Charles Schwab Corp. is looking to raise fresh debt in the U.S. investment-grade bond market after revealing plans Monday to cut jobs and close or downsize offices to curb costs. The financial services firm brought a benchmark-sized deal of senior unsecured notes Tuesday, according to a person familiar with the...
Citigroup Inc. Chief Executive Officer Jane Fraser is weighing an overhaul of the firm’s most powerful committee of decision makers as she seeks to simplify the Wall Street giant. The CEO has discussed adding executives including Andy Morton, who leads the trading division, and Shahmir Khaliq, who runs treasury and...
An exchange-traded fund that aimed to track CNBC anchor Jim Cramer’s stock picks is planning to shutter just five months after launching. The Long Cramer Tracker ETF (LJIM) will stop trading Sept. 11, according to a press release Monday. The fund, which buys stocks recommended by the host of CNBC’s “Mad Money” show, has only...
August is turning out to be chaos for emerging markets. Bonds and stocks from developing economies are poised for their worst monthly losses since last September after Nigeria’s central bank revealed it has less reserves than estimated, an outsider won primaries in Argentina and a presidential candidate was assassinated in...
The Securities and Exchange Commission is poised to allow the first exchange-traded funds based on Ether futures, a major win for several firms that long have sought to offer the products. The regulator isn’t likely to block the products, which would be based on futures contracts for the second-largest cryptocurrency,...
All around the world, bond traders are finally coming to the realization that the rock-bottom yields of recent history might be gone for good. The surprisingly resilient US economy, ballooning debt and deficits, and escalating concerns that the Federal Reserve will hold interest rates high are driving yields on the...
Cryptocurrencies extended declines, sliding with global risk assets as investors price in higher interest rates for longer. A report of Elon Musk’s SpaceX selling Bitcoin holdings added to the concerns. Bitcoin fell 4.4% at 9 a.m. in London on Friday, and was headed for its biggest weekly decline in three...
IRA and 401(k) millionaires are staging a comeback, with the number of seven-figure retirement accounts at Fidelity Investments inching back toward a 2021 high. The tally of such accounts rose by more than 12% in the second quarter to 727,104, according to an analysis released by Fidelity Thursday. That’s the highest since...
The California Public Employees’ Retirement System has turned over thousands of pages of documents in recent months to Congress as the country’s largest pension fund faces Republican scrutiny for its investment practices intended to combat climate change. The $464 billion fund has been handing over the trove of information to...
Most financial firms aren’t assessing their portfolio exposure to nature-related risks with the same urgency they use to measure climate impacts, a shortcoming that could lead to higher costs, litigation and a hit to reputations, according to a new report. Only 20% of financial companies measure their exposure to nature-related risk,...