Regulators have identified lapses in Wells Fargo’s anti-money laundering and financial crimes risk management practices, the latest compliance issue for the US bank. The Office of the Comptroller of the Currency, one of the main US banking regulators, said on Thursday that Wells, the country’s fourth-largest lender by assets, had agreed to take remedial steps.
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Municipals were little changed outside of cuts on the one-year Thursday while inflows into municipal bond mutual funds topped $1 billion, clocking in at the second highest total this year. U.S. Treasuries were slightly weaker and equities ended up. Investors added $1.258 billion to funds — the second-largest inflow figure year-to-date after $1.413 billion for
In this article BRK.A Follow your favorite stocksCREATE FREE ACCOUNT Ajit Jain at Berkshire Hathaway’s annual meeting in Los Angeles, California. May 1, 2021. Gerard Miller | CNBC Ajit Jain, Warren’s Buffett’s insurance chief and top executive, sold more than half of his stake in Berkshire Hathaway, a new regulatory filing showed. The 73-year-old vice
Rgstudio | E+ | Getty Images Owning a home makes some people feel more confident about their prospects for retirement — but that may be misguided, some experts say. About 37% of polled workers — including those with part- or full-time jobs, or who are self-employed or business owners — say they are “ahead of
Jacksonville, Florida, public utility JEA plans to bring $476.6 million in electric system revenue bonds next week in a deal designed to sharply reduce the system’s exposure to variable-rate debt and derivatives. “This transaction will result in a significant simplification of JEA’s Electric System balance sheet,” the utility said in an online investor presentation. “Upon
The Nasdaq Composite notched its best one-day rise in a month after heavyweight tech stocks climbed, recovering from a morning sell-off. The tech-heavy index rose 2.2 per cent on Wednesday, with gains accelerating in the late afternoon. Nvidia jumped 8 per cent, leading an advance for the rest of its Magnificent Seven peers. The Nasdaq
Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta.Bloomberg News Federal Reserve Bank of Atlanta President Raphael Bostic violated the central bank’s trading rules and policies in 2022, according to a government watchdog report. The Federal Reserve’s Office of the Inspector General, or OIG, released the findings from its review
In this article BAC Follow your favorite stocksCREATE FREE ACCOUNT Warren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024. CNBC Warren Buffett’s Berkshire Hathaway offloaded another chunk of Bank of America shares, bringing its total sales to more than $7 billion since mid-July and reducing its stake
José Luis Gutiérrez | iStock Photo Why are September and October historically weak for stocks? For answers, I turned to Mark Higgins, senior vice president at Index Fund Advisors and author of the book, Investing in U.S. Financial History: Understanding the Past to Forecast the Future. The answers have been edited for clarity. What is it
Thanks to the run up in housing prices, homeowners now have more than $32 trillion in home equity as of the first quarter of 2024, according to the St. Louis Federal Reserve — an all-time high. “It’s one of the very few things we can say about today’s housing market that is, more or less, positive,” said
Inflation has started to show signs of easing from the multi-decade highs reached in many countries following Russia’s full-scale invasion of Ukraine. The latest figures for most of the world’s largest economies still make for worrying reading, with price pressures remaining high as the war in Ukraine continues to keep energy and food prices elevated.
Texas Children’s Hospital, which was hit with rating downgrades this summer in the wake of operating losses, is moving ahead with an approximately $222 million revenue bond sale this week. The tax-exempt, fixed-rate debt issued through the Harris County Cultural Education Facilities Finance Corp. is scheduled to price Thursday. Proceeds are earmarked for capital projects
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Municipals were steady to slightly firmer in spots while the primary market took focus with at least 17 deals over the $100 million market hitting the screens led by billion-dollar-plus pricings from Washington, D.C., and Illinois. The New York City TFA priced $1.5 billion for retail investors and Chicago accelerated a pricing of water revenue
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 9, 2024. Brendan Mcdermid | Reuters Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox.
Tarpon Island, a private island in Palm Beach, Florida, sold for $150 million in May 2024. CNBC A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Sales of ultra-luxury homes surged in
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. PwC is set to parachute in a senior partner from the UK to run its business in China, as the fallout from its audit of collapsed property developer Evergrande continues to mount. The accounting firm’s
Municipals were little changed Monday as U.S. Treasuries were mixed and equities were in the black. As the market awaits the onslaught of new-issuance, muni underperformance to USTs continues from last week’s moves. “As USTs were rallying, dealers noted slightly better volumes but continued to report a slow grind as accounts are eyeing the heavy
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The US Department of Justice accused Google of running a massive ad tech monopoly that cut off potential rivals and drove up costs for publishers and advertisers in an attempt to maximise profits, as the
Efforts by Muni Pride to align with other public finance affinity groups are reaping dividends for the group, which has grown to more than 100 individuals since its inception in 2019. The California-based national LGBTQ+ networking group will host its next event Oct. 1 in New York City. Connecticut State Treasurer Erick Russell will offer
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