo Bank’s ‘outrageous predictions’ for 2023 include a ban on meat production, soaring gold prices and Britain’s vote ‘no Brexit’. The Danish bank’s annual report, released earlier this month, expects …
Meat bans, soaring gold prices and “no Brexit”? A bank’s “scandalous” forecasts for 2023 Read More »
The Federal Reserve raised its benchmark rate by half a percentage point on Wednesday and signaled its intention to continue to squeeze the US economy into next year, as central banks on both sides of the Atlantic enter a new phase in the fight against inflation. At its last meeting of the year, the Federal …
Fed hikes rates half a point as central banks enter new phase Read More »
One Canada Square in the heart of the Canary Wharf financial district between the Citibank building and the HSBC building on October 14, 2022 in London, United Kingdom. Mike Kemp | In pictures | Getty Images The UK government on Friday announced sweeping financial regulatory reforms that it says will overhaul EU laws that “stifle …
UK announces major overhaul of its financial sector in a bid to boost growth Read More »
