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Profits at American Express declined by more than half in the latest quarter, the company said Thursday, as spending by cardmembers slowed and credit troubles continued to mount.
The credit card giant also said, however, that it was hoping to soon pay back money it received from the government as part of last fall’s financial […]
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Investor outrage boiled over during Citigroup’s annual shareholder meeting Tuesday, as shareholders picked apart company management for what they viewed as a litany of failures over the past year.
But even as tensions flared, efforts aimed at reshaping the bank, including ejecting long-standing directors, fell flat.
Ten incoming members of the company’s board of directors, some […]
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Two more banks failed Friday bringing the tally to 25 in 2009, according to the government.
American Sterling Bank, based in Sugar Creek, Mo., and Great Basin Bank of Nevada in Elko, Nevada were shuttered by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation was named receiver, according to statements posted on […]
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A Federal Reserve official tells CNN that the Fed has not ruled out the idea of having regular news conferences to discuss monetary policy and other issues.
The official says the Fed is thinking carefully about all aspects of its communications, and that news conferences are among the ideas that have been raised although no […]
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Home mortgage rates were slightly higher this week, snapping a 4-week streak of declines, said a report released Thursday.
The average 30-year fixed mortgage rate jumped to 5.2% up from 5.13% this week week, according to Bankrate.com’s weekly national survey.
"Homeowners and buyers are benefiting from the initiatives of the Federal Reserve to purchase mortgage debt […]
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There’s been a lot of talk about the restructuring that needs to be done to make General Motors and Chrysler more competitive for the long haul.
But there’s one clear thing needed to get these and other battered automakers back on track in the short term: more Americans have to start buying cars again. […]
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The Federal Reserve may offer investors longer-term loans at higher interest rates to buy commercial mortgage-backed securities, aiming to protect the central bank’s balance sheet while acceding to an industry plea.
Lobbyists in the commercial mortgage-backed securities industry say the Fed needs to provide loans of at least five years, rather than the current […]
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Jeffrey Glassman’s company isn’t supposed to exist. That is, most of his customers would rather you didn’t know about Darn It! and the services it provides from a warehouse in New Bedford, Mass.
Since the mid-’90s, when many U.S. clothing retailers began to ship their manufacturing work overseas, Darn It! has been working, on […]
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The Federal Reserve, Congress and the Obama administration must remain “flexible and open” to additional policies to stimulate growth and cushion the financial system, Fed Vice Chairman Donald Kohn said.
“We must keep our ultimate objectives for the economy firmly in mind — sustained recovery to high levels of output and employment with price […]
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Borrowers from minorities didn’t pay higher interest rates for subprime mortgages, a New York Federal Reserve Bank study shows, contradicting findings indicating those people were targets of expensive credit.
The report published yesterday was based on findings from more than 75,000 adjustable-rate subprime loans. Other private and government research has shown minority borrowers and […]
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