Apparently millennials aren’t completely broke after all, or at least those who bank with Bank of America. Touting Bank of America’s (BAC) efforts to improve its digital banking on an earnings call this week, CEO Brian Moynihan said customers ages 25-41 — a.k.a. millennials ...Read More

Morgan Stanley, the biggest stock-trading shop on Wall Street, is losing some of its lead. The company posted a 14% drop in equities-trading revenue, the steepest decline among major U.S. banks, as it cited lower client balances in its prime-brokerage business. While the firm had a ...Read More

Sen. Elizabeth Warren on Thursday unveiled a proposal for new rules on private-equity firms, likening companies to vampires as she took her latest get-tough approach to the financial industry. Legislation from the 2020 presidential candidate and fellow Democratic lawmakers would require private-equity firms to ...Read More

These days, overwhelming student loan debt and the uncertain future of Social Security’s solvency garner most of the attention, but there’s another equally severe financial crisis looming on the horizon for millions of Americans. Thousands of people retire every day, and many don’t have ...Read More

A troubled insurance company owned by Warren Buffett’s Berkshire Hathaway has agreed to pay $3 million to settle allegations that it jacked up prices on unwitting customers. Linda Lacewell, superintendent of the New York Department of Financial Services, settled with Applied Underwriters and five ...Read More

Prosecutors are trying to keep sensitive financial information out of the hands of an ex-Goldman Sachs banker linked to the money laundering scandal behind “Wolf of Wall Street.” Assistant US Attorney Drew Rolle said his office was particularly concerned about former banker Roger Ng viewing “the ...Read More

(Reuters) – Bank of America Corp (BAC.N) lowered its annual net interest income guidance on Wednesday to reflect a weakened interest rate environment as the second-largest U.S. lender reported higher-than expected earnings fueled by strong consumer trends. Rate trends have prompted the bank to ...Read More