Deutsche Bank’s former co-CEO Fitschen to stay with bank
FRANKFURT (Reuters) – Deutsche Bank’s co-chief executive Juergen Fitschen who is due to formally step down at the annual general meeting later on Thursday will continue to work for the German lender, the company said.
Hong Kong launches fresh plan to fortify cyber security after SWIFT heist
HONG KONG (Reuters) – Hong Kong’s central bank has a launched a new program to strengthen lenders’ ability to protect their critical technology systems after recent attacks by unidentified groups on a global messaging system used by the financial commu…
GM to unveil plan to compensate owners on fuel economy claims
WASHINGTON (Reuters) – General Motors Co is expected to announce plans to compensate about 130,000 individual U.S. owners of SUVs that had inflated fuel economy labels, sources briefed on the plans said on Wednesday.
Activist investor heavyweights form new lobbying arm
NEW YORK (Reuters) – A group of hedge funds have formed a new lobbying arm to promote the benefits of shareholder activism across the U.S. economy, as U.S. politicians turn up the heat on activist investors.
U.S. bank stocks rally on hawkish Fed
NEW YORK (Reuters) – Bank stocks were the standout winners on Wednesday from the Federal Reserve’s unexpectedly firm signal that its next rate hike could be just weeks away, a prospect that could boost banks’ bottom lines as they charge more for loans….
Tesla plans to sell $1.7 billion in new stock to fund Model 3
DETROIT/SAN FRANCISCO (Reuters) – Tesla Motors Inc will offer up to $1.7 billion of new common stock to finance the accelerated launch of its new Model 3 electric sedan, the electric luxury car maker said on Wednesday.
More than 25,000 Madoff victims now eligible for $4 billion fund
NEW YORK (Reuters) – The overseer of a $4 billion U.S. Department of Justice fund for victims of Bernard Madoff’s Ponzi scheme said he expected to recommend payouts for at least 25,280 claimants with nearly $4 billion in fraud losses.
Wall Street bearish on Trump’s call to scrap financial reform law
WASHINGTON (Reuters) – U.S. banking lobbyists said on Wednesday they disagree with presidential candidate Donald Trump’s call for a wholesale repeal of President Barack Obama’s financial reform law, even though they share his view that it is overly bur…
Viacom board votes to stop paying Sumner Redstone
(Reuters) – Viacom Inc’s board voted on Wednesday to stop paying 92-year-old controlling shareholder and Chairman Emeritus Sumner Redstone, according to a source familiar with the matter.
Bank shares buoy Wall Street as Fed signals possible June hike
(Reuters) – Wall Street closed flat on Wednesday after a volatile session, supported by bank shares, as the minutes from the Federal Reserve’s April meeting signaled a potential interest rate increase in the near term.
