First Republic shares slid almost 33% after deposit infusion, dragging down other regional banks

People are seen inside the First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar Mike Segar | Reuters Shares of First Republic were under severe pressure Friday despite the beaten-down regional bank receiving aid from other financial institutions the day before. At the market close, … Read more

Goldman CEO says asset management is the new growth engine, will learn from bungled consumer effort

Goldman Sachs CEO David Solomon said Tuesday that asset management and wealth management would be the growth engine for the bank after his efforts in consumer finance went awry. “The real story of opportunity for growth for us in the coming years is around asset management and wealth management,” Solomon told CNBC’s Andrew Ross Sorkin. … Read more

Fed minutes show members resolved to keep fighting inflation

Federal Reserve officials at their most recent meeting indicated that there are signs inflation is coming down, but not enough to counter the need for more interest rate increases, meeting minutes released Wednesday showed. While the Jan. 31-Feb. 1 meeting concluded with a smaller rate hike than most of those implemented since early 2022, officials … Read more

Stocks making the biggest moves after hours: Avis, Palantir, Cadence Design and more

A customer boards an Avis Budget Group Inc. shuttle bus at the Denver International Airport (DEN) in Denver, Colorado, U.S., on Wednesday, Oct. 28, 2015. Luke Sharrett | Bloomberg | Getty Images Check out the companies making headlines in after-hour trading. Avis — The car rental company gained 3.5% after beating both top- and bottom-line … Read more

Stocks making the biggest moves midday: Lyft, Spotify, Expedia, Yelp and more

Ramin Talaie | Corbis News | Getty Images Check out the companies making headlines in midday trading. Lyft — The ridesharing stock cratered 36.4% after issuing disappointing guidance for its first quarter. Lyft also got hit by a slew of downgrades from analysts who said Uber may look better positioned to capitalize on the broader … Read more

Affirm cuts 19% of workforce; shares tank on earnings miss

Affirm announced it’s cutting 19% of its workforce Wednesday. The news came as it reported second quarter earnings that fell below analyst estimates on both the top and bottom lines. Shares were down more than 17% after hours. In his letter to shareholders Wednesday, Founder and CEO Max Levchin called the decision “the single most … Read more

Chevron annual profit doubles to record $36.5 billion, but fourth-quarter miss hits shares

A sign is posted in front of a Chevron gas station on July 31, 2020 in Novato, California. Justin Sullivan | Getty Images Chevron on Friday posted a record $36.5 billion profit for 2022 that was more than double year-earlier earnings, but the bottom line fell shy of Wall Street estimates, undercut by asset writedowns … Read more

Stocks making the biggest moves midday: Sunrun, U.S. Bancorp, Alphabet, AT&T and more

Shoppers shop at AT&T in the King of Prussia Mall on December 11, 2022 in King of Prussia, Pennsylvania. Mark Makela | Getty Images Check out the companies making the biggest moves midday: News Corp, Fox — News Corp rallied 5.4%, while Fox news gained more than 2%, after Rupert Murdoch called off plans to … Read more

Fed Governor Waller backs quarter-point interest rate hike at next meeting

Federal Reserve Governor Christopher Waller said Friday he favors a quarter percentage point interest rate increase at the next meeting, as he waits for more evidence that inflation is heading in the right direction. Confirming market expectations, the central bank official said during a Council on Foreign Relations event in New York that the Fed … Read more

Citigroup’s fourth-quarter profit declines by 21% as bank sets aside more money for credit losses

Citigroup said it had identified the cause of the flash crash and corrected the error “within minutes.” Jim Dyson | Getty Images News | Getty Images Citigroup said fourth-quarter net income decreased by more than 21% from a year ago as the bank set aside more money for potential credit losses. Shares rose 1.7% as … Read more