HSBC’s first-half profits miss expectations as bank sets aside more funds for loan losses
A pedestrian walks past illuminated signage for HSBC Holdings Plc displayed outside a bank branch in the Central district of Hong Kong, China. Anthony Kwan | Bloomberg | Getty Images HSBC on Monday reported a 65% year-over-year plunge in pre-tax profits for...
A surge in evictions could turn into financial crisis, economist warns
The U.S. economy will face great risk if lawmakers do not step up and stave off a looming, far-reaching eviction crisis, an economist with mortgage aggregator LendingTree told CNBC on Friday. With eviction moratoriums lifting across the country, landlords could...
Exxon reports second straight quarter of losses
Fuel prices are displayed at an Exxon Mobil Corp. gas station in Arlington, Virginia, U.S., on Wednesday, April 29, 2020. Andrew Harrer | Bloomberg | Getty Images Exxon said on Friday that it lost $1.1 billion during the second quarter amid...
What to do if you’re at risk of eviction now that the CARES Act moratorium has ended
Protesters gather at a July 22 rally in Boston in support of legislation to block evictions in Massachusetts for up to a year. Boston Globe | Boston Globe | Getty Images If you’re facing eviction during the coronavirus pandemic, you’re...
The $600 unemployment boost has ended. What’s next?
U.S. Senate Majority Leader Mitch McConnell (R-KY) arrives as Senate Republicans hold their weekly policy lunch on Capitol Hill in Washington, June 16, 2020. Jonathan Ernst | Reuters The $600 boost in weekly unemployment checks ends Friday. With negotiations between...
U.S. consumer spending rises for second straight month, income drops further
U.S. consumer spending increased for a second straight month in June, setting up consumption for a rebound in the third quarter, though the recovery could be limited by a resurgence in COVID-19 cases and the end of expanded unemployment benefits....
Major banks are giving new graduates virtual introductions to careers in finance
College students have been hit doubly hard by the coronavirus pandemic, and face disruptions to both their studies and job prospects. With hiring stalled at many companies — and more still operating remotely — many new graduates have been forced to put...
FX survey 2020: JPMorgan dominates with more than 10% market share
JPMorgan’s market share of 10.78% in this year’s survey was up from 9.81% in 2019 and well ahead of UBS with 8.13%. XTX and Deutsche Bank were not far behind, but then it is quite a gap to last year’s third-placed Citi...
Second-quarter GDP plunged by worst-ever 32.9% amid virus-induced shutdown
The U.S. economy saw the biggest quarterly plunge in activity ever, though the plummet in the second quarter wasn’t as bad as feared. Gross domestic product from April to June plunged 32.9% on an annualized basis, according to the Commerce...
U.S. weekly jobless claims rise for a second straight week, total 1.434 million
The number of Americans who filed new claims for unemployment benefits last week totaled 1.434 million, the Labor Department reported Thursday, roughly in line with expectations, as the coronavirus pandemic continues to ravage the U.S. economy. It was the 19th straight...
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