Wells Fargo is stepping back from the multitrillion-dollar market for U.S. mortgages amid regulatory pressure and the impact of higher interest rates. Instead of its previous goal of reaching as many Americans as possible, the company will now offer home loans to existing bank and wealth management customers and borrowers in minority communities, CNBC has
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Federal Reserve Chairman Jerome Powell on Tuesday emphasized the need for the central bank to be free of political influence while it tackles persistently high inflation. In a speech delivered to Sweden’s Riksbank, Powell noted that stabilizing prices requires making tough decisions that can be unpopular politically. “Price stability is the bedrock of a healthy
In this article GS Follow your favorite stocksCREATE FREE ACCOUNT Goldman Sachs is laying off fewer employees than feared, but the cut is still a deep one. The global investment bank is letting go of as many as 3,200 employees starting Wednesday, according to a person with knowledge of the firm’s plans. That amounts to
In this article DCT ZG AMD TSLA Follow your favorite stocksCREATE FREE ACCOUNT Hong Kong, China, 13 Sept 2022, A red Tesla car passes in front of a Tesla dealership in Wanchai. (Photo by Marc Fernandes/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty Images Check out the companies making headlines in midday trading. Tesla
A Lululemon store in New York Scott Mlyn | CNBC Check out the companies making the biggest moves premarket: Lululemon — Shares of the Canadian apparel company fell more than 10% after Lululemon lowered its gross margin guidance for the first quarter. The “athleisure” chain raised its net revenue guidance for the fourth quarter and
People walk along Waterloo Bridge past the City of London skyline, the capital’s financial district. U.K.-focused equity funds saw record outflows in 2022. Sopa Images | Lightrocket | Getty Images LONDON — Investors ditched U.K. stock funds at a record rate last year, according to new research, with the selling outpacing that in other major
Atlanta Federal Reserve President Raphael Bostic said Friday that December’s jobs report, with its slowdown in wage increases and better-than-expected employment growth, doesn’t change his view on monetary policy. The central bank official said he still sees interest rates rising, up past 5% for the Fed’s benchmark funds rate, where he sees it staying for
The Huobi crypto exchange logo displayed on a smartphone. Nikolas Kokovlis | Nurphoto via Getty Images Digital currency exchange Huobi on Friday said it plans to reduce its global headcount by about 20%, in the latest round of layoffs to hit the beleaguered cryptocurrency industry. The Seychelles-based company is one of the largest crypto exchanges
Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Friday’s key moments. Stay wary of tech Wait to buy Constellation Stick with Wells Fargo 1. Stay wary of tech stocks Stocks rose Friday on signs wage growth is moderating , signaling the
Shoppers line up outside a Costco to buy supplies after the Hawaii Department of Health on Wednesday advised residents they should stock up on a 14-day supply of food, water and other necessities for the potential risks of novel coronavirus in Honolulu, Hawaii, U.S. February 28, 2020. Courtesy of Duane Tanouye via REUTERS Check out
In this article LULU BBBY WFC ULTA Follow your favorite stocksCREATE FREE ACCOUNT Chief Brand Officer and TV Personality of WWE, Stephanie McMahon delivers her keynote address at the opening of Sports Matters in conjunction with All That Matters 2016 in Singapore on September 14, 2016. Roslan Rahman | AFP | Getty Images Check out
In this article BAC Follow your favorite stocksCREATE FREE ACCOUNT Bank of America top banker Rick Sherlund sees a major market shift ahead. According to Sherlund, optimism surrounding technology stocks will make a comeback this year — but the key is weathering upcoming earnings season first. related investing news Tech’s had a brutal year. But