Chairman Sherrod Brown, D-Ohio, and ranking member Sen. Tim Scott, R-S.C., arrived at the Senate Banking, Housing, and Urban Affairs Committee hearing on April 27, 2023. The hearing discussed recent bank failures. Photograph by Tom Williams | Cq-roll Call, Inc. | Getty Images WASHINGTON — On Wednesday, the Senate Banking Committee voted in favor of …
A major financial services CEO cautions that the economy has not yet fully absorbed the impact of higher interest rates. Thomas Michaud, CEO of Stifel company KBW, points out that there is a delayed reaction in the market following the last rate hike. He emphasizes that a 25 basis point increase at a 5% rate …
A member of the public walks through heavy rain near the Bank of England in May 2023. Dan Kitwood | Getty Images News | Getty Images LONDON — Economists suggest that the Bank of England is facing a difficult decision as it prepares for an upcoming monetary policy announcement. With inflation remaining high and a …
Bank of America’s commitment to promoting diversity and inclusion in the investment industry has reached a new milestone. The bank announced on Thursday that it will be providing over $500 million in equity investments to minority- and women-led fund managers, with the aim of supporting diverse entrepreneurs. Emphasizing its dedication to diversity, Bank of America …
Workers at Frank, the startup led by Charlie Javice, raised concerns about the company’s financials prior to its acquisition by JPMorgan Chase for $175 million in 2021. Internal Slack messages between Frank employees, revealed in a court document filed in Delaware, showed skepticism regarding Javice’s directive to change the company’s public-facing numbers to claim 4.25 …
Charles Schwab Corp. is the largest publicly traded brokerage business in the United States with $7.5 trillion of client assets. It is also a leading financial service provider for advisors, a top asset manager for exchange-traded funds, and one of the largest banks. According to Michael Wong, the Director of North American Equity Research and …
Charismatic entrepreneur, Charlie Javice, who is currently facing charges of defrauding JPMorgan Chase & Co in the acquisition of her former college financial aid startup Frank for a whopping $175 million in 2021, arrived at the United States Court in Manhattan, New York City on June 6, 2023. Photo by Mike Segar | Reuters Employees …
During the Goldman Sachs Financial Services Conference in New York on December 6, 2022, CEO David Solomon announced that his bank will disclose markdowns on commercial real estate holdings as the industry faces challenges posed by higher interest rates. According to Solomon, Goldman Sachs will report impairments on loans and equity investments tied to commercial …
After more than a year of consistently increasing rates, the Federal Reserve decided to maintain its target federal funds rate on Wednesday. However, this offers little relief for households who continue to face high borrowing costs. Economist Tomas Philipson predicts that rates will not decrease and, in fact, borrowing costs are likely to climb even …
UBS has announced the completion of its acquisition of Credit Suisse, creating a $1.6 trillion Swiss banking powerhouse. In an open letter, UBS board chair Colm Kelleher and CEO Sergio Ermotti said that the combination of both banks’ expertise, scale, and wealth management capabilities will result in an even stronger firm. While acknowledging that challenges …