Latest Banking and credit News

South Korea's central bank lowers rate amid Japan trade row

Jul. 18, 2019 3:25 AM EDT

SEOUL, South Korea (AP) — South Korea's central bank on Thursday cut its policy rate for the first time in three years to shore up growth threatened by a trade dispute with Japan. The Bank of Korea lowered its key interest rate by a quarter percentage point to 1.50% following a meeting of its monetary...

Dems pan 'Zuck buck,' want Facebook to rein in currency plan

Jul. 17, 2019 5:06 PM EDT

WASHINGTON (AP) — Facebook endured a second day of criticism from Congress over its plan to create a digital currency as senior House Democrats asked Facebook to scale back the project and threatened legislation that would block big tech companies from getting into banking. Facebook's massive market power...

Fed survey finds widespread concerns over trade

Jul. 17, 2019 2:29 PM EDT

WASHINGTON (AP) — The Federal Reserve's latest nationwide survey released Wednesday reveals that despite growing worries about the impact of President Donald Trump's trade battles, the overall economy remained solid. The Fed said that many of its 12 regions saw slight gains in retail sales and home sales....

Bank of America earns $7.4B in 2Q, beating estimates

Jul. 17, 2019 7:58 AM EDT

NEW YORK (AP) — Bank of America's second-quarter profits rose by 8% from a year earlier, the company said Wednesday, as the consumer banking giant has benefitted greatly from the rise in interest rates as well as consumers and businesses more willing to borrow. The bank earned $7.35 billion, or 74 cents...

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...