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22 Feb

Kraft Heinz sees 'step backwards' in 2019, gets SEC subpoena

Kraft Heinz Sees 'step Backwards' In 2019, Gets SEC Subpoena

(Reuters) - Kraft Heinz Co reported disappointing quarterly results, including a $15 billion charge related to the value of its marquee Kraft and Oscar Mayer trade marks, and said it had received a subpoena from the U.S. Securities and Exchange Commission about its accounting practices.

21 Feb

Fed permanently bars former JPMorgan banker over China hiring scandal

Fed Permanently Bars Former JPMorgan Banker Over China Hiring Scandal

WASHINGTON (Reuters) - The U.S. Federal Reserve said on Thursday it was barring former JPMorgan Chase & Co (NYSE:JPM) Managing Director Timothy Fletcher from the industry for life over his role in a China hiring program for which the bank was fined $264 million in 2016.

21 Feb

Banks Crushed Profit Record With $237 Billion in 2018, FDIC Says

Banks Crushed Profit Record With $237 Billion In 2018, FDIC Says

(Bloomberg) -- The U.S. banking industry demolished previous profit records, making $237 billion last year as lenders benefited from lower taxes and soaring revenue, the Federal Deposit Insurance Corp. said Thursday. Industry net income was $59 billion in the three-month period that ended Dec. 31, marking another quarter with profits around the $60 billion mark after they hovered around $40 billion a quarter for years after the 2008 crisis, according to the FDIC’s Quarterly Banking Profile. The 2018 total was 44.1 percent higher than a year earlier. Only 6.5 percent of banks were unprofitable as the industry took in a record $205 billion in revenue for the quarter, the agency said. Income from interest rose 8.1 percent in the quarter compared with a year earlier. Loan and lease balances were up 2.1 percent since the previous quarter. “Loan balances expanded, net interest margins improved and the number of ‘problem banks’ continued to decline,” FDIC Chairman Jelena McWilliams said in a statement. McWilliams cautioned that “the recent flattening of the yield curve may present new challenges in lending and funding.” Because 2018 also saw the FDIC hit its statutory goal for building up its deposit-insurance fund, big banks are also getting a break on what they pay into the fund. Wall Street lenders didn’t see a lot of help in last year’s overhaul of the Dodd-Frank Act, but bankers have been steadily lobbying the regulators appointed by President Donald Trump on relieving some of the burdens of post-crisis rules, and they’re counting on winning some of those arguments.

21 Feb

Weak economic data weigh on Wall Street

Weak Economic Data Weigh On Wall Street

NEW YORK (Reuters) - Weak economic reports pressured U.S. stocks on Thursday after the market's recent run of gains, and a drop in healthcare shares added to the bearish momentum.

21 Feb

Puma goes up-market with joint collection with Porsche

Puma Goes Up-market With Joint Collection With Porsche

BERLIN (Reuters) - Sportswear firm Puma is launching a joint collection with Porsche Design, the fashion and accessories brand owned by the German car company, tapping into demand for premium products just as luxury labels are moving into the market for sportswear.