Germany’s second-largest lender Commerzbank on Thursday announced it will eliminate 3,900 full-time positions by 2028, largely in its native Germany, as it unveiled a spate of new strategic targets. The job cuts will be accompanied by increases in staffing in “selected areas” such as in international locations, resulting in a broadly constant global headcount of…
Chris Ratcliffe | Bloomberg | Getty Images British bank Barclays on Thursday posted a rise in full-year pre-tax profit that came in just ahead of analyst expectations, while also launching a £1 billion ($1.25 billion) share buyback. Pretax profit rose by 24% to £8.108 billion in 2024, just above an analyst forecast of £8.081 billion,…
Acting director of the Office of Management and Budget Russell Vought speaks with reporters during a press briefing at the White House in Washington on March 11, 2019. Jonathan Ernst | Reuters The Consumer Financial Protection Bureau sent termination notices to several dozen employees late Tuesday, according to people with knowledge of the situation. The…
Bank of America CEO Brian Moynihan said Wednesday that strong consumer spending so far this year means the Federal Reserve will probably hold off on cutting its benchmark interest rate. The bank’s retail customers are spending about 6% more money in the first 40 days of this year compared with the same period in 2024,…
The Zelle icon is displayed on a phone screen. Jakub Porzycki | Nurphoto | Getty Images Zelle, the payments network run by banks-owned Early Warning Services, crossed $1 trillion in total volumes last year, which it said was the most ever for a peer-to-peer platform. The firm said Wednesday that its user base jumped 12%…
Italy’s second-largest lender UniCredit on Tuesday posted a fourth-quarter profit beat, but guided a slight slowdown in 2025 revenues amid expected declines in net interest income. Net profit attributable to the group came in at 1.969 billion euros ($2.03 billion) in the fourth quarter, compared with an analyst forecast of 1.803 billion euros, according to…
Office of Management and Budget (OMB) Acting Director Russell Vought speaks with reporters during a press briefing at the White House in Washington, U.S., March 11, 2019. Jonathan Ernst | Reuters Consumer Financial Protection Bureau employees were told Sunday to work remotely because their Washington, D.C., headquarters would be closed through Feb. 14, according to…
The Trump administration may create powerful tailwinds for two vastly different market groups: Big banks and small cap stocks. In the case of financials, Astoria Portfolio Advisors’ John Davi predicts deregulation — along with a boost in IPO and mergers and acquisitions — to spark multi-year strength. “The funny thing about the banks is that…
President Donald Trump speaks during a press conference at the White House in Washington, D.C., Jan. 30, 2025. Xinhua News Agency | Xinhua News Agency | Getty Images There’s a delicate balance playing out at corporations across America. As the Trump administration targets diversity, equity and inclusion initiatives, many prominent companies have publicly scaled back…
Jane Fraser, CEO of Citi, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 1, 2023. Patrick T. Fallon | AFP | Getty Images Bank shares rose Thursday after the Federal Reserve released parameters for its annual industry stress test showing smaller hypothetical shocks to the U.S. economy than in previous…
