Raphael Bostic Says Fed Needs to ‘Stay the Course’ despite Lower Wage Gains
Raphael Bostic, president of the Atlanta Federal Reserve, said Friday that the December jobs report, which shows a slower rate of wage increases and better-than-expected employment growth, does not change his view of monetary policy. According to the central bank official, interest …
Bahamas regulator seizes $3.5 billion in FTX crypto assets for ‘safekeeping.’
The Bahamas Securities Commission seized cryptocurrency worth $3.5 billion from the collapsed crypto exchange FTX. The watchdog confirmed late Thursday that funds were taken from FTX’s Bahamian subsidiary, FTX Digital Markets, and moved into its own digital wallets “for safekeeping.” The regulator …
Binance’s native BNB token drops to its lowest level since July amid withdrawal concerns and FTX ties
It has been over a month since FTX collapsed, but investors’ concern over Binance has not lessened. In the past week, Binance’s native token, BNB, has declined 15%, including a decline of over 6% in the last 24 hours. BNB, first …
Wells Fargo agrees to $3.7 billion settlement with CFPB over consumer abuses
Wells Fargo has agreed to a 3.7 billion dollar settlement with the Consumer Financial Protection Bureau over customer abuses, including abuses related to checking accounts and mortgages. Some of the misconduct occurred as recently as this year. The company was ordered to …
FTX spokesman Kevin O’Leary says he lost his $15 million payday from the firm
As an investor, “Shark Tank” judge, and CNBC contributor, Kevin O’Leary said Thursday that he had lost all $15 million FTX paid him to serve as its spokesman. O’Leary and other celebrities, such as Tom Brady and Larry David, were sued by …
Fed’s Collins expresses hope that inflation can be tamed without hitting jobs.
On Friday, President of the Boston Federal Reserve Susan Collins said she is confident that policymakers can tame inflation without harming employment. “By raising rates, we are aiming to slow the economy and bring labor demand into better balance with supply,” Collins …
Wall Street hunkers down as Goldman Sachs warns traders of shrinking bonus pools.
According to people who know the situation, Goldman Sachs traders and salespeople will have to contend with a bonus pool that’s at least 10% smaller than last year, despite producing more revenue this year. Consequently, the New York-based bank is experiencing a …
Berkshire Hathaway’s operating earnings rise 20%, and the conglomerate buys back another $1 billion worth of shares
Despite rising recession fears, Berkshire Hathaway posted a strong third-quarter profit on Saturday, and Warren Buffett continued to buy back stock at a modest pace. The operating earnings of the Omaha-based conglomerate – which include profits from the many businesses owned by …
Citigroup and Barclays cut hundreds of employees as layoffs ramped up Wall Street.
As Wall Street grapples with sharp declines in revenue and dimming prospects for next year, Citigroup and Barclays have cut advisory and trading personnel this week. New York-based Citigroup laid off approximately 50 trading personnel this week, according to individuals with knowledge …
Inflation Fight Should Not Be Prematurely Withdrawn, Says Fed Vice Chair Brainard
The Federal Reserve’s Vice Chair, Lael Brainard, stressed on Friday the importance of addressing inflation and not abandoning the task until it has been accomplished. “Monetary policy will need to be restrictive for some time to have confidence that inflation is moving …
