Banking & Finance
The latest coverage of the banking and financial sectors.
Supreme Court casts doubt on Trump’s firing of Fed Governor Lisa Cook
The Supreme Court expressed worry over President Trump’s firing of Federal Reserve Governor Lisa Cook, suggesting Wednesday that the move undermines the independence of the central bank and would invite retaliation by future presidents.
Trump says he will ask Congress to cap credit card fees at 10%
President Trump on Wednesday said he will go to Congress with his plan to cap credit card fees at 10%, the first time he’s mentioned that he wants lawmakers to sign off on one of his cost-of-living proposals.
Stocks waver on Wall Street and remain near records
Stocks wavered in morning trading on Wall Street Friday as the first week of corporate earnings season closes out with markets trading near record levels.
Treasury targets Iran’s chief security official with sanctions
The U.S. Treasury Department’s Office of Foreign Assets Control on Thursday announced new sanctions targeting the top official in Iran’s Supreme Council for National Security in response to Tehran’s brutal crackdown on protesters the past two weeks.
Just 198,000 Americans filed jobless claims last week, fewer than expected as layoffs remain low
Fewer Americans applied for unemployment benefits last week as U.S. layoffs remain low despite growing concern about a weakening job market.
Big banks report soaring profits amid tensions with Trump over credit card interest rates
Setting aside their current fight with the White House, things are looking good on Wall Street.
U.S. stocks fall again as oil and gold prices rise
Wall Street is sinking again on Wednesday following mixed profit reports from several big banks.
Luxury retailer Saks seeks bankruptcy protection, overwhelmed by debt
The owner of Saks Fifth Avenue is seeking bankruptcy protection, buffeted by rising competition and the massive debt it took on to buy its rival in the luxury sector, Neiman Marcus, just over a year ago.
Inflation rose 2.7% on an annual basis in December report that shows stabilizing prices
Prices rose 2.7% for the year ending in December, the federal government said Tuesday, matching the previous month’s report and Wall Street’s expectations.
Foreign central bankers back Fed Chair Powell during DOJ controversy
The controversy around Federal Reserve Chair Jerome Powell has gone global.
Trump imposes 25% tariff on any country doing business with Iran
President Trump on Monday imposed a 25% tariff on any country doing business with Iran amid Tehran’s violent crackdown on mass protests.
Wall Street reacts negatively to Powell probe, credit-card proposal
U.S. stocks dove into negative territory to start the week on Monday after the Department of Justice sent subpoenas to the Federal Reserve as part of a criminal inquiry into Chair Jerome Powell’s remarks to Congress.
Former Fed chairs, some GOP lawmakers rebuke Justice Dept. inquiry of Fed Chair Jerome Powell
Lawmakers and former Federal Reserve officials rallied Monday to the defense of Fed Chair Jerome Powell, one day after the central bank said it received a grand jury subpoena from President Trump’s Justice Department.
Monthly trade deficit shrinks to lowest reading since 2009, Commerce Dept. says
The U.S. trade deficit with other countries fell to $29.4 billion in October, an $18.8 billion decline from September as President Trump uses tariffs to trim imports of foreign goods and bolster exports from American firms.
November CEO exits down 26% from 2024, report shows
The number of CEO changes at U.S. companies in November fell by 26% from 2024, continuing a trend of economic caution during the Trump administration.
Wall Street gains ground as crude prices and oil company shares rise after U.S. raid on Venezuela
Stocks rose in morning trading on Wall Street Monday to kick off the first full week of the new year, led by energy and technology companies.
U.S. applications for jobless benefits fell below 200,000 last week with layoffs historically low
Fewer Americans applied for unemployment benefits last week, with layoffs remaining low despite a weakening labor market.
Trump can’t starve consumer bureau of funds, court rules
A federal judge ruled Tuesday that the White House cannot shutter the Consumer Financial Protection Bureau by using a novel interpretation of the law to starve the watchdog of funding.
House report details Biden administration’s debanking crusade against crypto industry
A report by House Republicans has revealed the extent of the Biden administration’s efforts to debank digital asset businesses and people who use cryptocurrency.
Stocks slip on Wall Street as 2025 winds down
Stocks slipped in morning trading on Wall Street Monday to kick off another holiday-shortened week.
Bank of America chief sees economic strength ahead, even as consumer confidence slumps
Bank of America CEO Brian Moynihan says he’s feeling good about where the U.S. economy is headed — even if consumers don’t quite feel the same way yet.
U.S. stocks open mixed at the end of a holiday-shortened week
Stocks are off to a mixed start on Wall Street as traders return from the Christmas holiday. The S&P 500 edged up 0.1% in the early going Friday. The index is holding on to a modest gain for the week. The Dow Jones Industrial Average was little changed, and the Nasdaq composite rose 0.2%, helped by gains in several Big Tech stocks like Nvidia. Crude oil fell, while gold and silver continued to rise. Trading was expected to be light at the end of the holiday-shortened week. European markets were mostly closed, as were several Asian markets. Japan’s Nikkei climbed 0.7%.
‘Will only get better’: Economic surge a holiday gift for Trump, GOP
President Trump and the Republican-led Congress got a boost Tuesday from three straight months of solid economic growth, handing them a timely talking point as they head into a midterm election cycle where the economy is shaping up as voters’ top concern.
