Last week's market drop rattled investors with concerns about rising inflation and interest rates. Yet with the economy progressing at a slower pace than in past cycles, there's plenty of time left to profit from bank stocks like JPMorgan, Bank of America and Citigroup, typically among the biggest beneficiaries of economic growth, argues Sandler O'Neill.
The CEO's raise comes as the bank has reaped increasing lending revenue from Federal Reserve interest-rate hikes while opting not to pass along the higher rates to savers with deposit accounts. His pay was roughly 152 times that of the average worker at Bank of America, who saw pay held roughly flat at $151,125 in 2017.
AllianceBernstein CEO Seth Bernstein, in his job for just nine months, faces defections by senior managers just as he tries to win over the confidence of investor clients and shareholders.
The new credit rating at Wells Fargo is still in the upper tier on S&P's scale of investment-grade bond issuers, so the cut may have little immediate impact. But it's a sign that the scandal is taking an incremental toll on the bank's creditworthiness and could push up its borrowing costs slightly.
Wells Fargo, the embattled U.S. bank, plans to "refresh" its board to improve oversight of management. But corporate-governance experts say the term has become a euphemism for the delicate art of shaking up a failed board without blaming individual directors.
Wells Fargo's board is struggling to refresh itself after being reprimanded by shareholders for failing to prevent abusive consumer practices that have depressed the bank's stock price.
Investors can be forgiven for harboring skepticism that the three celebrity business leaders can do better at cutting healthcare costs than the tens of millions of professionals, consultants and lawmakers who have been working on the issue for decades.
President Trump will deliver his first State of the Union address at 9 p.m. EST tonight -- and since we had wine experts Mike DeSimone and Jeff Jenssen, a.k.a. the World Wine Guys, in our newsroom anyway, we had to ask them what they were drinking tonight.
The Federal Reserve has raised interest rates over the past two years, but the biggest Wall Street banks are holding the line on the rates they pay depositors. As a result the banks have kept the extra income for themselves, benefiting executives, employees and shareholders at the expense of retirees and other ordinary savers.
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