Big U.S. banks bracing for loan defaults
The coronavirus outbreak has bought the U.S. economy to a virtual standstill
- April 15, 2020 April 15, 2020
- 10:59
The coronavirus outbreak has bought the U.S. economy to a virtual standstill
The deal follows Charles Schwab and TD Ameritrade's merger last year
Morgan Stanley's wealth management arm also had a solid quarter
Higher interest rates and lower corporate taxes were the main factors
U.S. banks set a record by making more than $60 billion in profits in the second quarter, federal regulators said Thursday, up more than 25% from a year earlier. The Federal Deposit Insurance Corporation said the profit boost came because banks have been able to charge more interest on loans in recent months and received […]
Wells Fargo agreed Wednesday to pay a US$2.1-billion fine to settle allegations it misrepresented the types of mortgages it sold to investors during the housing bubble and subsequent financial crisis. (All figures are in U.S. dollars.) The amount is relatively smaller than the fines paid by Bank of America, Citigroup, Goldman Sachs and other big […]
Another Wall Street veteran of the financial crisis is stepping aside: Lloyd Blankfein is retiring as CEO of Goldman Sachs after 12 years at the helm of the storied investment bank. Blankfein will be replaced by David Solomon, a long-time Goldman executive who has been seen as Blankfein’s chosen successor. Solomon will assume the CEO […]
But the will not be fined by the Consumer Financial Protection Bureau
The bank's wealth management business is reportedly under investigation for improprieties similar to those that impacted its consumer bank.
Goldman Sachs posted a US$1.93-billion loss in the fourth quarter, the investment bank said Wednesday, as the bank had to record more than US$4 billion in charges related to the new tax law. It was the bank’s first quarterly loss in more than six years. (All figures are in U.S. dollars.) Goldman had a net […]