UBS Group outlined major targets for its integration of former rival Credit Suisse, including 3,000 domestic job cuts and more than $10 billion in cost savings, as it posted the biggest ever quarterly profit for a bank on the back of the bargain acquisition that closed in June. The Zurich-based...
Stocks rose for a fourth straight day as another batch of economic reports pointed to moderation, cementing bets the Federal Reserve is approaching the end of its interest-rate hikes. The S&P 500 topped 4,500.Apple Inc. led gains in megacaps, while regional banks fell. Bloomberg News reported the Fed issued a...
This year’s rally in homebuilding stocks has outstripped even the AI-fueled tech boom, and if analysts are to be believed, that outperformance is set to continue. Wall Street price targets show an expected return potential of 16% over the next 12 months for U.S. homebuilders, ahead of the 13% seen...
Traders are abandoning the euro at pace as speculation grows the European Central Bank will struggle to tighten monetary policy further, even with inflation running far above target. Data this week showed consumer-price growth re-accelerated in Spain and France in August, but the market is betting the ECB’s cycle of interest-rate hikes...
Citigroup Inc. will pay $2.9 million to settle Securities and Exchange Commission allegations that the bank’s broker had flawed processes in its accounting in underwriting of securities offerings. The SEC alleged Tuesday that the broker didn’t keep current records on the way it accounted for expenses charged in the underwriting...
The $17.4 billion Grayscale Bitcoin Trust rallied the most since July 2021 after a U.S. court ruling potentially paved the way for the vehicle to convert into an exchange-traded fund. Shares in the world’s largest Bitcoin portfolio jumped 17% on Tuesday, narrowing their discount to the value of the fund’s underlying token...
Dollar bulls have history on their side going into September as the currency has strengthened during that month for six years in a row. Not only has the Bloomberg dollar index risen every September since 2017, but its average gain of 1.2% in that month also beats the performance of...
A surge in short sales of US Treasury futures suggests hedge funds are expanding basis trades, a popular tactic that may be injecting leverage into a bond market whipsawed in the wake of this month’s selloff. The revival of the trade — which exploits price differences between futures and underlying...
An increasing share of low-income Americans are behind on rent and struggling to afford food, adding to signs of growing financial distress in the economy. Among households using the Supplemental Nutrition Assistance Program’s boosted pandemic benefits, 42% skipped meals in August and 55% ate less because they couldn’t afford food, more...
For almost a decade, I’ve been listening to digital prophets predict a future where banks save billions of dollars, customers can trace their mangoes back to the organic farm where they were grown, and financial intermediaries are a thing of the past, all thanks to the blockchain. I’ve been waiting for...