Wells Fargo CFO says reputation issues a challenge for wealth unit
Wells Fargo & Co’s wealth and investment management unit may be having a harder time generating new business because of damage to the bank’s reputation from scandals over its sales practices, Chief Financial Officer John Shrewsberry said on Friday.
Oil rises but declines for the week as supply concerns ease
Oil prices rose about 1 percent on Friday as strike actions in Norway and Iraq hit supplies, but futures were set for a second straight week of decline after Libyan ports reopened and on the view that Iran might still export some crude despite U.S. san…
S&P 500 closes at highest level in five months as industrials rise
U.S. stocks edged higher on Friday, with the S&P 500 hitting a more than five-month high, as gains in industrials and other areas offset a drop in financials after results from three big Wall Street banks mostly disappointed investors.
China’s imports to U.S. ports start peaking early amid tariff threat
Chinese imports to U.S. ports rose more than expected in June, suggesting that some retailers moved up orders to insulate themselves from an intensifying trade war that threatens to send up costs on a growing number of consumer products.
Dollar fades from two-week high tied to trade fears
The dollar dipped against a basket of currencies on Friday, fading from a two-week peak which was tied to news of a record Chinese trade surplus that may fuel U.S.-China trade tensions and that briefly spurred safe-haven bids for the greenback.
Boeing to incur charge related to sale of production facilities
Boeing Co said on Friday it would incur a charge of $124 million in the second quarter related to the sale of some production facilities to Spirit Aerosystems .
Comcast to pay advisers as much as 243 million pound in fees for Sky takeover
Comcast expects to pay the banks, law firms and other advisers on its 25.9 billion pound ($34.23 billion) bid for Sky as much as 243 million pounds if it wins the battle for the British broadcaster, the U.S. cable giant said on Friday.
Wells Fargo’s loan book shrinks, profit misses estimates
Wells Fargo & Co said on Friday its loan book shrank and it raked in less fee revenue than a year ago, factors that contributed to lower-than-expected quarterly profit and sent its shares lower.
S&P hits five-month high as industrials, energy boost; banks weigh
The benchmark S&P 500 hit a more than five-month high on Friday as gains in industrials and energy companies offset a drop in financials after a mixed bag of quarterly results from three big Wall Street banks.
U.S. banks gain from Washington policy changes but trade worries loom
Second-quarter earnings reports from three of the biggest U.S. banks on Friday showed the sector is benefiting from policy changes in Washington that have lowered their taxes, boosted interest rates and allowed them to buy back more stock.
