Category: Latest News
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Wells Fargo chief Stumpf heads to Hill with pressure mounting
Wells Fargo & Co's Chief Executive John Stumpf returns to Capitol Hill on Thursday with his job still under threat and the bank facing rising political pressure over a sales scandal that has become a major issue in Washington and on Wall Street. The bank's move earlier this week to claw back $41 million in…
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Wall Street rises in wake of first presidential face-off
Amazon.com increased 1.98 percent and the consumer discretionary index gained 0.93 percent higher after a report showed that the consumer confidence index for September rose to its highest level in nine years. Following the first of three presidential debates on Monday, Trump vowed to hit Clinton harder after she put him on the defensive. “From…
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WTO cuts 2016 world trade growth forecast to 1.7 percent, cites wake-up call
The World Trade Organization cut its forecast for global trade growth this year by more than a third on Tuesday, reflecting a slowdown in China and falling levels of imports into the United States. The new figure of 1.7 percent, down from the WTO's previous estimate of 2.8 percent in April, marked the first time…
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Yahoo says hackers stole data from 500 million accounts in 2014
The attack on Yahoo was unprecedented in size, more than triple other large attacks on sites such as eBay Inc , and it comes to light at a difficult time for Yahoo. Chief Executive Officer Marissa Mayer is under pressure to shore up the flagging fortunes of the site founded in 1994, and the company…
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Wall Street rallies as Fed holds fire on rates
NEW YORK (Reuters) – Wall Street racked up gains on Wednesday, and the Nasdaq closed at a record high, after the U.S. Federal Reserve kept interest rates unchanged, for now leaving intact the low-rate environment that has helped underpin the bull market.
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Wells Fargo CEO to take ‘full responsibility’ in Senate hearing: NY Times
Stumpf will strike a contrite tone in a testimony over the fake accounts at a Senate Banking Committee hearing on Tuesday morning, the New York Times said, citing a copy of his prepared remarks. “We never directed nor wanted our employees, whom we refer to as team members, to provide products and services to customers…
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Wells Fargo faces proposed class action over bogus accounts
Wells Fargo & Co, embroiled in a scandal over the opening of sham accounts, was sued on Friday by customers who accused the bank of fraud and recklessness for its behavior. The lawsuit was filed in the U.S. District Court in Utah, and seeks class-action status on behalf of hundreds of thousands of customers nationwide.
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Wall Street Week Ahead: Sleepy summer may give way to freaky fall
The dog days of summer have lived up to their sleepy reputation this year as far as U.S. stocks are concerned, but market gyrations could soon pick up as a traditionally more volatile time of year looms.
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Wall Street still sees Fed on pace for one rate hike, in December: Reuters poll
Wall Street's biggest banks are sticking to bets that the U.S. Federal Reserve will raise interest rates once this year, and the increase would most likely occur in December after a tepid employment report for August quashed most talk of a move as early as this month. Economists for 13 out of 14 primary dealers…
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White House says it sees a path to approval of Pacific trade deal
The White House said on Monday it could still win congressional approval of the Trans-Pacific Partnership trade pact before President Barack Obama leaves office, and warned that failing to do so would undermine U.S. leadership in the region. “The president is going to make a strong case that we have made progress and there is…