By Jonathan Stempel NEW YORK (Reuters) -Wells Fargo & Co has agreed to pay $1 billion to settle a lawsuit accusing it of defrauding shareholders about its progress in recovering from a series of scandals over its treatment of customers. U.S. District Judge Gregory Woods in Manhattan federal court granted preliminary approval on Tuesday to…
By Pete Schroeder and Ann Saphir WASHINGTON (Reuters) -The Federal Reserve will unveil its plan to ratchet up capital rules for banks this summer and will ensure supervisors more aggressively police lenders following several recent bank failures, its top regulatory official told Congress on Tuesday. Fed Vice Chair for Supervision Michael Barr said the agency…
By Chibuike Oguh and Niket Nishant (Reuters) – Shares of U.S. regional lenders rose on Monday, led by a rebound in PacWest Bancorp, as investors turned their attention to the U.S. debt ceiling debate instead of the crisis of confidence that has led to the collapse of three banks in two months. Regional bank stocks…
WASHINGTON (Reuters) – The U.S. State Department said on Tuesday it “strongly condemns” the reported arrest of Robert Shonov, a former employee of the United States’ mission in Russia, calling allegations he illegally collaborated with foreigners “wholly without merit.” Russian state news agency TASS reported on Monday that Shonov had been detained in the far…
By Jarrett Renshaw WASHINGTON (Reuters) – Aides for President Joe Biden and Republican House Speaker Kevin McCarthy have been discussing tightening work requirements for food and other programs for low-income Americans ahead of a debt ceiling meeting between the two leaders on Tuesday, according to two sources familiar with the discussions. The discussions have been…
(Reuters) – A coalition of cannabis firms, representing about 45% sales volume in California, on Tuesday started an effort to address credit issues that have plagued the state’s legal cannabis market. Cannabis operators including Kiva Sales & Service, Lowell Farms, Nabis, Sunderstorm launched Financial Stability for California Cannabis (FSCC) and issued a public letter in…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. consumer spending appears to have increased solidly in April, with households boosting purchases at online retailers as well as spending more at restaurants and bars, signs of resilience in the face of growing headwinds to the economy. The economy’s improving fortunes were further bolstered by other data on…
By Nupur Anand and Niket Nishant NEW YORK (Reuters) – JPMorgan Chase & Co CEO Jamie Dimon said that it is “unlikely” that the bank will acquire any other struggling lender, weeks after it acquired the failed First Republic Bank. “It [First Republic] will further help advance our wealth as well as other initiatives,” Dimon…
UNITED NATIONS (Reuters) – Global economic growth is projected to be 2.3% in 2023, up 0.4 percentage points from a January forecast, and the prediction for 2024 has dropped 0.2 percentage points to 2.5%, according to a United Nations report released on Tuesday. “Despite this uptick, the growth rate is still well below the average…
(Reuters) – Comcast Corp will likely sell its 33% stake in streaming platform Hulu to Walt Disney Co early next year, CNBC reported on Tuesday, citing Comcast Chief Executive Brian Roberts. Disney said in 2019 it would take full control of Hulu in a deal with Comcast that ascribed a minimum equity value of $27.5…
