Latest Financial services News

FILE - In this Aug. 16, 2019, file photo, the logo for JPMorgan Chase & Co. appears above a trading post on the floor of the New York Stock Exchange in New York.  Shares of some major banks are tumbling before the market open Monday, Sept . 21, 2020, following a report alleging those including JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon continued to profit from illicit dealings with disreputable people and criminal networks despite being previously fined for similar actions.   (AP Photo/Richard Drew, File)

Bank shares slide on report of rampant money laundering

Sep. 21, 2020 1:22 PM EDT

The financial sector was hit hard Monday following a report alleging that a number of banks, JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon among them, have continued to profit from illicit dealings with disreputable people and criminal networks despite previous warnings from...

European Central Bank (ECB) President Christine Lagarde attends a news conference during the Informal Meeting of Economics and Finance Ministers in Berlin, Germany, Friday, Sept. 11, 2020. (Hannibal Hanschke/Pool Photo via AP)

Central bank head: Europe's recovery uncertain, incomplete

Sep. 21, 2020 10:09 AM EDT

FRANKFURT, Germany (AP) — The head of the European Central Bank says that the economy is rebounding but that the recovery remains uncertain, incomplete and dependent on containing the virus outbreak. ECB President Christine Lagarde told a joint meeting of parliamentary deputies from France and Germany on...

FILE - Marble sculptures occupy the pediment above the New York Stock Exchange signage, Tuesday Aug. 25, 2020, in New York.  Stocks are drifting in mixed trading on Wall Street Friday, Sept. 18, as another zig-zag week for markets closes out following their abrupt loss of momentum this month.(AP Photo/Bebeto Matthews, File)

US stocks fall as market decline extends for third week

Sep. 18, 2020 5:30 PM EDT

Wall Street capped another turbulent week of trading Friday with a broad slide in stocks that left the S&P 500 with its third-straight weekly loss. The S&P 500 fell 1.1%, led once again by a sell-off in technology companies, with Apple, Amazon and Alphabet weighing particularly on the market. Technology...

How major US stock indexes fared Friday

Sep. 18, 2020 5:06 PM EDT

Stocks are closing lower on Wall Street Friday, as another zig-zag week for markets ends with a third-straight weekly loss for the S&P 500. Technology companies, including Apple, Amazon and Alphabet, weighed particularly heavy on the market decline. Stocks have swirled this week despite the Federal Reserve...

A man sits inside of the Bankia bank in Madrid, Spain, Friday, Sept. 18, 2020. Two of Spain's biggest banks have announced their merger, pushed together by a need to weather tough economic times that likely will cost thousands of jobs. The tie-up between CaixaBank and Bankia will create the largest lender in the country, with assets of more than 664 billion euros ($787 billion). (AP Photo/Manu Fernandez)

Spanish banks merge in sign of hard economic times ahead

Sep. 18, 2020 8:01 AM EDT

LISBON, Portugal (AP) — Two of Spain’s biggest banks said Friday they were merging, pushed together by a need to weather tough economic times that likely will cost thousands of jobs. The tie-up between CaixaBank and Bankia will create the largest lender in the country, with assets of more than 664...

FILE - In this Jan. 3, 2020 file photo, the Wall St. street sign is framed by American flags flying outside the New York Stock Exchange in New York.  Stocks are falling early on Wall Street Thursday, Sept. 17,  as the late selling from the previous day carries over.  (AP Photo/Mary Altaffer, File)

Asia slightly higher despite Wall Street slump, virus fears

Sep. 17, 2020 11:33 PM EDT

TOKYO (AP) — Asian shares were slightly higher Friday despite some investor attention shifting again to the uncertainties in global economies amid the coronavirus pandemic, as reflected in the overnight fall on Wall Street. Japan's benchmark Nikkei 225 was little changed but inched up less than 0.1% in...

How major US stock indexes fared Thursday

Sep. 17, 2020 5:15 PM EDT

Stocks closed lower Thursday after another slide in technology companies led a broad sell-off on Wall Street. The sell-off, which lost some of its strength toward the late afternoon, came a day after the Federal Reserve said it will keep interest rates at nearly zero for years to support the wheezing economy. ...

A view of the CaixaBank headquarter in Barcelona, Spain, Thursday, Sept. 17, 2020. Two of Spain's biggest banks are poised to merge and create the country's largest bank in terms of domestic operations, with assets of more than 600 billion euros (dollars 708 billion). The deal brings the prospect of more job losses amid difficult times for the financial sector. A tie-up between CaixaBank, the largest bank in the domestic market, and Bankia, Spain's biggest mortgage lender, could herald other moves toward consolidation in the financial sector. (AP Photo/Emilio Morenatti)

2 Spanish banks merge amid tough times for financial sector

Sep. 17, 2020 11:27 AM EDT

LISBON, Portugal (AP) — Two of Spain’s biggest banks are poised to merge and create the largest lender in the country, with assets of more than 600 billion euros ($708 billion), bringing the prospect of more job losses amid difficult times for the financial sector. The boards of CaixaBank and Bankia...

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 17, 2020. Asian stock markets declined Thursday after the U.S. Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no additional stimulus plans. (AP Photo/Ahn Young-joon)

Asian stocks retreat on lack of new Fed action

Sep. 16, 2020 11:28 PM EDT

Asian stock markets declined Thursday after the U.S. Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no additional stimulus plans. Market benchmarks in Shanghai, Tokyo, Seoul and Hong Kong all retreated. Wall Street's benchmark S&P 500 index...

FILE - In this June 30, 2020, file photo Federal Reserve Board Chairman Jerome Powell, reflected in the sneeze guard set up between himself and members of the House Committee on Financial Services, speaks during a hearing on oversight of the Treasury Department and Federal Reserve pandemic response on Capitol Hill in Washington.  The Federal Reserve adjusted its inflation target to seek price increases above 2% annually, a move that will likely keep interest rates low for years to come.  The Fed on Wednesday, Sept. 16,  also left its benchmark short-term rate unchanged at nearly zero, where it has been since the pandemic intensified in March.  (Bill O'Leary/The Washington Post via AP, Pool)

Fed sees rates near zero through 2023, perhaps longer

Sep. 16, 2020 6:55 PM EDT

WASHINGTON (AP) — With the economy still struggling to recover from the pandemic recession, Federal Reserve policymakers signaled Wednesday that their benchmark short-term interest rate will likely remain at zero at least through 2023 and possibly even longer. Fed chair Jerome Powell said at a press...