The Morgan Stanley digital sign is seen at the company’s Times Square headquarters in New York, U.S., on Friday, Jan. 12, 2016. John Taggart | Bloomberg | Getty Images Morgan Stanley promoted a tech executive in its wealth management division to become the bank’s first head of firm-wide artificial intelligence, CNBC has learned. The bank … Read more
Adidas shoes are displayed at a DSW store on January 31, 2024 in Novato, California. Justin Sullivan | Getty Images Adidas on Wednesday warned of a sales decline in its overstocked North American market in 2024, as the German sportswear brand continues to sell off its remaining Yeezy inventory. Currency-neutral sales in North America are … Read more
China has set a GDP target of around 5% for yet another year, amid analyst concerns of insufficient policy support to reach the goal. Bloomberg | Bloomberg | Getty Images Valuations of Chinese stocks are “way too low” and investors should be looking to cautiously re-enter the world’s second-largest economy, according to Shaun Rein, founder … Read more
Hispanolistic | E+ | Getty Images Don’t expect the sofa you buy today to go the distance. “In the last 15 years, there’s been a shift to disposable furniture,” according to David Koehler, chairman of Johnny Janosik, a furniture retailer with stores in Delaware, Maryland and Virginia. For most consumers, that’s okay. Attitudes have … Read more
U.S. President Joe Biden delivers the State of the Union address to a joint session of Congress in the House Chamber of the U.S. Capitol in Washington, U.S., March 7, 2024. Elizabeth Frantz | Reuters President Joe Biden on Saturday signed a $460 billion spending bill into law, averting a partial government shutdown that would … Read more
Westend61 | Westend61 | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. The number of family offices in the world has tripled since 2019, setting off a new race … Read more
The price of bitcoin jumped to a new record on Friday, breaking through $70,000 for the first time ever. The cryptocurrency gave back its gains from the spike and was last lower by more than 1% at $66,943.70, according to Coin Metrics. At one point, however, it rose as high as $70,170.00, topping its previous … Read more
New York Community Bank said Thursday it lost 7% of its deposits in the turbulent month before announcing a $1 billion-plus capital injection from investors led by former Treasury Secretary Steven Mnuchin’s Liberty Strategic Capital. The bank had $77.2 billion in deposits as of March 5, NYCB said in an investor presentation tied to the … Read more
Traders work on the floor during morning trading at the New York Stock Exchange on March 6, 2024. Spencer Platt | Getty Images Despite the heavy concentration of the U.S. market rally in expensive, AI-focused tech stocks, analysts say Wall Street is not yet in bubble territory. The S&P 500 has climbed for 16 of … Read more
Federal Reserve Chair Jerome Powell fist-bumps former Treasury Secretary Steven Mnuchin after a House Financial Services Committee hearing on “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response” in the Rayburn House Office Building in Washington, D.C., on Dec. 2, 2020. Greg Nash | Reuters The $1 billion-plus injection that New York Community Bank … Read more