Wells Fargo & Co
Teachers’ union AFT slams crypto market bill, warns of ‘profound risks’ for America’s retirement plans
The American Federation of Teachers, the powerful labor union that represents 1.8 million members, is urging the Senate Banking Committee to reconsider its crypto market structure bill, the Responsible Financial Innovation Act, calling the proposed legislation “as irresponsible as it is reckless” in a letter exclusively obtained by CNBC. In the letter that AFT president […]
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Trump’s trade war shift away from Chinese manufacturing has reached tipping point
A container is offloaded from the Wanhai 175 cargo ship at the Tan Vu Terminal, operated by Vietnam Maritime Corp., at Haiphong Port in Haiphong, Vietnam, on Wednesday, Jan. 15, 2025. Bloomberg | Bloomberg | Getty Images The proportion of volume from suppliers in China, Hong Kong, and Korea has declined from 90% to 50% over […]
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Trump pardons Thanksgiving turkeys, blasts Biden and says Ukraine peace deal is ‘very close’
U.S. President Donald Trump looks at Gobble one of two turkeys to ceremonially pardoned for Thanksgiving in the Rose Garden at the White House in Washington, D.C., U.S., November 25, 2025. Jonathan Ernst | Reuters President Donald Trump extended his pardon power to both Thanksgiving turkeys — Gobble and Waddle — during an annual holiday […]
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‘We’re trying to shame them’: Upstart activist investors target America’s underperforming banks
Key Points Hedge fund HoldCo has emerged from relative obscurity to launch activist investor campaigns against three regional banks: Comerica, Eastern Bank and First Interstate. Founders Vik Ghei and Misha Zaitzeff tell CNBC exclusively about their next target, Columbia Bank, and their broader plans to challenge banking CEOs. The millennial upstarts are bringing activism back […]
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AI is driving huge productivity gains for large companies while small companies get left behind
Amazon Proteus robots demonstrate autonomous navigation using barcodes on the floor during the Delivering the Future event at the Amazon Robotics Innovation Hub in Westborough, Massachusetts, US, on Thursday, Nov. 10, 2022. Bloomberg | Bloomberg | Getty Images Artificial intelligence is widening the productivity gap between large and small companies, lifting up bigger firms that […]
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Week in review: Stocks hit records on inflation data, earnings — plus, we started a new name
Stocks jumped for the second straight week and reached record highs Friday as Washington trade and shutdown drama took a back seat to cooler inflation data and stronger earnings. The S & P 500 and Nasdaq rose 2% and 2.3%, respectively, for the week. In fact, the S & P 500 on Friday peaked above […]
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Latest bank turmoil turns spotlight to ‘NDFI’ lending market. What is that and should you be worried?
The troubles at two regional banks that helped drive Thursday’s stock market pullback could have been idiosyncratic, but one thing is clear: Just in case, Wall Street is now on alert for systemic credit risk. Stocks fell Thursday, with the Dow Jones Industrial Average closing down by more than 300 points, thanks to worries about […]
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CEOs of Wells Fargo and Pfizer caution the U.S. could lose its edge to China without innovation
Key Points Wells Fargo CEO Charlie Scharf said AI is boosting productivity but will likely reduce workforce size. Pfizer CEO Albert Bourla warned China is closing the biotech and pharmaceutical patent gap rapidly and said the U.S. needs to focus on innovation. Speaking at CNBC’s inaugural Invest in America Forum, both CEOs agreed that the […]
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Bank of America tops estimates on 43% surge in investment banking revenue
Brian Moynihan, CEO of Bank of America, leaves the U.S. Capitol after a meeting with Republican members of the Senate Banking, Housing and Urban Affairs Committee on the issue of debanking on Thursday, February 13, 2025. Tom Williams | Cq-roll Call, Inc. | Getty Images Bank of America on Wednesday posted third-quarter results that exceeded […]
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Morgan Stanley slated to release third-quarter earnings
Key Points Wall Street-centric banks like Morgan Stanley and peer Goldman Sachs are in an ideal environment. Wall Street trading desks have seen booming activity in the quarter, while investment banking continues to see a resurgence in activity for mergers and IPOs. Shares of Morgan Stanley have climbed almost 24% this year. Source
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