PacWest Bank, which never fully recovered from its hammering during this year’s banking crisis, will be absorbed by a smaller lender, Banc of California, the banks announced on Tuesday.The development […]
Banking and Financial Institutions
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Back to news homeGlobal Economy Shows Signs of Resilience Despite Lingering Threats
The world economy is showing signs of resilience this year despite lingering inflation and a sluggish recovery in China, the International Monetary Fund said on Tuesday, raising the odds that […]
Jerome Powell’s Prized Labor Market Is Back. Can He Keep It?
Jerome H. Powell, the chair of the Federal Reserve, spent the early pandemic lamenting something America had lost: a job market so historically strong that it was boosting marginalized groups, […]
London’s Canary Wharf Tries to Revamp Its Image as Banks Exit
The gleaming skyscrapers of London’s east skyline, built almost 40 years ago, are home to the headquarters of the world’s biggest banks and tens of thousands of their office workers.But […]
Libor Is Coming to an End
The arduous, decade-long process to end the financial system’s reliance on a tarnished interest-rate benchmark, which once underpinned trillions of dollars in contracts across the globe, is almost over. From […]
Eurozone Inflation Slows, but Underlying Price Pressures Persist
Why It MattersEurope’s economy, though more resilient than many forecasters had predicted, has still significantly weakened over the past 12 months, with a drop in inflation-adjusted wages and consumer confidence. […]
Top Central Bankers Expect More Rate Increases Amid Stubborn Inflation
Central bankers from the world’s leading economies said on Wednesday that while they had raised interest rates significantly, additional increases would very likely be needed to wrestle inflation back under […]
U.K. Inflation Remains Stuck at 8.7 Percent
Last month, the central bank warned that many mortgage holders had not experienced the cost of higher interest rates yet. About 1.3 million households are expected to reach the end […]
China’s Central Bank Cuts Loan Prime Rates
China’s central bank cut key interest rates on Tuesday for loans issued by the state-controlled banking system, in the clearest sign yet of mounting concern in the Chinese government and […]
Jeffrey Epstein Acted Like an Adviser to JPMorgan Executive
The NewsJames E. Staley, the former top JPMorgan Chase executive who was closest to the disgraced financier Jeffrey Epstein at the bank, relied on him for many years as almost […]