Buffeted by scandals, squeezed profits, new competitors and a disorienting technological revolution, some of the world's biggest banks are going on a radical diet, shedding thousands of workers and shaking up the boardroom in a bid to stay profitable and relevant in a fast-changing financial landscape.
Banking & Finance
The latest coverage of the banking and financial sectors.
By Victor Morton - The Washington Times
China's central bank on Wednesday devalued the nation's currency for a second consecutive day, sending more shock waves through East Asian markets. Published August 11, 2015
Sen. Elizabeth Warren of Massachusetts is calling on President Obama to make a proposed trade deal with Pacific Rim nations public before Congress decides whether to press forward on it.
Democrats are "overwhelmingly" opposed to both fast-track trade authority and to the Asian trade deal the administration is negotiating, exposing doubts about President Obama from within his own ranks — and an ever-shrinking number of lawmakers even willing to be persuaded by him.
Count the American head of the World Bank as one more major player ignoring Obama administration concerns to say he welcomes the creation of a major new China-sponsored development bank to fund infrastructure projects across Asia.
U.S. efforts to head off a new China-sponsored development bank for the booming Asia region ended in abject failure this week as organizers announced nearly four dozen countries — including some of America's closest Asian and European allies — have applied to membership, amid growing criticism of how the Obama administration handled the entire episode.
The rush to join the China's new development bank for Asia has become a stampede, with even longtime U.S. allies such as Georgia, South Korea, Australia and even Taiwan now saying they are ready to join despite the clear reservations of the Obama administration.
In early 2008 liberal icon Edward M. Kennedy blessed Barack Obama's long shot presidential campaign, declaring the freshman Illinois senator the next great progressive leader in a symbolic passing of the torch.
Sen. Elizabeth Warren of Massachusetts should reconsider her stated vow that she is not running for president in 2016, the Boston Globe editorial board said.
The battle of wills between Beijing and Washington over a China-sponsored development bank for Asia is turning into a rout, and the Obama administration has found itself isolated and embarrassed as its top allies lined up this week to join the proposed Asian Infrastructure Investment Bank.
Sen. Elizabeth Warren hijacked a Senate committee hearing on recreational hunting, fishing and shooting Thursday to advance her crusade against big business, calling for new laws to expose the details of legal settlements between the government and corporations accused of wrongdoing.
Nearly seven years after it was bailed out from the housing market crash, mortgage giant Fannie Mae is still engaging in behavior that could precipitate future financial crises and taxpayer losses, a government watchdog warns in a report to be released Wednesday.
Roughly 6.5 million people with active Social Security numbers are age 112 and older, according to an audit by the Social Security Administration's inspector general.
Academy Award-winning actress Emma Thompson and her husband, Greg Wise, say they're mulling a protest to withhold their personal tax dollars from the government, until HSBC officials connected to the bank's latest swindling scandal are sent to prison.
Leading Wall Street regulator Ben Lawsky, who heads up the New York Department of Financial Services, warned that the United States should be preparing for a massive cyberattack on banks -- that it's inevitable, and looming.
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