Swiss bank Credit Suisse reported a fourth-quarter and year-end net loss on Thursday that fell short of expectations as it continued its massive restructuring. According to Eikon, the lender’s fourth-quarter net loss attributable to shareholders was 1.4 billion Swiss francs ($1.51 billion), worse than analyst expectations of a loss of 1.32 billion Swiss francs. It...
Bankrupt crypto lender BlockFi had over $1.2 billion in assets tied to Sam Bankman-Fried’s FTX and Alameda Research, according to previously redacted financials that were mistakenly uploaded on Tuesday without the redactions. BlockFi’s exposure to FTX was more extensive than previously disclosed. The company filed for Chapter 11 bankruptcy protection in late November following the...
The CEO of Morgan Stanley, James Gorman, said he is more confident about the markets than the rest of Wall Street and anticipates a return to deal-making as soon as the Federal Reserve stops raising interest rates. “I’m highly confident that when the Fed pauses, deal activity and underwriting activity will go up. I would...
As traders bet on a U.S. inflation slowdown and digested news that lawyers for defunct crypto exchange FTX have found billions of dollars of assets, bitcoin surged to its highest price in more than two months on Thursday. It is the first time Bitcoin has surpassed $19,000 by market cap since Nov. 8, increasing in...
According to minutes released Wednesday from the central bank’s December meeting, Federal Reserve officials are committed to fighting inflation and expect higher interest rates to remain in place until more progress is made. During a meeting where policymakers raised their key interest rate another half percentage point, they stressed the importance of maintaining restrictive policy...
Markets were moved in a significant way by the Federal Reserve in 2022, as it implemented a campaign of monetary tightening to combat high inflation levels. Fed officials and economists expect rates to stay high next year, with reductions unlikely until 2024. But that doesn’t mean the Fed will remain the primary driver of the...
Tesla’s stock declined another 8.8% on Thursday, bringing its losses for the year to 64%. This decline has resulted in the loss of more than $800 billion in market capitalization for the electric car manufacturer. The current 69.7% drawdown from its most recent high reached in late 2021 is the largest in Tesla’s corporate history....
According to a financial filing released Wednesday night, Tesla CEO Elon Musk sold about 22 million additional shares in his electric vehicle company, worth about $3.6 billion. The transactions took place between Monday and Wednesday of this week according to the filings with the Securities and Exchange Commission. Earlier this year, Musk told his millions...
According to Jamie Dimon, the U.S. economy could enter a recession next year due to inflation. While consumers and companies are in good shape, that may not last much longer, Dimon said Tuesday on CNBC’s “Squawk Box.” He said that consumers have $1.5 trillion in excess savings from Covid pandemic stimulus programs and are spending...
The stock market and U.S. stock funds rose for the second consecutive month. However, It is understandable if fund investors do not feel giddy about the market. The numbers remain ugly for investors so far this year. The average U.S.-stock fund rose 5.3% in November, according to Refinitiv Lipper data, but is still sitting on...
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