China's decision to stop buying U.S. soybeans and let its currency depreciate raised the prospect of further interest rate cuts. That hurt banks slightly more than the rest of the market on what was a bad day for all equities.
As part of its justification for developing its own government-backed system, the central bank said that leaving only a single fast network run by big banks constitutes a potential risk to the economy.
The CEO's tenure lasted just 18 months; the former FDIC chair says having Congress more involved in setting accounting standards "could well backfire on the banks."
Flint will be replaced on an interim basis by Noel Quinn, head of global commercial banking. The lender, which also released its latest quarterly results several hours earlier than scheduled, didn’t give a reason for the decision.
It’s hard to time the next economic slowdown. But lenders, many with lingering memories of the financial crisis, are taking steps now to limit exposure in commercial real estate, construction and other loan segments.
A fight between Democrats and Republicans over a proposal to let the SBA’s Office of Advocacy challenge rulings made by other government agencies is threatening to hold up funding for small-business loan guarantees.
Walmart has filed a patent application for a digital currency that, like Facebook's Libra, would be a stablecoin backed by traditional currencies. And it envisions a very specific use case where its coin could stand in for cash — or even for a bank account.
