A bold proposal by Senate Banking Committee Chairman Christopher Dodd to set up a single supervisor for U.S. banks looks doomed, said a source familiar with Senate committee discussions on Friday.
The Senate's chief architect of financial regulation reform said on Friday the Federal Reserve may not necessarily lose its authority to supervise banks, signaling a potential shift in his thinking.
For executives at Bank of America Corp and Citigroup Inc, it pays to be just below the top.
Bank of America Corp's investment banking chief Thomas Montag was the company's highest paid executive in 2009, after the company assumed his contract as part of its acquisition of Merrill Lynch, according to the company's proxy filing on Friday.
Citigroup Inc's board is reshuffling, with former AT&T and Xerox executives Michael Armstrong and Anne Mulcahy stepping down and former Mexican President Ernesto Zedillo in line to join.
Two top Fed officials on Friday offered divergent signals on interest rates, with one arguing they should remain near zero for at least six months and another wishing to raise them sooner rather than later.
In the last trading session of February, the stock market drifted higher for close with a modest gain as investors digested a revision of the fourth quarter U.S. Gross Domestic Product (GDP) report.
Stocks rose on Friday, capping their best monthly advance since November as data showed the economy grew a tad better than expected in the fourth quarter.
The economy grew a touch more than initially thought in the fourth quarter, but a surprise drop in January home sales to a seven-month low and weaker consumer sentiment underscored the headwinds for the recovery.
The U.S. stock market edged up Friday on mixed economic data. The strength of the energy and health care sectors helped lift the broad market.
A top Federal Reserve official said on Friday an erratic recovery dictates low rates for at least six months, while prominent economists said unsettled U.S. financial conditions are more of a drag on the economy than generally believed.
American International Group Inc reported a quarterly loss of $8.9 billion, hurt by loss reserves and efforts to repay the U.S. government, as it struggles to find its feet more than a year after its $182.3 billion rescue.
Stocks looked set to make their best monthly advance since November on Friday in a seesaw session as a drop in the U.S. dollar offset economic reports that came in mostly weaker than expected.
Citigroup Inc's board is reshuffling, with former AT&T and Xerox executives Michael Armstrong and Anne Mulcahy stepping down and former Mexican President Ernesto Zedillo in line to join.
Stocks seesawed on Friday as a fall in the U.S. dollar offset economic reports that came in mostly weaker than expected.
Consumer sentiment was weaker in February, as Americans grew more impatient with the government's gridlock over efforts to stimulate jobs, a survey released on Friday showed.
The economy grew a touch more than initially thought in the fourth quarter, but a surprise big drop in sales of previously owned homes last month showed trouble spots still remain.
U.S. authorities are probing individuals close to NIR Group on whether the U.S. hedge fund firm paid kickbacks to outsiders to inflate the value of its holdings, the Wall Street Journal said, citing people familiar with the matter.
Oil rose toward $79 a barrel on Friday, after sliding more than 2 percent the previous session, as an upwards revision in U.S. gross domestic product for the fourth quarter helped revive lackluster sentiment.
The U.S. stock market is trading slightly down in early Friday trading, showing little enthusiasm over the revised Gross Domestic Product (GDP) report.
Prime Minister George Papandreou on Friday vowed to ignore the political costs and take drastic measures to pull Greece out of a debt crisis threatening the stability of the euro zone.
American International Group Inc has decided not to use securitized U.S. life insurance policies to repay the U.S. government after a $182.3 billion rescue, a source familiar with the matter said on Friday.
Toyota Motor Corp President Akio Toyoda had a cordial and open meeting on Thursday with Transportation Secretary Ray LaHood before thanking workers in Kentucky for supporting him during his appearance before Congress.
Stock index futures pointed to a flat to slightly higher open on Friday after the government said the U.S. economy expanded more than initially thought in the fourth quarter of last year.
The economy grew a touch faster than initially thought in the fourth quarter as businesses drew down inventories at a much slower pace and boosted investment, a government report showed on Friday.
Lloyds , Britain's largest retail bank, suffered another big loss last year as it took a 24 billion pounds ($37 billion) hit from loans that soured, mostly assets inherited from its controversial takeover of rival HBOS.
U.S. authorities are probing individuals close to NIR Group on whether the U.S. hedge fund firm paid kickbacks to outsiders to inflate the value of its holdings, the Wall Street Journal said, citing people familiar with the matter.
The U.S. economy grew faster than initially thought in the fourth quarter as businesses drew down inventories at a much slower pace and boosted investment, a government report showed on Friday.
Stock index futures were slightly higher on Friday as investors looked ahead to a raft of data, including economic growth, home sales and manufacturing after a disappointing week so far for the economy.
Oil held around $78 a barrel on Friday after sliding more than 2 percent the day before as traders mulled recovery prospects for the United States, the world's top energy consumer, ahead of economic data.
