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Big US banks score $1 trillion in profit in a decade
NEWS INDUSTRY NEWS DEC 27, 2022
Big US banks score $1 trillion in profit in a decade

The record haul for the six big banks occurred as volatility juiced trading hauls, investment bankers rode a dealmaking boom and Donald Trump boosted bottom lines by slashing taxes.

Vanguard to launch municipal bond index ETF
INVESTING ETFS DEC 22, 2022
Vanguard to launch municipal bond index ETF

The Vanguard Short-Term Tax-Exempt Bond ETF would track an index of municipal bonds with maturities between one month and seven years.

ETF pioneer Kathleen Moriarty dies at 69
INVESTING ETFS DEC 22, 2022
ETF pioneer Kathleen Moriarty dies at 69

She earned the nickname 'SPDR Woman' for her work on the SPDR S&P 500 ETF Trust, which State Street Corp. introduced in 1993.

Wells Fargo to pay $3.7 billion for mistreating customers
NEWS WIREHOUSES DEC 20, 2022
Wells Fargo to pay $3.7 billion for mistreating customers

The bank's settlement with the Consumer Financial Protection Bureau deals with a variety of allegations and includes a $1.7 billion fine that's the biggest in CFPB history.

Goldman weighs cutting up to 4,000 jobs
YOUR PRACTICE PRACTICE MANAGEMENT DEC 16, 2022
Goldman weighs cutting up to 4,000 jobs

CEO David Solomon is battling to contain a slump in profit and revenue after a costly expansion into consumer bank resulted in deep losses.

Blackstone nontraded REIT prompts SEC queries
INVESTING ALTERNATIVES DEC 16, 2022
Blackstone nontraded REIT prompts SEC queries

After the Blackstone Real Estate Income Trust and the Starwood Real Estate Income Trust limited redemptions, the SEC reached out to both firms to try to understand the events.

Big Three's grip on ETF market continues to slip
INVESTING ETFS DEC 15, 2022
Big Three's grip on ETF market continues to slip

Vanguard, BlackRock and State Street still command about 79% of all U.S. exchange-traded fund assets, but that's down from 91% in 2006.

Fed raises interest rates by half point as it signals borrowing costs will head higher next year
NEWS INDUSTRY NEWS DEC 14, 2022
Fed raises interest rates by half point as it signals borrowing costs will head higher next year

Chair Jerome Powell said ‘we still have some ways to go’ after the FOMC raised its benchmark rate to a 4.25% to 4.5% target range.

SEC plan calls for overhaul of the way stocks are traded
NEWS REGULATION AND LEGISLATION DEC 14, 2022
SEC plan calls for overhaul of the way stocks are traded

The agency laid out four proposals that Chair Gary Gensler says would boost transparency and competition.

Americans close to retirement get good news on 4% rule
RETIREMENT RETIREMENT PLANNING DEC 13, 2022
Americans close to retirement get good news on 4% rule

With the outlook improving for stocks and bonds next year, the percentage of a nest egg that retirees can safely start withdrawing from savings has increased to 3.8% from 3.3% in 2021, according to a Morningstar report.