Two New York financiers were convicted Friday in Oklahoma state court on criminal charges that they illegally took control of a local insurer using millions of dollars of counterfeit assets.
Federal Reserve Chairman Jerome Powell signaled the central bank was prepared to cut interest rates if needed to cushion the economy against the effects of a widening global slowdown.
A U.K. regulator for audit and accounting is asking professional services firms to ringfence their audit practices and put in place independent boards amid increased concerns around audit quality in Britain.
The decision marks another defeat for the U.K.’s Serious Fraud Office after cases against both the bank and the former CEO were previously dismissed.
The outstanding amount of temporary money the Federal Reserve has added to the financial system fell by a notable amount this week.
Shares of global banks fell into correction territory this week, reflecting fears that financial institutions could take a hit if coronavirus continues to spread.
Banks with heavy exposure to Europe and Asia have warned profits could be hit by the coronavirus outbreak as they tell employees to restrict travel and initiate special measures to help customers.
The Canadian bank posted higher profit for its fiscal first quarter as net interest income rose, though lower trading commissions in TD Ameritrade weighed on its U.S. retail segment.
Companies worry that their financial filings may not accurately reflect the scope of future risk from Covid-19, as details about the outbreak continue to evolve.
The retailer wrote down the value of the lingerie business after agreeing to sell a 55% stake.
The industry has offered some of the past decade’s best investment opportunities. Now, however, the prognosis looks shaky.
Governments are increasingly relying on machine learning and data analytics to analyze troves of data as they seek to detect tax evasion, respond to taxpayers’ questions and make themselves more efficient.
Investors like catastrophe bonds as an asset class uncorrelated with the markets they typically invest in. In moments of extreme stress, pandemic bonds can’t offer that.
The toy maker said it resolved an accounting error after an internal probe last year; SEC and federal prosecutors want a closer look.
A top Fed official says it is too early to tell whether the coronavirus outbreak will force the central bank to resume rate cuts in the coming months.
CEO James Dimon said the bank is open to tapping the Federal Reserve’s rainy-day fund.
U.K. officials’ probe of Barclays CEO Jes Staley’s professional relationship with late financier Jeffrey Epstein shows “governance weakness” at the British bank, activist investor Edward Bramson said.
The Canadian bank logged a 5.4% rise in its fiscal first-quarter profit thanks in part to a lift in revenue and a solid period for loan and deposit growth and its capital markets arm.
Tontines, a controversial investment arrangement that was often used as a plot device in murder mysteries, is experiencing a resurgence in Japan as a savings vehicle designed for the era of longevity.
Inflation stands a good chance of not sustainably hitting the Fed’s 2% target until central bankers find a new mix of policies that will boost public confidence the central bank can provide meaningful stimulus in the next downturn, new research shows.