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Biden to nominate Michael Barr as Fed bank regulator in second attempt to fill post
Michael Barr, assistant secretary for financial institutions with U.S. Treasury, speaks during the Advisory Council on Financial Capability meeting at the Treasury Department in Washington, D.C., Nov. 30, 2010. Andrew Harrer | Bloomberg | Getty Images President Joe Biden will nominate Michael Barr, a former Treasury Department official, to be the Federal Reserve’s top regulator […]
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5 things to know before the stock market opens Thursday
Here are the most important news, trends and analysis that investors need to start their trading day: 1. Stock futures are little changed on final trading day of the week A trader works on the floor of the New York Stock Exchange (NYSE) in New York, April 4, 2022. Brendan McDermid | Reuters U.S. stock […]
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Citigroup tops earnings estimates on better-than-expected trading revenue
Jane Fraser, incoming CEO of Citigroup. Citigroup Citigroup topped expectations for first-quarter profit and revenue on better-than-expected trading results as Wall Street benefited from surging volatility tied to the Ukraine war. Shares rose 2% in trading on Thursday. Here’s what the company reported compared with what Wall Street was expecting, based on a survey of […]
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European stocks rise as ECB confirms end of bond buying; Ericsson down 5%
The pan-European Stoxx 600 nudged 0.5% higher by mid-afternoon, with travel and leisure stocks gaining 2.5% while telecoms dropped 0.4%. The ECB kept its monetary policy unchanged but confirmed it will end its bond buying in the third quarter. Once the bond buying program is completed, the ECB is expected to begin hiking interest rates, following […]
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Wells Fargo shares fall as quarterly revenue misses estimates, bank says credit losses to increase
Wells Fargo signage on May 5th, 2021 in New York City. Bill Tompkins | Michael Ochs Archives | Getty Images Wells Fargo on Thursday reported lower-than-expected first-quarter revenue amid a drop in mortgage lending, but beat earnings expectations as the bank decreased its credit reserves. Wells Fargo shares lost 3% in premarket trading. Here are […]
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JPMorgan Chase reports $524 million hit from market dislocations caused by Russia sanctions
Jamie Dimon, Chairman and CEO of JP Morgan Chase. Adam Jeffery | CNBC JPMorgan Chase said Wednesday that first-quarter profit fell sharply from a year earlier, driven by increased costs for bad loans and market upheaval caused by the Ukraine war. Here are the numbers: Earnings: $2.63 a share (unclear if comparable to $2.69 estimate). […]
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Earnings playbook: Big banks and an airline kick off the reporting season
The corporate earnings season will get going next week with some of the biggest U.S. banks slated to report. Source
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Big banks’ earnings and a hot inflation report could sway markets in short holiday week
A trader on the NYSE, March 11, 2022. Source: NYSE Markets face what could be a hot inflation report in the week ahead and a batch of big bank earnings to start the earnings season. JPMorgan Chase and BlackRock kick off the financial industry’s first-quarter earnings releases Wednesday, with Citigroup, Wells Fargo, Morgan Stanley and […]
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Stock futures little changed following Thursday’s comeback as investors assess Fed plans
U.S. stock futures were little changed on Thursday night after the major averages staged a late-day comeback as investors appraised the likelihood of tighter monetary policy from the Federal Reserve to combat inflation. Dow Jones Industrial Average futures rose 3 points, or 0.01%. S&P 500 and Nasdaq 100 futures climbed 0.02% and 0.05%, respectively. The […]
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A Ukrainian techie combined ‘code and people’ to raise $3.5 million so far for families back home
Alex Iskold Courtesy: Alex Iskold A little over a month into Russia’s assault on Ukraine, Alex Iskold is trying to reckon with the reality in his homeland while lending a hand the best way he knows how. Iskold, who immigrated to the U.S. from Ukraine at age 19, is a venture capitalist and managing director of […]
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