Wall Street's biggest banks stockpiled more rainy-day funds to prepare for a possible recession ahead and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits.
Goldman Sachs Group Inc disclosed a pretax loss for its newly-created platform solutions business of $1.2 billion for the first nine months of 2022, the bank said in a regulatory filing on Friday.
Britain's finance ministry on Friday spoke against "cancel culture," citing the case of payment companies who terminated accounts belonging to conservative media outlets, and said a new review will assess whether rules protect consumers' free speech.
An army of retail traders drove up shares of meme stocks this week, led by a surge in Bed Bath & Beyond , as growing signs that inflation has peaked encouraged them to pick up shares at relatively "cheap" prices after the 2022 market slump.
Citigroup Inc reported a 21% fall in quarterly profit on Friday, missing forecasts, as the bank increased provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity.
France's Livret A bank savings rate - held by millions of customers across the country - will be raised to 3% from 2%, Finance Minister Bruno Le Maire announced on Friday after the country's national central bank earlier suggested the move.
Goldman Sachs Investment Strategy Group expects U.S. equities to generate positive returns for investors in 2023 even if the economy enters a recession, according to its outlook report released on Friday.
Wells Fargo & Co on Friday reported a 50% decline in profit for the fourth quarter, missing analysts' estimates, as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown.
JPMorgan Chase & Co said on Friday it set aside $1.4 billion in anticipation of a mild recession, even as it reported a better-than-expected quarterly profit on the back of strong performance at its trading unit.
