New Morgan Stanley CEO trims outlook, pledges to stay the course
Two weeks after Ted Pick rose to CEO, the company slightly revised its long-term targets for efficiency, return on tangible common equity and other metrics. Yet, Pick says, “there’s not a change in strategy” after the departure of his successor, James Gorman.
HomeStreet to sell itself after tough year
The Seattle bank’s stock price fell in 2023 amid concerns over rising interest rates and its concentration of multifamily loans. The buyer is FirstSun Capital Bancorp, which raised $175 million as part of the deal.
What do banks know about the economy that economists don’t?
Despite widespread impressions that the economy is proving resilient and a “soft landing” is possible, banks are decidedly pessimistic about the economy.
How generative AI could reshape financial services in 2024
Mike Abbott, global banking lead at Accenture, shared some of his predictions and opinions for the year ahead.
Fed’s Waller says capital plan should be withdrawn
The Federal Reserve governor was one of two to vote against issuing the so-called Basel III endgame proposal. He says work is being done to address issues with the operational risk framework, but that regulators may need to go back to the drawing board for an adequate fix.
‘We are picky’: Inside Amex’s fintech strategy
American Express has built platforms to help smaller brands quickly bring credit cards to market and for B2B software companies to embed virtual cards.
JPMorgan broke whistleblower protection rule, SEC alleges
The bank agreed to pay an $18 million fine to settle the probe without admitting or denying the SEC’s findings.
As Supreme Court hears Chevron deference case, warnings of ‘chaos’
The Supreme Court will hear oral arguments in two cases seeking to overturn the legal principle known as “Chevron deference,” that could usher in a new era of litigation by corporations against government agencies.
How Amazon uses generative AI to reinvent retail
When the e-commerce giant designs and revises new store models like Just Walk Out, it faces a challenge: How do you train technology that requires real-world data that doesn’t yet exist?
Morgan Stanley traders fall short as wealth unit outperforms
Revenue from the fixed-income trading business was little changed from a year earlier, disappointing analysts who had expected an increase.