Behind Elon Musk’s gamble from Twitter Inc. To create a company worth more than $250 billion is a cherished idea he’s stuck with for more than two decades: digital banking. The billionaire entrepreneur has been talking dribs and drabs about what Twitter 2.0 could eventually look like under his control. But late last week, he … Read more
US equities closed sharply higher on Friday after a lower-than-expected inflation report for February. The Nasdaq Composite ended March with its biggest quarterly gain since 2020. For the week, the Dow gained 3.2%, while the S&P was up 3.5% and the Nasdaq Composite advanced 3.4%. The Dow and S&P 500 each posted their best week … Read more
Equities ended the quarter on a positive note after three stormy months in which markets were plagued by tensions in the banking system and changing outlooks for inflation and interest rates. Government data early Friday showed that the Federal Reserve’s preferred inflation measure, known as the core personal consumption price index, slowed in February, raising … Read more
WASHINGTON — Treasury Secretary Janet Yellen said regulators may need to tighten banking rules following the collapse of Silicon Valley Bank and Signature Bank, arguing that the recent turmoil is a sign that efforts to strengthen the financial system are incomplete. Speaking at an economic conference on Thursday, Ms Yellen questioned whether the regulatory system … Read more
Mr. Ermotti led UBS for nine years until 2020 and is credited with the bank’s recovery from a government bailout in 2008. He will succeed current CEO Ralph Hamers, who has led the bank for the past three years, on April 5 . “We felt we had a better horse,” said UBS chairman Colm Kelleher … Read more
Is the banking crisis over? Well, famous last words and all, but things look better in the early hours of Monday: no bank failed over the weekend, SVB has a new owner, and even Deutsche Bank DBK stocks are trading higher. Or maybe not. There’s still the issue of commercial real estate, which accounts for … Read more
Bitcoin Trading lower on Saturday, the world’s largest cryptocurrency remained on track for a solid month amid wavering confidence in the global banking sector. Bitcoin is down 0.8% in the last 24 hours to $27,671. It’s up nearly 20% in March and more than 66% this year. Bitcoin was on track for its best month … Read more
I am trying to get some outside guidance to be able to retire in the next 5 years Unpleasant 7 years. I amI have to work until I am 59 1/2 to use retirement funds. We have about $1.4 million in 401(k) and Roth accounts, $30,000 in stock, a rental house that we owe $245,000 … Read more
Banks for rich people are different from other banks. They used to have more money. The latest banking crisis was characterized by subprime borrowers, particularly people with credit problems who obtained mortgages from bankers who ignored the risk that the borrowers would realistically not be able to pay them. Banks that got into trouble were … Read more
First Republic Bank FRC -3.59% paid family members of founder James Herbert millions of dollars for work at the lender in recent years, including for advisory services related to interest rates and risk, according to public disclosures the bank made as part of annual filings. The bank paid Mr. Herbert, who was CEO before taking … Read more