U.S. agencies are probing Wells Fargo & Co's handling of the Paycheck Protection Program (PPP) for coronavirus relief, the country's fourth largest lender said on Tuesday.
Morgan Stanley Chief Executive Officer James Gorman told shareholders on Thursday he "can promise" the bank will miss its medium-term financial targets again in the current quarter, as the economic shutdown caused by the novel coronavirus will continue to upend the global and U.S. economy. | Video
April 16 Morgan Stanley Chief Executive
Officer James Gorman warned that the bank would take "longer to
achieve" its medium-term financial targets due to the
coronavirus crisis, after its first-quarter profit slumped by
Workplace communication platform Slack Technologies Inc forecast a soft revenue outlook for the first quarter on Thursday, sending its shares down more than 20% aftermarket, on a day major U.S. stock indexes went into a tailspin amid coronavirus fears.
Wells Fargo & Co said on Wednesday it plans to increase minimum wage to between $15 and $20 per hour for most of its U.S. markets, joining other Wall Street banks that have raised hourly pay in recent years.
Royal Bank of Canada said on Wednesday it would cut its prime rate to 3.45% from 3.95% in its first reduction since July 2015, with the country's other lenders expected to follow suit, even as the moves weigh on margins already under pressure.
GFL Environmental Inc on Monday raised about $1.4 billion in its initial public offering, pricing it below the target range in a conservative step to ride out market volatility in the wake of the coronavirus outbreak.
Chamath Palihapitiya, the dealmaker behind last year's blockbuster Virgin Galactic deal, is looking to raise a combined $900 million through two new investment vehicles, according to regulatory filings.