Tag: Banking and Financial Institutions

Stocks Dip After China Announces Retaliatory Tariffs on U.S. Goods

Wall Street stocks dipped and major European indexes fell on Friday after Beijing said it would answer President Trump’s next round of tariffs on Chinese goods by increasing tariffs on American imports, the latest sign that the trade war between the two countries could drag on. Dow Jones industrial average and S&P 500 futures had […]

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Central Bankers Want to Keep Economies Growing, but Politicians Hold the Keys

JACKSON, Wyo. — As top economists from around the globe gather for their annual conference at Jackson Hole this week, they will have a collective hope in mind: That the world’s political leaders will work to help safeguard economic growth. Economies from the United States to the European Union to China are slowing, presenting a […]

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What American C.E.O.s Are Worried About

Listen and subscribe to our podcast from your mobile device: Via Apple Podcasts | Via RadioPublic | Via Stitcher For decades, American corporations have prized profits for shareholders above all else. Now, the country’s most powerful chief executives say it’s time to do things differently. What’s driving that change? [For an exclusive look at how […]

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Banks Want Efficiency. Critics Warn of Backsliding.

WASHINGTON — A decade after big banks needed government support to dig out of the financial crisis, the Federal Reserve is slowly, but steadily, making a series of regulatory changes that could chip away at new requirements put in place to prevent a repeat of the 2008 meltdown. Some of the changes, seemingly incremental and […]

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Wells Fargo Closed Their Accounts, but the Fees Continued to Mount

Xavier Einaudi did not want to wait for Wells Fargo to send him a check. The bank informed Mr. Einaudi that it was closing all 13 of the checking accounts it provided his roofing company, CRV Construction, for a reason it called “confidential.” The letter said the accounts would be closed on June 27, and […]

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New York Subpoenas Banks, Financial Advisers for Sackler Records

The New York state attorney general has begun issuing subpoenas to 33 financial institutions and investment advisers with ties to the Sackler family, part of an aggressive effort to track billions of dollars that prosecutors claim the family siphoned out of Purdue Pharma to hide profits gained from the company’s opioid painkillers. The recipients of […]

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Stock Markets, Jolted by Economic Worry, Suffer 2nd Worst Drop of 2019

Trade-war worries hammered financial markets again on Wednesday as data from Germany and China showed trouble for manufacturing-reliant economies, while the bond market renewed fears of an American recession. Stocks and commodities tumbled in Europe and the United States as risk-averse investors raced to the safety of government bonds, pushing bond prices sharply higher and […]

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Global Economic Trouble Is Brewing, and the Trade War Is Only Part of It

ImageA trader at the New York Stock Exchange on Tuesday.CreditEduardo Munoz/Reuters In a span of less than 24 hours, developments in Washington and Wall Street have sent a vivid message: The world is ambling toward an economic morass of the sort that no mere presidential tweet can fix. On Tuesday, President Trump blinked in the […]

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Stocks Slide as Bond Market Signals Rising Concern About Growth

Stocks dropped on Wednesday, as the bond market signaled rising concern about the economy and data from Germany showed the country could be veering toward a recession. The German government reported that its economy shrank in the three months ending in June. The largest economy in the eurozone, Germany has become particularly vulnerable to the […]

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3 Countries Cut Rates as World Braces for More Trade War Turbulence

Central banks in India, Thailand and New Zealand on Wednesday moved to shore up their economies amid fears that global growth will become the biggest casualty in the spiraling trade war between the United States and China. Monetary authorities in all three countries cut interest rates in a series of unexpected moves that shook currency […]

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HSBC’s Chief Steps Down, in a Surprise

LONDON — HSBC’s chief executive, John Flint, is stepping down after 18 months in the role, a surprise announcement that the bank said Monday was “by mutual agreement with the board.” Noel Quinn, the bank’s chief executive for commercial banking, will fill the top job in an interim basis while the bank begins a global […]

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HSBC Chief Steps Down After Less Than 2 Years

HSBC announced the surprise departure of its chief executive officer, John Flint, on Sunday night, saying the bank needed a change at the top to address “a challenging global environment.” The move comes nearly a year and a half after Mr. Flint, 51, took the helm of the Britain-based global banking giant. His departure was […]

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Bank of England Sees ‘Volatility’ as Brexit Nears

LONDON The Bank of England said on Thursday that British economic data had become “volatile” as the deadline for leaving the European Union approaches, and that economic growth probably flattened in recent months. Still, the bank decided to keep its benchmark interest rate at 0.75 percent and the British pound, which had slid just before […]

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The Economy Is Booming. Or Is It?

Listen and subscribe to our podcast from your mobile device: Via Apple Podcasts | Via RadioPublic | Via Stitcher The United States economy is in the middle of a record-long expansion. So why is the government deploying an economic weapon it last used during the 2008 financial crisis? [For an exclusive look at how the […]

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The Fed Just Cut Interest Rates. Here’s What That Means for You.

Americans juggle a lot of interest rates in their daily lives. They pay interest on car loans, credit card balances and mortgages. They earn interest, at least a little, on the money they save with banks. Technically speaking, Federal Reserve officials did not touch any of those rates when they announced a quarter-point interest-rate cut […]

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What to Watch Ahead of the Fed Meeting

The Federal Reserve is almost universally expected to cut interest rates when its meeting wraps up on Wednesday, the first reduction since officials slashed them to near zero in 2008, during the dark days of the financial crisis. It’s a turning point, and a precautionary one. Uncertainty stirred up by President Trump’s trade war and […]

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For Big Banks, It’s an Endless Fight With Hackers

Large financial companies have to thwart hundreds of thousands of cyberattacks every single day. Data thieves have to get lucky only once. Big banks like Capital One, the victim of a recent attack that captured the personal information of over 100 million people, are a target for digital troublemakers, like individual hackers trying to impress […]

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White House Considered Weakening U.S. Dollar Before Ruling It Out

WASHINGTON — President Trump and his economic advisers met this week to discuss intervening in currency markets to artificially weaken the dollar, but decided against the idea, Larry Kudlow, director of the National Economic Council, said on Friday. Mr. Trump has made no secret of his frustration that the United States dollar has strengthened against […]

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E.C.B. Says It’s Ready to Restart Economic Stimulus Measures

FRANKFURT — The European Central Bank set the stage on Thursday for a renewed attempt to improve the sagging eurozone economy, saying it was considering reviving a program designed to pump money into the financial system. “The Governing Council is determined to act” if inflation remains stubbornly below the official target of 2 percent, the […]

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Jeffrey Epstein Moved Money Overseas in Transactions His Bank Flagged to U.S.

As Deutsche Bank officials this year scrambled to extricate themselves from a yearslong relationship with Jeffrey Epstein, the wealthy financier charged this month with sex trafficking, they uncovered suspicious transactions in which Mr. Epstein had moved money out of the United States. Deutsche Bank reported the transactions to a federal agency in charge of policing […]

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