Wells Fargo cut $10 billion in operational risk-weighted assets during the third quarter of 2018, while Goldman Sachs shed $5 billion.
Modern computing power and data troves are enabling insurance payouts to be calculated prior to events occurring, as insurers and businesses shift away from the old model of calculating claim value after the fact. Parametric insurance coverage is based on specific event triggers.
The S&P 500's fall below the 200-day moving average of 2,762 could indicate a change in market direction, with descent to an October low of 2,603 or even a February low of 2,530 conceivable, says technical analyst Todd Sohn, CMT. Risk appetite is fading, Sohn says, and near-term progress of struggling Apple could be an accurate bellwether for the market.
Technical analyst John Burford contends commercials -- entities that prioritize hedging of cash positions -- are proven to be better predictors of market movement than large speculators and amateur retail investors. He points out that commercials were actively selling during recent volatility, while money managers were buying, which historically suggests an imminent market top.
The Federal Reserve has increased risk-management intervention at foreign banking organizations. The 19 largest organizations had received 609 notices of "matters requiring attention" by the end of June, up from 492 in 2016.
Both Congressional chambers will reconvene today facing a packed agenda in the four-week session that will end the year. Leadership contests, nominations for senior posts, criminal justice reforms, an amended farm bill and moves to avert a possible government shutdown are among the issues they aim to resolve.
Treasury Secretary Steven Mnuchin spoke on the phone with his Chinese counterpart, Vice Premier Liu He, on Friday to lay groundwork for negotiations between both countries' top leaders at the end of November, sources said. The conversation signals a willingness by both parties to work out a deal, though sources said it did not lead to breakthroughs.
Because the US economy is performing exceptionally well the Federal Reserve looks set to boost interest rates three to four times over the next year, former Fed Chair Janet Yellen said. That scenario will hold up "unless there are significant economic surprises," she said.
The Labor Department is proposing a rule that would make it easy for workers to move 401(k)s and IRAs when they change jobs. The agency said its proposal seeks to "improve asset allocations by consolidating small retirement savings accounts, eliminate duplicative fees for small retirement savings accounts, and reduce leakage of retirement savings from the tax-deferred retirement saving system."
Amazon has selected New York's Long Island City and the Crystal City area of northern Virginia's Arlington County for its second and third headquarters, sources said. For much of its history, Long Island City was primarily an industrial neighborhood, but it is now experiencing rapid residential growth.