Latest Financial services News

Facebook's currency plan gets hostile reception in Congress

Jul. 16, 2019 6:12 PM EDT

WASHINGTON (AP) — Under sharp criticism from senators, a Facebook executive on Tuesday defended the social network's ambitious plan to create a digital currency and pledged to work with regulators to achieve a system that protects the privacy of users' data. "We know we need to take the time to get this...

Wells Fargo 2Q results beat Street estimates

Jul. 16, 2019 5:20 PM EDT

WASHINGTON (AP) — Wells Fargo reported better-than-expected earnings despite lower interest income in the second quarter, a potential concern for investors with a Fed interest rate cut likely on the horizon. Shares in the consumer banking giant slid 3%. Wells Fargo & Co., still under growth...

Powell says financial crisis accelerated economic changes

Jul. 16, 2019 2:54 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Tuesday that the 2008 financial crisis accelerated major changes in the U.S. and global economies, leading to slower growth, lower inflation and lower interest rates. Delivering remarks to a Paris economic conference, Powell said that since the...

IMF Managing Director Lagarde resigns in advance of ECB post

Jul. 16, 2019 12:33 PM EDT

WASHINGTON (AP) — Christine Lagarde is resigning as managing director of the International Monetary Fund in light of her nomination to be the next president of the European Central Bank. Lagarde has already given up her day-to-day duties as head of the IMF, and the international lending agency has named a...

JPMorgan Chase posts $9.7 billion profit, beating estimates

Jul. 16, 2019 9:47 AM EDT

NEW YORK (AP) — Banking giant JPMorgan Chase & Co. said Tuesday that its second quarter profits grew by 16% from a year ago, helped by lower taxes and the ability to charge businesses and consumers more to borrow money. The nation's largest bank by assets said Tuesday that it earned $9.65 billion, or...

Goldman Sachs 2Q profit declines 6%, but beats estimates

Jul. 16, 2019 8:20 AM EDT

NEW YORK (AP) — Goldman Sachs said its second quarter profit fell 6% from a year earlier, as the Wall Street firm saw declines across most of its businesses. However the results were much better than what analysts' had forecast, pushing shares higher in premarket trading. The New York-based bank said it...

Asian shares mixed in lackluster trading, Nikkei falls 0.6%

Jul. 16, 2019 12:00 AM EDT

TOKYO (AP) — Asian shares were little changed and mixed in quiet trading Tuesday amid a lack of fresh market-moving news as investors looked ahead to earnings season. Japan's benchmark Nikkei 225 lost 0.6% in early trading to 21,549.68. Australia's S&P/ASX 200 edged 0.1% higher to 6,657.20. South...

Treasury chief: Facebook currency plan ripe for illicit use

Jul. 15, 2019 6:24 PM EDT

WASHINGTON (AP) — The Trump administration came out strongly Monday against Facebook's ambitious plan to create a new digital currency, as the Treasury chief warned it could be used for illicit activity such as money laundering, human trafficking and financing terrorism. Treasury Secretary Steven Mnuchin...

Stocks edge lower as bank losses offset technology gains

Jul. 15, 2019 10:22 AM EDT

NEW YORK (AP) — Stocks edged lower in early trading Monday on Wall Street as a decline in banks offset solid gains in technology companies. The losses follow record high finishes for every major stock index last week. The S&P 500 index also pushed above 3,000 for the first time. Citi led banks lower,...

Citigroup profits rise 7%, helped by higher interest rates

Jul. 15, 2019 9:09 AM EDT

NEW YORK (AP) — Banking conglomerate Citigroup said its second quarter profits rose by 7% from a year ago, helped by higher interest rates, a lower tax rate and a strong economy. Citigroup is the first of the big Wall Street banks to report results this week. All the major banks are expected to report...