Economy

Wall Street Wins After Powell Signals Changes to Contentious Bank Rules

Wall Street Wins After Powell Signals Changes to Contentious Bank Rules

By Katanga Johnson and Craig Torres Wall Street banks are on the cusp of a sweeping regulatory victory after Federal Reserve Chair Jerome Powell signaled officials would scale back plans to make them hold more capital. The world’s most powerful central banker flatly told lawmakers Wednesday that the government’s plan was in for “broad and material changes,” and that a complete do-over […]

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New York Community Bancorp to Get More Than $1 Billion Investment

New York Community Bancorp to Get More Than $1 Billion Investment

By Justin Baer, Gina Heeb and Lauren Thomas New York Community Bancorp is raising more than $1 billion from a group of investors including former Treasury Secretary Steven Mnuchin, in a bid to shore up confidence in the troubled regional lender. A group led by Mnuchin’s Liberty Strategic Capital, Hudson Bay Capital and Reverence Capital Partners and including Citadel and some of […]

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The economy is roaring. Immigration is a key reason.

The economy is roaring. Immigration is a key reason.

By Rachel Siegel, Lauren Kaori Gurley and Meryl Kornfield Immigration has propelled the U.S. job market further than just about anyone expected, helping cement the country’s economicrebound from the pandemic as the most robust in the world. That momentum picked up aggressively over the past year. About 50 percent of the labor market’s extraordinary recent growth came from foreign-born […]

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NYCB Flags Weaknesses in Loan Oversight and Names New CEO

NYCB Flags Weaknesses in Loan Oversight and Names New CEO

By Hannah Levitt and Sally Bakewell Commercial real estate lender New York Community Bancorp said it discovered “material weaknesses” in how it tracks loan risks, wrote down the value of companies acquired years ago and replaced its leadership to grapple with the turmoil. The stock plunged. Alessandro DiNello will become chief executive officer effective immediately, succeeding Thomas Cangemi, the lender said in […]

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STILL STANDING: A year after SVB’s spectacular collapse, the bank is aiming to recapture the startup market

STILL STANDING: A year after SVB’s spectacular collapse, the bank is aiming to recapture the startup market

By Trajan Warren Stanley Rameau had been sold on Silicon Valley Bank since first being introduced to the bank in the fall of 2022. In the months following, Rameau decided to use SVB as the bank for Renavest, the financial education service he founded. But in early March 2023, SVB, the 10th largest bank in Massachusetts at the […]

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Top Fed Officials Bolster Case for Patient Stance on Rate Cuts

Top Fed Officials Bolster Case for Patient Stance on Rate Cuts

By Rich Miller, Catarina Saraiva, and Steve Matthews Three top Federal Reserve officials hammered home the message Thursday that the US central bank is still on track to cut interest rates this year — just not anytime soon. Fed Vice Chair Philip Jefferson and Governor Lisa Cook said they’re optimistic inflation is still cooling despite a blip in January, but made clear they want more evidence it’s […]

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Tripadvisor is looking for a buyer

Tripadvisor is looking for a buyer

By Lucia Maffei  Needham-based Tripadvisor Inc. is ready to evaluate takeover proposals. The travel metasearch firm (Nasdaq: TRIP) said Monday that independent directors of its board have formed a special committee “to evaluate any proposals that may be brought forward for a potential transaction, and any alternatives thereto, with regard to Tripadvisor.” TripAdvisor”s shares jumped 14% […]

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