Financial Services

American Express’ fourth-quarter profits dropped by 39%, the credit card giant said Friday, as the pandemic’s deep impacts on travel, entertainment and dining dramatically impacted the company’s results.

Americans filed another 898,000 first-time jobless claims last week on a seasonally-adjusted basis, according to the Department of Labor. That's more than economists had expected and up 53,000 from the prior week.

Wall Street was set to follow a tumbling Europe lower on Thursday, as reassuring earnings from bank heavyweight Morgan Stanley were overshadowed by the failure of U.S. policymakers to agree a fiscal boost to counter fallout from COVID-19.

Wells Fargo & Co WFC.N has started to cut jobs at its commercial banking unit as part of larger reductions that will impact nearly all of its functions and business lines, a company spokeswoman said on Wednesday.

The number of Americans filing new claims for jobless benefits inched down last week, signaling the U.S. labor market is making little fresh headway in getting millions of people back on the job after being out of work due to COVID-19 disruptions.

Out with grimy microwaves and sticky coffee machines with worn-out buttons, in with stylus pens, QR codes, no-touch water coolers and mobile apps that pick what brew the machine will make for you.

Mergers and acquisitions came back with a bang in the third quarter as executives rushed to revisit deals left on hold at the height of the coronavirus pandemic and boardrooms regained confidence after a roller-coaster year.

Goldman Sachs Group Inc GS.N plans to move forward with "a modest number of layoffs", a company spokesperson said on Wednesday, months after the Wall Street bank paused job cuts due to the COVID-19 pandemic.

As big U.S. commercial banks close their books on the third quarter, analysts expect them to report a 30% to 60% plunge in profits on the year-ago period due to the pandemic-induced recession and near record low interest rates.

BlackRock Inc. may never fully return to its pre-coronavirus routine after measures to prevent the disease's spread forced employees to work from home, according to CEO Larry Fink.