Category: Financial Services

September 21, 2020

Financial stocks came under pressure on Monday amid a report that a number of global banks moved allegedly illicit funds over the past two decades despite warnings from U.S. officials. Shares of Deutsche Bank dropped nearly 8%, while JPMorgan fell […]

September 17, 2020

Mastercard is committing $500 million toward a series of initiatives meant to increase financial inclusion among Black communities and close the racial wealth and opportunity gap in the U.S., the digital payments giant announced today. Mastercard’s investment, to be made […]

September 15, 2020

Citigroup will resume slashing its workforce this week, joining some of its rivals including Wells Fargo (WFC) – Get Report that are now reducing headcount in a bid to rein in costs ahead of what is anticipated to be a […]

September 14, 2020

New data provided to Fortune by the cryptocurrency research firm Chainalysis finds that Ukraine and Russia rank first and second, respectively, in the adoption of cryptocurrencies like Bitcoin. But while the vast majority of this activity is legitimate, Eastern Europe […]

September 9, 2020

In the ten years since Bitcoin came on the financial scene, central banks have quietly been dabbling in digital currencies of their own. Now, Mastercard has unveiled a tool designed to simulate how those currencies would work in the real […]

September 2, 2020

From regulatory approval to business decisions, major American financial giants are moving deeper into the Chinese market, even though political tensions between the two countries are growing. Citi announced Wednesday it received a domestic fund custody license from the China […]

August 11, 2020

U.S. sanctions on Hong Kong leader Carrie Lam raises uncertainty for international banks that were looking at a historic opening of the Chinese financial market. The U.S. Treasury announced Friday sanctions on the semi-autonomous region’s chief executive and 10 other […]

July 28, 2020

Senate Republicans finally unveiled their proposal for a new coronavirus stimulus package on Monday—a roughly $1 trillion plan known as the HEALS (Health, Economic Assistance, Liability Protection, and Schools) Act, which follows up on the $2.2 trillion CARES Act passed […]

July 24, 2020

Bank of America at this juncture epitomizes a never-before-seen disparity between an economy that just underwent the fastest, deepest dive ever, and consumers who keep paying their bills as if the good times never stopped rolling. Like all of the […]

July 16, 2020

Bank of America on Thursday posted second-quarter earnings that were bolstered by stronger-than-expected bond trading and investment banking revenue. The bank said it generated earnings of $3.5 billion, or 37 cents a share, exceeding the 27 cents a share expected […]