(Reuters) -Wells Fargo & Co said on Monday it would pay a penalty of $13.2 million as part of a settlement with the U.S Department of Labor to resolve the federal agency’s review of certain transactions related to the bank’s 401(k) retirement plans. About $131.8 million would also be paid out to eligible current and …
Wells Fargo to pay over $13 million penalty to resolve 401(k) review Read More »
PARIS (Reuters) – France’s public spending on pensions as currently planned threatens President Emmanuel Macron’s deficit-reduction targets, an independent retirement system panel said in a report to be released later this week. Macron’s government aims to reduce the public sector budget deficit to below a European Union ceiling of 3% of economic output in 2027 …
French retirement spending threatens deficit targets -pension panel Read More »
By Lananh Nguyen NEW YORK (Reuters) – Bank of America Corp created a new group in its global wealth and investment management division to focus on lending to rich clients, the company told Reuters on Monday. Chief Executive Officer Brian Moynihan tapped April Schneider last month to lead the 3,500-person wealth management banking and lending …
Bank of America enlists thousands of employees for wealth lending group Read More »
By Saeed Azhar and Lananh Nguyen NEW YORK (Reuters) – Rockefeller Capital Management is aiming to double its assets under management to about $200 billion in three to five years as it expands into new U.S. cities and hires more wealth managers, its chief executive officer said. “We’re looking to have a physical presence in …
Rockefeller Capital aims to double assets to $200 billion in 3-5 years Read More »
(Reuters) – U.S. equity funds recorded heavy capital outflows in the week to Sept. 7 as a stronger-than-expected U.S. services industry report solidified expectations that the Federal Reserve would keep hiking interest rates to control price pressures. Some investors had expected that the Fed might temper its rate increases to avert an economic slowdown, which …
U.S. equity fund see biggest weekly outflow in 12 weeks Read More »
(Reuters) – Global equity funds remained out of favour in the seven days to Sept. 7 as a strong U.S. services industry report fuelled concerns that the Federal Reserve would keep hiking interest rates to tame inflation. Some investors had expected that the Fed might temper its rate hikes to avert a slowdown in the …
Rate rise fears prompt third week of global equity funds outflows Read More »
By Pete Schroeder WASHINGTON (Reuters) – U.S. banks reported $64.4 billion in profits in the second quarter of 2022, as higher net interest income offset growing reserves to guard against loan losses, the Federal Deposit Insurance Corporation said Thursday. However, bank profits were down 8.5% from a year ago, driven primarily by larger banks boosting …
U.S. bank profits climb 7.8% on higher interest income – FDIC Read More »
ZURICH (Reuters) – Women in Switzerland earn more than 40% less than men and draw less pension money, a gender pay gap report the government adopted on Wednesday showed, citing the high proportion of women working part-time. The government’s Gender Overall Earnings Gap (GOEG) study, requested by parliament in 2019, showed Switzerland performed relatively poorly …
Women’s pay in Switzerland lags that of men by 43% Read More »
By Lananh Nguyen NEW YORK (Reuters) – Lazard Ltd has hired a former JPMorgan banker, Timothy Donahue, as vice chairman of U.S. investment banking in New York, Lazard said on Tuesday. Donahue, who previously served as vice chairman of capital markets at JPMorgan Chase & Co, will help lead the boutique investment bank’s private credit …
Lazard hires ex-JPMorgan vice chairman Donahue for private credit Read More »
By Chris Taylor NEW YORK (Reuters) – It is rare enough to have one career that becomes part of a pop-culture phenomenon. Stevie Van Zandt has two. As a musician, including as a member of Bruce Springsteen’s E Street Band, and as an actor with “The Sopranos,” Van Zandt has bottled lightning twice. For the …
Music, acting and activism: Life Lessons with Stevie Van Zandt Read More »
