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The top bosses of JPMorgan, Morgan Stanley, Citigroup and other Wall Street banks will warn lawmakers that capital hikes and new regulations will hurt the economy, according to prepared congressional testimony published on Tuesday. The CEOs of the country's eight largest banks will appear before the Senate Banking Committee on Wednesday. The Basel rule, being drafted by bank regulators led by the U.S. Federal Reserve, would "unjustifiably and unnecessarily" increase capital requirements by 20% to 25% for the largest banks, forcing them charge more for services or stop offering...

The top bosses of JPMorgan, Morgan Stanley, Citigroup and other Wall Street banks will warn lawmakers that capital hikes and new regulations will hurt the economy, according to prepared congressional testimony published on Tuesday. The CEOs of the country's eight largest banks will appear before the Senate Banking Committee on Wednesday. The Basel rule, being drafted by bank regulators led by the U.S. Federal Reserve, would "unjustifiably and unnecessarily" increase capital requirements by 20% to 25% for the largest banks, forcing them charge more for services or stop offering...

Credit Suisse has reinstated an independent reviewer to oversee an investigation into the servicing of Nazi clients and Nazi-linked accounts, according to U.S. lawmakers who have probed the issue. Credit Suisse has agreed to reinstate Neil Barosky, who had previously been removed form his role as ombudsman to oversee the bank's internal investigation, Chuck Grassley and Sheldon Whitehouse of the Senate Budget Committee said in a joint statement. The reinstatement comes after the Senate committee said the Swiss bank hampered a multiyear investigation into allegations levied by a human ri...

The penalties come over a year after Beijing and Washington struck a landmark deal that has allowed the U.S. Public Company Accounting Oversight Board (PCAOB) to inspect the books and records of Chinese companies listed in New York for the first time. PricewaterhouseCoopers firms in Hong Kong and China agreed to pay a total of $7 million for violating quality control standards after they failed to detect or prevent extensive answer-sharing on mandatory training courses, the PCAOB said.

Shares on Wall Street were mixed, as global equities drifted on Friday toward their biggest one-month rally since November 2020 during a shortened, muted trading session following the U.S....