Finance

Citi to cut 2,000 jobs starting next month – Bloomberg

A green traffic light is pictured in front of a sign board of a Citibank branch in Hanoi, Vietnam July 8, 2015. REUTERS/KHAM Citigroup Inc (C.N) plans to cut at least 2,000 jobs starting next month as the lender restructures its businesses, Bloomberg reported. A substantial portion of the layoffs will be in middle or back-office positions, Bloomberg reported, citing ... Read More »

MPs caution government over Green Investment Bank sell-off plan

Britain’s Business Secretary Sajid Javid delivers his keynote address at the Conservative Party Conference in Manchester, Britain October 5, 2015. The planned privatisation of Britain’s Green Investment Bank (GIB) must not go ahead unless the government can guarantee the bank’s environmental objectives are protected, a parliamentary committee report released on Saturday said. The bank was created as a commercial venture ... Read More »

Prospects still slim for major global economic pickup

Traders work on the floor of the New York Stock Exchange in New York, December 16, 2015. The world economy may be set for another year like 2015, with modest growth in developed economies offsetting persistent weakness elsewhere but generating very little inflation and keeping interest rates low. The U.S. Federal Reserve’s long-awaited rise in rates from zero showed confidence ... Read More »

Most UK-based economists disagree with Osborne’s fiscal plans – survey

British Finance Minister George Osborne speaks at a joint news conference with French Finance Minister Michel Sapin and U.S. Secretary of the Treasury Jack Lew following their participation in a United Nations Security Council meeting to approve a resolution to cut funding. Only a minority of British-based academic economists back Chancellor George Osborne’s goal of reaching a budget surplus within ... Read More »

JP Morgan Chase to pay $307m for steering investors toward own products

Regulators said JPMorgan Chase Bank steered retail investors towards the firm’s own investment products. JP Morgan Chase agreed to pay $307m on Friday to settle charges that two of its wealth management units failed to disclose conflicts of interest when promoting investments to its wealthy clients. Regulators said that JP Morgan Securities and its nationally chartered bank, JPMorgan Chase Bank, ... Read More »

Obama signs temporary funding bill to avert shutdown -White House

U.S. President Barack Obama on Wednesday signed emergency legislation to fund the government beyond midnight when existing money expires, the White House said in a statement. Earlier on Wednesday, the Senate and the House of Representatives each passed the bill, which extends the temporary appropriations through Tuesday, Dec. 22. The measure gives Congress more time to finish a $1.15 trillion ... Read More »

Chinese official think tank researcher says disruption from U.S. rate hike likely limited

The Federal Reserve’s decision to raise benchmark interest rates is unlikely to cause major disruption to the world economy because it was widely expected, a senior researcher an official Chinese think tank said Thursday. The comments by Zeng Gang, director of the Chinese Academy of Social Sciences banking research division, were cited in an article on the website of the ... Read More »

Major U.S. banks raise prime rates after Fed rate hike

Major U.S. banks raised their prime rates, a benchmark for a wide range of consumer and commercial loans, for the first time since 2006 on Wednesday, following a rate hike from the Federal Reserve. Banks including Wells Fargo & Co (WFC.N), JPMorgan Chase & Co (JPM.N) and Bank of America Corp (BAC.N) raised their prime rates to 3.5 percent from ... Read More »

Fed aggressively ramps up new tool to pry rates higher

The Federal Reserve aggressively expanded a new policy tool to help it raise U.S. interest rates from near zero, saying on Wednesday it anticipated about $2 trillion in bids for a facility to help mop up excess cash in financial markets after years of stimulus. The U.S. central bank, which raised rates modestly on Wednesday as expected, said there would ... Read More »

Fed’s accommodative stance good for emerging markets – Finance Ministry official

The U.S. Federal Reserve’s “accommodative” monetary stance is good for emerging market economies, and India does not expect to see large foreign selling from the country, India’s economic affairs secretary Shaktikanta Das said on Thursday. The Fed hiked interest rates for the first time in nearly a decade on Wednesday, while saying its monetary policy would remain “accommodative” as the ... Read More »