Latest Banking and credit News

Trump escalates his attacks on Fed: 'My biggest threat'

Oct. 16, 2018 6:02 PM EDT

WASHINGTON (AP) — Stepping up his attacks on the Federal Reserve, President Donald Trump declared Tuesday that the Fed is "my biggest threat" because he thinks it's raising interest rates too quickly. Trump said he doesn't speak with Chairman Jerome Powell because of the Fed's political independence but...

Stocks surge, recovering some recent losses; Dow climbs 547

Oct. 16, 2018 5:23 PM EDT

NEW YORK (AP) — U.S. stocks rocketed to their biggest gain in six months Tuesday following strong earnings from major financial and health care companies as well as encouraging reports on the economy. The Dow Jones Industrial Average jumped 547 points. Morgan Stanley, Goldman Sachs and UnitedHealth led a...

Trump criticizes Fed for raising interest rates too quickly

Oct. 16, 2018 4:38 PM EDT

WASHINGTON (AP) — President Donald Trump is criticizing the Federal Reserve for raising interest rates too quickly. The recent increase in interest rates has spooked investors who fear higher borrowing costs could slow down the economy. Trump has blamed the market's big sell-off on rising rates and has...

Markets Right Now: Stocks surge to biggest gain since March

Oct. 16, 2018 4:08 PM EDT

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4 p.m. Stocks are surging on Wall Street, clawing back some of the ground lost last week, after several big U.S. companies reported standout results. Major U.S. indexes climbed more than 2 percent Tuesday, giving them their...

Goldman, Morgan report strong 3Q profits; shares jump

Oct. 16, 2018 12:51 PM EDT

NEW YORK (AP) — Despite the usual lull in activity, Wall Street's biggest names had a pretty good summer. The leading U.S. investment banks — Goldman Sachs and Morgan Stanley — each reported third quarter profits that beat analysts' expectations Tuesday, helped by strong performance in their...

A cheapskate's guide to shopping for credit cards

Oct. 16, 2018 10:10 AM EDT

Cheapskates and low spenders aren't the ideal credit card customers for banks because they're typically not as profitable as fast-swiping spendthrifts who rack up finance charges. Still, banks offer credit cards with features that can fit well into a frugal lifestyle. Some penny pinchers prefer paying only with...

Payments companies hit deadline for keeping data in India

Oct. 16, 2018 7:57 AM EDT

SRINIGAR, India (AP) — Global credit card and payments companies like American Express, Visa and MasterCard are facing a challenge in meeting a requirement to store transaction data for all Indian customers within the country. A new rule took effect Tuesday that directs payment companies to store all...

Payments companies hit deadline for keeping data in India

Oct. 16, 2018 5:08 AM EDT

NEW DELHI (AP) — Global credit card and payments companies like American Express, Visa and MasterCard are facing a challenge in meeting a requirement to store transaction data for all Indian customers within the country. A new rule took effect Tuesday that directs payment companies to store all transaction...

Bank of America 3Q profits rise 32 percent, beats forecasts

Oct. 15, 2018 9:03 AM EDT

NEW YORK (AP) — Bank of America said Monday that its third-quarter profits rose by 32 percent from a year ago, as higher interest rates allowed BofA to charge more for loans, and lower corporate tax rates helped it save hundreds of millions on taxes. The Charlotte, North Carolina-based banking giant said...

IMF-World Bank ends meetings with call to brace for risks

Oct. 13, 2018 4:55 AM EDT

NUSA DUA, Indonesia (AP) — Global financial leaders wrapped up an annual meeting of the International Monetary Fund and World Bank on Saturday by urging countries to brace for potential risks from trade disputes and other tensions. The meetings in Bali, Indonesia, this week were overshadowed by a spate of...