FOREX-Dollar eases as traders look to central banks for cues

(Updates to U.S. afternoon) By Saqib Iqbal Ahmed NEW YORK, Jan 25 (Reuters) – The dollar slipped against the euro on Wednesday, but its losses were capped as traders were hesitant to make any big bets ahead of next week’s central bank meetings, including the Federal Reserve and the European Central Bank. In addition, much … Read more

Celebrities call on UK banks to stop financing fossil fuels

Stephen Fry and Emma Thompson are among celebrities calling on the five of the UK’s biggest High Street banks to stop financing new oil, gas and coal projects. It follows criticism that HSBC, Barclays, Santander, NatWest and Lloyds are funding “fossil fuel expansion” despite making green pledges. Businesses and charities like Greenpeace also back the … Read more

Summers Warns of 1970s Crisis If Central Banks Relent on Rates

(Bloomberg) — Going soft on inflation will plunge economies back into the recessionary depths of the 1970s and have “adverse effect on working people everywhere,” former US Treasury Secretary Larry Summers warned. Most Read from Bloomberg The remark is a response to suggestions from economists including Olivier Blanchard, a former International Monetary Fund chief economist, … Read more

How do banks make money?

This content is not available due to your privacy preferences. On today’s episode of the 5 Things podcast: Have you ever wondered how banks make money? Or why overdraft fees exist? After a listener asked, 5 Things Sunday Host James Brown got answers from USA TODAY Finance reporter Elisabeth Buchwald, analyst Greg McBride, and … Read more

Ex-Cabinet minister’s comments over nurses using food banks branded ‘heartless’

A former Cabinet minister’s comments asking why nurses on £35,000 a year are using food banks have been branded “disgusting, heartless and out of touch” by the Royal College of Nursing (RCN). Speaking on BBC Radio Tees, Middlesbrough South and East Cleveland Tory MP Simon Clarke told nurses “something is wrong with your budgeting” if … Read more

As layoffs ripple across Wall Street, some banks stay in ‘hiring mode’

Some firms across the financial industry are giving workers the boot after last year and as a potential recession looms. But the picture among Wall Street’s six biggest banks is mixed when it comes to the scale of these layoffs. And some firms are even adding staff in this environment — as JPMorgan chief Jamie … Read more

Stock market news live updates: Dow falls as Wall Street’s big banks report profit drops

U.S. stocks were mixed Tuesday afternoon as a shortened but busy week packed with corporate earnings got underway on Wall Street. The Dow Jones Industrial Average () shed 300 points, or around 0.8%, weighed down by bank stocks after Goldman Sachs () posted its largest earnings miss in a decade. The S&P 500 () was … Read more

Big banks set aside $4 billion for a recession. Investors are more optimistic: Morning Brief

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox by . Saturday, January 14, 2022 Today’s newsletter is by , Head of News at Iheart Finance. Follow him on Twitter and on . Read this and more market news on the go with Big banks including , … Read more

US Banks See Customers Demanding Higher Yields on Deposits

(Bloomberg) — The country’s two largest banks just put rivals on notice: they’re finally prepared to pay out more to savers demanding higher yields on their deposits. Most Read from Bloomberg After a year of relentless rate hikes by the Federal Reserve, JPMorgan Chase & Co. and Bank of America Corp. took turns on Friday … Read more