‘Banks have to be nimble like tech firms’

Banks have to embrace technology and change their culture to be like startups, DBS CEO Piyush Gupta said, amid growing competition from tech giants like Alibaba. You’ve got to be nimble; you’ve got to be willing to take some risks, you’ve got to have small groups of people who can really be entrepreneurs in the … More ‘Banks have to be nimble like tech firms’

CNBC: “Wells Fargo shares are tanking as Wall Street is stunned over the Fed’s ‘harsh’ action; multiple firms downgrade bank”

Analysts predict the Fed’s enforcement action against Wells Fargo will hurt the bank’s earnings results. … More CNBC: “Wells Fargo shares are tanking as Wall Street is stunned over the Fed’s ‘harsh’ action; multiple firms downgrade bank”

Fed Slaps Unusual Penalty On Wells Fargo Following ‘Widespread Consumer Abuses’

In a rare move, the Federal Reserve announced Friday that it is restricting Wells Fargo’s growth and demanding the replacement of four board members in response to “widespread consumer abuses and compliance breakdowns” at the bank. … More Fed Slaps Unusual Penalty On Wells Fargo Following ‘Widespread Consumer Abuses’

US Stocks Plunge 3% on Brexit; Worst Day Since 2011

U.S. stocks traded sharply lower Friday in a global risk-off trade after Britain surprised markets by voting to leave the European Union. U.S. crude oil futures settled down $2.47, or 4.93 percent, at $47.64 a barrel. The S&P 500 and Dow Jones industrial average erased year-to-date gains and joined the Nasdaq composite in negative territory … More US Stocks Plunge 3% on Brexit; Worst Day Since 2011

Eisen: “One Reason Oil May Not Stay in the S&P 500’s Driver’s Seat”

Ben Eisen (The Wall Street Journal), One Reason Oil May Not Stay in the S&P 500′s Driver’s Seat (Mar 14, 2016) Energy stocks don’t matter as much as they used to. Much has been made about the link between oil and stock prices over the past year. Amid fears about global economic growth, the performance of the S&P 500 … More Eisen: “One Reason Oil May Not Stay in the S&P 500’s Driver’s Seat”