Reuters US Business

By Aaron Saldanha, Noor Zainab Hussain and Matt Scuffham (Reuters) – Investment bank Jefferies Financial Group on Wednesday asked staff to work from home again due to a spate of COVID-19 cases, raising questions about banks’ efforts to return to business as usual. U.S. banks have been more assertive than other industries in encouraging employees …

Jefferies COVID case outbreak casts pall over Wall St’s office return Read More »

By David Shepardson and Elizabeth Culliford (Reuters) – The head of Instagram said on Wednesday he aims to launch next year a version of the app with a chronological feed, rather than one ranked algorithmically, in his first appearance before Congress where he was grilled about children’s safety online. Instagram’s Adam Mosseri was the latest …

Instagram aims to launch chronological feed option in 2022 Read More »

By Caroline Valetkevitch and Sinéad Carew NEW YORK (Reuters) – Wall Street closed slightly higher on Wednesday with the three major indexes managing their third straight day of gains after test data showed the COVID-19 vaccine from Pfizer and BioNTech offered some protection against the new Omicron variant. Pfizer and BioNTech said their three-shot course …

Wall St closes higher as vaccine update feeds optimism Read More »

By David Shepardson WASHINGTON (Reuters) – The chief executives of American Airlines, United Airlines and Southwest Airlines will testify on Dec. 15 at an oversight hearing before the Senate Commerce Committee on the impact of $54 billion in COVID-19 government payroll support for U.S. airlines. The hearing will look at “the effect on the airline …

American, Southwest, United CEOs to testify before U.S. Senate panel Read More »

By David French and Chibuike Oguh NEW YORK (Reuters) – Canada Pension Plan Investment Board (CPP Investments) is seeking to sell its Wilton Re and Ascot Group insurance platforms, marking a strategic U-turn for the fund in the face of intense competition, people familiar with the matter said on Wednesday. CPP Investments is preparing to …

Exclusive-Canada’s CPP Investments seeks to sell insurance groups in strategy U-turn -sources Read More »

By Jonathan Stempel NEW YORK (Reuters) – Goldman Sachs Group Inc must again face a class action by shareholders who said they lost $13 billion because the Wall Street bank hid conflicts of interest when creating risky subprime securities before the 2008 financial crisis, a judge ruled on Wednesday. U.S. District Judge Paul Crotty in …

Goldman Sachs must again face crisis-era securities fraud class action Read More »

By David Shepardson WASHINGTON (Reuters) -The chair of the U.S. Senate Commerce Committee on Wednesday asked a regulator to investigate whether Meta Platforms’ Facebook misled its advertising customers and the public about the reach of its advertisements. In a letter to Federal Trade Commission (FTC) Chair Lina Khan seen by Reuters, Senator Maria Cantwell said …

Head of U.S. Senate panel asks regulator to probe Facebook’s ad practices Read More »

NEW YORK (Reuters) -Citigroup Inc is pausing buybacks of its stock this quarter because of the expected impact of a new capital rule related to derivatives risks, Chief Financial Officer Mark Mason said on Wednesday. Mason said the new rule, which banks must adopt by the first quarter, will likely increase Citigroup’s risk weighted assets …

Citigroup pauses buybacks briefly due to new capital rule -CFO Read More »