According to a review, Citigroup Group Inc (NYSE: C) needs to address the shortcomings in managing financial data that could sometimes hurt its ability to produce accurate financial reports. “Issues r...
Tag: Banking
Wall Street Is Saying ‘No’ to a Bitcoin Rebound. Bearish Bets Are Piling Up.
Bitcoin has been licking its wounds from two-year lows in the wake of crypto exchange FTX’s bankruptcy this month. Sentiment may be cautiously improving in the digital-asset world, but investors on Wa...
$740 million in crypto assets recovered so far in FTX bankruptcy
NEW YORK — The company tasked with locking down the assets of the failed cryptocurrency exchange FTX says it has managed to recover and secure $740 million in assets so far, a fraction of the potentia...
Opinion: Fidelity sticks with bitcoin 401(k) offerings despite crypto turmoil — but why?
I have to hand it to Fidelity. For their nerves of steel, at least. The company that runs America’s biggest 401(k) platform is sticking with its plans to offer bitcoin in retirement plans. This is des...
Citigroup faulted by U.S. banking regulators for poor data management in ‘living will’ review
CEO of Citigroup Jane Fraser testifies during a hearing before the House Committee on Financial Services at Rayburn House Office Building on Capitol Hill on September 21, 2022 in Washington, DC. Alex ...
Is the stock market open on Black Friday? Thanksgiving week trading hours for major assets.
It’s going to be a short week on Wall Street. U.S. stock exchanges will be closed for Thanksgiving Day on Thursday, Nov. 24, and will reopen the next day only for an abbreviated session on Black Frida...
Senate Banking Committee Democrats caution SoFi about deadlines
Sherrod Brown, who chairs the United States Senate Banking Committee, and three other Democratic members of the committee sent letters on November 21 to a number of government authorities as well as t...
Bitcoin tumbles to fresh lows as Genesis denies imminent bankruptcy
Bitcoin briefly tumbled to its lowest level in two years on Monday after Bloomberg News reported that Genesis, the digital-asset brokerage and lender, has told investors it could be forced to file for...
Senate Banking Committee Democrats warn SoFi about meeting its compliance deadline
Chairman of the United States Senate Banking Committee Sherrod Brown and three other Democratic committee members sent letters Nov. 21 to federal officials and to Anthony Noto, president of SoFi Techn...
Banking Giant JPMorgan Files Trademark for New Crypto Wallet With Ability to Exchange and Transfer Virtual Currencies
Financial services industry titan JPMorgan has filed a trademark for a new digital assets wallet. In a recent filing with the United States Trademark and Patents Office (USTPO), JPMorgan filed a trade...
Fintech banking app Dave wants to dispel doubts after 97% stock plunge
Mobile banking app provider Dave has enough cash to survive the current downturn for fintech firms and reach profitability a year from now, according to CEO Jason Wilk. The Los Angeles-based company g...
Wells Fargo Tries Something New (and Customer Friendly)
For many Americans, living from paycheck-to-paycheck is a fact of life. Saving a bit of money at the end of the month in order to afford the next month’s rent is typically a significant financia...
Retail Discounter TJX Is Thriving as Inflation Pressures Consumers
Text size These reports, excerpted and edited by Barron’s, were issued recently by investment and research firms. The reports are a sampling of analysts’ thinking; they should not be considered the vi...
FTX Sends Crypto Reeling. The Whales Move in to Profit.
Cryptocurrency markets have been slammed by the sudden bankruptcy of FTX. But amid the carnage, some big traders—whales—were buying. Bitcoin the largest crypto, was plumbing two-year lows at $16,600 o...
Fed Tightening Is Having More Impact Than You Might Think
We’ve learned a lot about the transmission of disease in the past few years. Ideas, good and bad, are spread similarly. Robert Shiller, the Yale University Nobel laureate, wrote in Irrational Exuberan...
Oil futures fall 10% for week as China’s COVID worries darken demand picture
Oil futures logged their second straight weekly declines, pressured as a resurgence of COVID-19 worries clouded the energy demand picture, and broader markets kept eyes on a hawkish Federal Reserve. U...
Why Bitcoin Has Weathered FTX’s Collapse and Why It Isn’t Time to Buy
The bomb that went off this month in the crypto industry has only given Bitcoin a flesh wound. There are good reasons why the largest crypto token has held up despite the disorder that surrounds it, b...
Schwab’s Liz Ann Sonders Sees Trouble Still Ahead. Where to Invest Now.
Though the U.S. stock market looks healthier than it did during its rough patch over the summer, Charles Schwab Chief Investment Strategist Liz Ann Sonders sees potential trouble still ahead, especial...
They Lived Together, Worked Together and Lost Billions Together: Inside Sam Bankman-Fried’s Doomed FTX Empire
NASSAU, Bahamas—Sam Bankman-Fried’s $32 billion crypto-trading empire collapsed in an incandescent bankruptcy last week, prompting irate customers, crypto acolytes and Silicon Valley bigwigs to ask ho...
Fed must keep raising rates until it is certain inflation has stopped climbing, Kashkari says
The Federal Reserve needs to keep raising interest rates until it is sure inflation has hit a ceiling, said Minneapolis Fed President Neel Kashkari on Thursday. The central bank can’t be overly persua...
The latest rally in stocks may be almost over, Bank of America warns
Investors hoping to squeeze some more gains out of the stock market’s latest bear-market bounce might be too late, according to a team of strategists at Bank of America. According to a Friday note sen...
Scaramucci says he did buy FTX token after getting investment from Sam Bankman-Fried
Anthony Scaramucci’s investment fund SkyBridge Capital bought $10 million worth of FTT tokens after receiving an investment from FTX founder Sam Bankman-Fried. The Financial Times reported on Thursday...
Veteran manager offers 5 ‘cheap, quality, dividend’ stocks that will let you play one of tech’s biggest themes.
2022 may be remembered as the year investors fell out of love with tech stocks. While the Nasdaq Composite COMP, -3.91% is up about 5.3% this quarter, that’s after three dismal ones, and a 28% loss fo...
History says inflation could persist for a decade
If you are a retiree, or even near to retirement, you are probably more vulnerable to inflation than most. Your cost of living is probably rising faster than your income. You’re lucky if any pension o...
FTX victims are setting up GoFundMe fundraisers to try to get their money back
People who say they have lost money in the collapse of crypto exchange FTX are turning to strangers to cover their losses by setting up GoFundMe fundraising pages. They include a man who says that he ...
Black Friday surprise: Jeff Bezos tells people not to buy cars, refrigerators and other big-ticket items. Critics call him out.
Billionaire Jeff Bezos, who founded the e-tail behemoth Amazon, has some spending tips as Americans gear up for the holiday shopping season — amid four-decade-high inflation and recession worries. Her...
10 crazy things detailed in FTX’s bankruptcy filing
On Thursday, John Ray, III, the new CEO of FTX, dropped a long-awaited declaration in U.S. bankruptcy court, giving a sober assessment of the collapse of Sam Bankman-Fried’s crypto empire. The bankrup...
I got laid off by a big tech company. What’s my next career move?
Being let go from a job is hard, especially at a moment when the cost of living is rising and a recession is looming. This Thanksgiving, tens of thousands of recently laid-off tech workers will be ask...