With the U.S. Federal Reserve pledging to keep interest rates near zero through 2023, the nation’s largest banks are in a tight spot, trying to eke out revenue through trading and mortgage refinancing while cutting costs through layoffs.
Goldman Sachs, Morgan Stanley and Citigroup are among 34 S&P 100 companies that will publicly disclose the makeup of their workforce by race, ethnicity and gender, New York City Comptroller Scott M. Stringer said Monday.
The world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.
A team of former Wells Fargo financial advisors that managed about $500 million in assets has left to form a new practice affiliated with LPL Financial’s strategic wealth services division.
JPMorgan Chase, which has been making moves toward becoming more environmentally friendly, has reportedly entered the green-bond market with a $1 billion deal.
The U.S. Federal Reserve has corrected stress test results for five of the country’s largest banks after discovering an error in projected trading losses, decreasing the capital requirements for Goldman Sachs and Morgan Stanley as a result.
Houlihan Lokey has lured Keith Barry, a former Wells Fargo Securities managing director, to be head of medical technology, a new practice in its health care group, the Los Angeles-based investment bank said Thursday.
Pricing is taking place this week for a $2.25 billion Florida bond sale, marking the state catastrophe reinsurance fund’s first offering since 2016, as interest rates remain low and a hurricane season that’s forecast to be particularly active continues.
UBS Private Wealth Management said Monday it has recruited a team of financial advisors from Goldman Sachs who collectively managed more than $3 billion in assets and were based primarily in the Washington, D.C., area.
The U.S. Federal Reserve rolled out new capital requirements for 34 of the country’s largest banks on Monday, imposing the highest requirements on Goldman Sachs and Morgan Stanley based on stress tests conducted earlier this year.
Bank of America on Wednesday said that it became the largest U.S. financial institution to commit to disclosing the climate impact of its loan and investment portfolio as a member of the Partnership for Carbon Accounting Financials, boosting the group’s leverage as it prepares to release a draft methodology next week.
Bank of America reached a settlement Thursday with the U.S. Justice Department over claims the bank denied loan applications and home equity lines of credit to disabled people from 2010 to 2017.
Though big U.S. banks’ revenues got a boost in the second quarter from “very strong” results in capital markets, DBRS Morningstar said Monday that they should not expect this performance to continue over the coming months.
Morgan Stanley is “as confident if not moreso” in its decision to acquire E*TRADE in light of the discount stock broker’s strong performance amid recent volatility, the bank’s CEO said Thursday, as the investment bank itself posted record-breaking revenues.
Earnings for the top seven U.S. banks are likely to plunge almost 70% year-over-year in the second quarter, with near-zero interest rates cutting deep into income, analysts from Goldman Sachs projected.
Former Bridgewater Associates co-CEO Eileen Murray will be the new chairwoman of the Financial Industry Regulatory Authority, putting one of the hedge fund industry’s top female executives in charge of a key Wall Street regulator, the group said Tuesday.
Wells Fargo confirmed Monday that it will be the only Big Four U.S. bank to reduce its planned third-quarter dividend, after the Federal Reserve released the results of its annual stress test and capped payouts to ensure institutional resilience amidst the economic downturn in a move that fell short of other central banks’ restrictions, leaving the door open for most planned shareholder returns — for now.
U.S. Bank has tapped veteran financial management executive Beth Lawlor, who most recently held a leadership post in UBS’ wealth management unit, to be the new president of its Private Wealth Management division, the bank said Thursday.
Wells Fargo will evaluate how much executives have contributed to increasing representation of diverse employees when determining their pay packages, according to a report Wednesday from Bloomberg.
Members Exchange is receiving an investment from Citigroup, making it the latest big financial institution to become a shareholder in the new stock exchange.