JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon stepped down as chairman of the lender’s main bank subsidiary at the start of July, according to a person briefed on the move.
A U.S. government default caused by Congress failing to raise the $16.7 trillion federal debt limit could have catastrophic consequences that might last decades, the Treasury Department said in a report.
Federal Reserve Bank of New York President William C. Dudley said budget battles in Washington are among the risks to the outlook and he wants to see more momentum in the economy before paring the pace of the central bank’s bond buying.
A federal housing agency said Friday it needs a $1.7 billion bailout from the Treasury to cover projected losses in a mortgage programs for seniors.
There is a decent chance the Federal Reserve can start to wind down its monetary stimulus this year but there are risks which could push that process into next year, a senior Fed official said.
Federal Reserve Bank of Boston President Eric Rosengren said tougher oversight of money-market mutual funds is “overdue” and called on the U.S. Securities and Exchange Commission to adopt rules that curb risks to the financial system.
Stephen Schwarzman, chief executive officer of Blackstone Group LP, said the unprecedented asset purchases by the U.S. Federal Reserve are losing their potency with each round and it’s time to scale them back.
The wealthy are the ones who are mainly benefitting from the Federal Reserve’s quantitative easing (QE) program, alleges Stephen Roach, former chairman of Morgan Stanley Asia and the firm’s chief economist, in an article for Project Syndicate.
Outrage over AIG employee bonuses is akin to lynchings in the South, CEO Robert Benmosche, explains to The Wall Street Journal.