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Banking

“‘I am truly sorry’: Credit Suisse chair pleads with angry shareholders at annual meeting”

“Credit Suisse Chairman Axel Lehmann on Tuesday told shareholders he was “truly sorry” for the collapse that led to the bank’s controversial takeover by UBS… A police presence was established early Tuesday at the venue, as protesters and shareholders began… Continue Reading…

Banking, Economy

“Fed Chair Powell says interest rates are ‘likely to be higher’ than previously anticipated”

“Federal Reserve Chairman Jerome Powell on Tuesday cautioned that interest rates are likely to head higher than central bank policymakers had expected. Citing data earlier this year showing that inflation has reversed the deceleration it showed in late 2022, the… Continue Reading…

Economy

“There’s a 50% to 60% chance of a mild recession next year, former Fed vice chair says”

“…“A recession is pretty likely,” Blinder said. However, he added that he foresees any downturn coming next year, as opposed to later in 2022, and that a recession is not an absolute certainty. “I don’t mean 89% probability, but maybe… Continue Reading…