Text size Justin Sullivan / Getty Images Macy’s said Thursday it planned to fire at least 3,900 workers in an effort to cut costs. The troubled retailer says the job cuts are part of a restructuring that it hopes to save $ 365 million in costs this year and $ …
Read More »Bank stocks are falling because the Federal Reserve has limited its dividends and suspended its buybacks
The Federal Reserve requires banks to resubmit their capital return plans in light of the tensions the coronavirus places on the financial system. Olivier Douliery / AFP / Getty Images Text size The banks’ shares sank in the post-market, after the Federal Reserve took a tougher-than-expected stance on payments to …
Read More »Dow Jones industrial average jumps as regulators make it easier for banks. Then they made it more difficult.
Text size What were we worried about again? The stock market is certainly not falling, because it doesn’t seem to do so terribly often these days. After falling 710 points on Wednesday, the Dow Jones Industrial Average rose 299.66 points, or 1.2%. while the S&P 500 gained 1.1% and the …
Read More »Bank regulators ease with Volcker rule
Text size JPMorgan Chase shares rose in response to the news. Spencer Platt / Getty Images Bank investors who braced themselves for the bad news on Thursday got at least one dose of something positive: regulators eased the risk-taking restrictions imposed after the 2008-09 financial crisis. The Federal Deposit Insurance …
Read More »Moderna is the latest partner in the coronavirus vaccine for Catalent
Text size Joseph Prezioso / AFP via Getty Images Moderna said it has partnered with Catalent to make the Covid-19 vaccine that the biotech company is about to test in the country’s first major clinical trial. Although the vaccine’s large-scale safety and efficacy have not yet been proven, the urgency …
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