Barclays new chief executive pledged a fresh course for the British lender on Tuesday, axing at least 3,700 jobs and pruning its investment bank as he seeks to rebuild its reputation and boost profitability after a series of scandals.
Confidence among U.S. consumers has sunk to its lowest point since July, according The University of Michigan's consumer sentiment index for December. The November figure was a five-year high.
The incredible LIBOR rate-rigging scandal is huge, and it's only going to grow in scope: Many of the world's largest banks have already been implicated in manipulating interest rates that are tied to some $800 trillion in loans and securities.
Barclays CEO Bob Diamond resigned Tuesday in the face of massive public pressure after the bank was fined $453 million for fraudulently manipulating a key international interest rate for its own profit.
Following Steve Jobs' announcement late Wednesday that he was resigning as Apple's CEO, the company's stock price swung sharply. But while some investors are selling, others are saying a small drop in prices could make this a great time to buy Apple shares.
For years, credit card companies have targeted college students to gain access to a lucrative source of profits: student debt. And despite laws designed to stop the practice, colleges and universities are still taking huge payments from card companies -- at your kids' expense.
The world's largest retailer, Walmart Stores, wants to get even larger: It has joined the bidding war for Indonesian retailer Matahari's hypermarket business, Hypermart, a deal that could be worth up to $1 billion, unnamed sources told Reuters on Thursday.
Everybody's favorite firm to hate -- Goldman Sachs -- really is the smartest money on Wall Street, at least according to Bloomberg Markets' top 10 ranking of the "World's Best Financial Stock Pickers."
This week marks the second anniversary of an event that shook the financial industry to its core. In her newly released book, The Weekend that Changed Wall Street, CNBC anchor Maria Bartiromo gives an insider's look at the fateful days surrounding the fall of Lehman Brothers.
The Securities and Exchange Commission made history this month when it charged New Jersey with fraud for lying to its bond purchasers about its underfunded pensions -- the first time the SEC ever sued a state for securities fraud. But New Jersey has already settled the case.
The jury found ex-Illinois Governor Rod Blagojevich guilty of lying to the FBI but deadlocked on the 23 other charges. Because of one hold-out juror, Blagojevich goes free on charges including allegedly selling the President's Senate seat.
Barclays agreed to pay $298 million to settle criminal charges that it did business with countries like Cuba, Iran, Libya and Sudan, violating U.S. economic sanctions against these nations. Barclays is just the latest in a string of banks that have transacted with such countries.