U.S. consumer spending increased solidly in June as households spent more on restaurants and accommodation, building a strong base for the economy heading into the third quarter, while inflation rose moderately.
Wells Fargo & Co. introduced a new credit card rewards program on Monday, aiming to stand out against other benefit-heavy cards and gain more of a foothold in a market where it has lagged rivals.
Investors have reached $96 million in settlements with the final five defendants in private U.S. litigation accusing banks of rigging a key interest rate benchmark in the global derivatives market, boosting the total payout to more than $500 million.
Bank of America Corp.’s Merrill Lynch unit admitted to misleading brokerage customers about which firms processed their trades and agreed to pay a $42 million fine under a settlement with the U.S. Securities and Exchange Commission announced on Tuesday.
Wells Fargo & Co. said Monday it is considering restructuring and possibly combining two of its retail brokerage businesses, a move to increase efficiency among the two legacy units.
A proposal to simplify a rule banning banks from proprietary trading, rather than making life easier for Wall Street, could ensnare billions of dollars’ worth of assets not currently caught by the regulation.
Wells Fargo & Co. said on Friday a district court in California approved a $142 million class-action settlement to compensate customers who were affected by a sales scandal related to the opening of phony bank accounts.
A Mexican real estate developer has filed a $1.2 billion lawsuit accusing JPMorgan Chase & Co. of fraudulently inducing it to transfer properties based on a false promise it would sell them.
At its Silicon Valley headquarters, network gear maker Cisco Systems Inc. is going to unusual lengths to take control of the relentless increase in its U.S. health care costs.
A U.S. bank regulator said on Thursday that an industry-wide review prompted by Wells Fargo & Co.’s sales practices scandal had uncovered some instances of phony accounts at other lenders but little evidence of a “systemic” problem.
Wells Fargo & Co. is pulling back from retail banking in the U.S. Midwest, selling all of its branches in three states, as the bank embarks on a broader review of branch profitability across the country.
An acute shortage of affordable homes in the United States will continue over the coming year, according to a majority of property market analysts polled by Reuters, driving prices up faster than inflation and wage growth.
Former Goldman Sachs Group Inc. programmer Sergey Aleynikov on Monday filed a new challenge to his criminal conviction of stealing computer code from the investment bank when he left for another job.
Federal prosecutors charged a vice president at Goldman Sachs Group Inc. on Thursday with insider trading by illegally using non-public information about several companies that were clients of the investment bank.
U.S. regulators on Wednesday proposed simplifying a rule introduced after the 2007-2009 financial crisis that bans banks from trading on their own account in order to make compliance easier for many firms.
The U.S. gun lobby is taking aim at “gun-hating” banks after Citigroup Inc. and Bank of America said they would no longer provide certain banking services to gun-makers, according to industry lobbyists.
Some employees in a Wells Fargo & Co. unit that handles business banking improperly changed information on documents related to corporate customers, the Wall street Journal reported on Thursday, citing people familiar with the matter.
Fannie Mae, the largest U.S. home funding source, said on Wednesday it sold $1.5 billion of benchmark bills at higher interest rates compared with last week’s sale of similar maturities.
U.S. producer prices barely rose in April after strong gains in the first quarter, held down by a moderation in the cost of both goods and services, which could ease fears that inflation pressures were rapidly building up.
Encouraged by a booming demand for construction equipment, Mike Haberman was planning in early February to hire at least 30 more workers for the manufacturing facility of his Gradall Industries in Ohio.