JPMorgan, Citigroup and Wells Fargo Reap Gains From Rates Roiling Small Banks
JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. are reeling in windfalls from higher interest rates that upended smaller lenders last month.
Bloomberg Business
US Economy Is Cooling Steadily as Consumers, Factories Pull Back
The US economy moderated gradually as the first quarter drew to a close, with elevated inflation and borrowing costs restricting household spending and manufacturing activity.
Walmart’s Top US Merchant to Step Down After a Year in Role
Walmart Inc.’s chief US merchandising officer, Charles Redfield, is exiting after a little more than a year in the job as the world’s largest retailer faces slowing economic growth.
Nurses Derail Sunak’s Push to End Strikes Before Key UK Polls
Prime Minister Rishi Sunak’s bid to end a series of damaging strikes was dealt a major blow on Friday when UK nurses rejected the government’s latest pay offer and announced more walkouts that will further undermine the country’s struggling National Health Service.
Schwab Faces Fresh Risks in the Zero-Fee Landscape It Shaped
Charles Schwab Corp. stunned Wall Street in 2019 by slashing trading commissions to zero, forcing its competitors to adapt. The move amounted to a big bet that its bank — rather than its well-known discount brokerage — would keep driving profits.
Global Economic Chiefs Split Over Rich-World Call for Resilience
Global finance chiefs, gathering in Washington little more than a year after the shock Russian invasion of Ukraine, are drawing sharply different conclusions about the biggest risks to the outlook, in a split showcasing the rising role of geopolitical struggles in the world economy.
French Strikes Slow the Recovery From Europe’s Energy Crisis
Europe survived the most perilous stretch of its energy crisis without significant supply disruptions. Then workers in France went on strike, roiling activities from ports to power plants.
US Supreme Court Opens SEC, FTC to Broad Legal Challenges
The US Supreme Court opened a new avenue for fighting off complaints by the Securities and Exchange Commission and Federal Trade Commission in a decision that could reduce the leverage of two of the most powerful federal regulators.
Ukraine Latest: At Least Five Killed in Donetsk-Region Bombing
The US government is struggling to explain how a 21-year-old man in a junior post was in a position to allegedly access and leak a massive trove of classified documents related to the Ukraine conflict and other matters. Jack Teixeira, a cyber specialist for the US Air Force National Guard, made his initial court appearance Friday in Boston federal court.
Fed’s Waller Urges More Tightening With Inflation Far Too High
Federal Reserve Governor Christopher Waller said he favored more monetary policy tightening to reduce persistently high inflation, although he said he was prepared to adjust his stance if needed if credit tightens more than expected.