Reuters US Money

By Mimosa Spencer PARIS (Reuters) – Americans have cut back on buying luxury goods like designer clothing and accessories over the past two months, according to data from three credit-card companies, raising questions over the sector’s resilience. Citigroup, Mastercard and Bank of America data released this month showing lower U.S. spending just weeks ahead of …

Americans cut luxury spending ahead of key holiday season Read More »

By Nell Mackenzie (Reuters) -The U.S. Securities and Exchange Commission aims to shrink hedge fund fees so that more money winds up in the hands of the asset managers and pension funds that invest in them, one of its top officials said on Tuesday. William Birdthistle, director of the Division of Investment Management at the …

U.S. SEC aims to help shrink hedge fund fees for investors Read More »

By Svea Herbst-Bayliss NEW YORK (Reuters) – Investor Scott Ferguson, who runs Sachem Head Capital Management, said one of the toughest tasks faced by activist investors may be to replace a company’s chief executive, but that the fight had been worth it at three companies where it owns stakes. Sachem Head invests with chemicals company …

Sachem Head’s Ferguson says replacing CEO among tough jobs for activists Read More »

By Svea Herbst-Bayliss and David French NEW YORK (Reuters) -Activist investor Jeffrey Smith said on Tuesday his investment firm Starboard Value was currently involved with Wix.com, Splunk and Salesforce, and was engaged with management for ways to bolster valuations of these high-growth companies. Smith said the common theme among all three companies was that the …

Activist Starboard focusing on profitability at Salesforce, Splunk and Wix Read More »

By Saeed Azhar and Lananh Nguyen NEW YORK (Reuters) – Goldman Sachs Group Inc is expected to announce a major reorganization of its business lines on Tuesday, combining its trading and investment-banking divisions while likely sidelining its loss-making consumer unit. Observers are questioning the rationale of the expected move, but say it could streamline the …

Goldman to merge investment banking, trading as Marcus takes backseat Read More »

By Mark Miller (Reuters) – Fall is the time to give your Medicare coverage a checkup. This is a chore far too many seniors shy away from, but it can be a money-saving move that improves your access to healthcare. Open enrollment begins on Oct. 15 and runs through Dec. 7, but seven out of …

Column-Medicare open enrollment: A chance to tune up your coverage Read More »

By Lananh Nguyen and Noor Zainab Hussain (Reuters) -Wells Fargo & Co on Friday reported a 31% decline in third-quarter profit as the bank racked up costs related to a fake accounts scandal and boosted its loan loss reserves in preparation for a potential slowdown. The bank posted $2 billion in operating losses related to …

Wells Fargo profit falls on sales scandal costs, higher reserves Read More »

By Manya Saini and Carolina Mandl (Reuters) -Morgan Stanley on Friday reported a 30% slump in third-quarter profit, missing analysts’ estimate as a slowdown in global dealmaking hurt its investment bank business, sending its shares down nearly 4% in morning trading. The outlook for deals has steadily worsened this year as the U.S. Federal Reserve …

Morgan Stanley profit misses estimate as deals drought extends Read More »

By Niket Nishant and Noor Zainab Hussain (Reuters) -JPMorgan Chase & Co reported a smaller-than-feared drop in third-quarter profit on Friday, as a rise in interest income cushioned a blow from higher loan loss provisions and a slump in dealmaking due to a worsening economic outlook. Shares of the largest U.S. bank rose nearly 4% …

JPMorgan profit beats estimates on gains from higher interest rates Read More »