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’
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”
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’
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
Investing.com – The Federal Reserve (Fed) will kick off its two-day meeting on Tuesday with no expectations for a move on interest rates, but eyes were wide open in the hopes of receiving decisive indications for the future path of monetary policy. “If the Fed is truly data dependent, willing to adjust policy only if … More Fed preview: To move or not to move…
The correlations among S&P 500 sectors have fallen to the lowest level since the financial crisis. And while correlations may sound obscure, the development is actually great news for almost all investors. Over the past 60 sessions, the average correlation between the daily moves of two S&P 500 sectors is about 0.47, and was as low as … More Is S&P Correlations Drop Good News?
Mathematics is the language of nature. Everything around us can be represented and understood through numbers. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
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”
Good morning Constant Reader: U.S. jobs report just came out. Unemployment rates stay the same but economy added 242,000 jobs in February, far better than its gains of 172,000 in January. Get ready for the spike! Long days and pleasant nights.
Good morning Constant Reader: As some of you know, I used to be a tax attorney and had a few senior leadership positions with the IRS before turning to academe. In fact, most of my published scholarship is on tax (even my one article in a science journal is on tax compliance as a complex … More Tax Strategies for Day Traders