Moynihan had announced the bonus in late December, citing the tax bill that President Donald Trump signed cutting the corporate tax rate to 21 percent from 35 percent. CFO Paul M. Donofrio added Wednesday on a call with media that the bank expects its effective tax rate for 2018 to fall to 20 percent from
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Bitcoin briefly plunged below $10,000 late Tuesday afternoon on Coinbase, after first topping the psychologically key level in late November. Other major digital currencies also sold off sharply. Digital currency ethereum plunged 30 percent Tuesday, to below $1,000, while ripple fell below $1. In fact, nearly every major cryptocurrency suffered massive losses during the day.
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The worst intra-day market reversal in nearly a year might’ve spooked investors, but CNBC’s Jim Cramer argued that the market still has a major driver in its metaphorical back pocket. “I’m talking about the ongoing stock shortage,” the “Mad Money” host said. “The shortage is so real, so palpable, that I think it could become
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After stealing the spotlight from bitcoin in 2017, ripple has fallen more than 40 percent in the first few weeks of 2018. Ripple, or XRP, traded near $1.22 Tuesday afternoon, down nearly 47 percent for the year so far, according to CoinMarketCap. The digital currency had soared more than 35,500 percent in 2017 to end
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When it comes to college, most families assume public schools are far more affordable. That’s only partly true. At public, four-year institutions, costs for the 2017-18 school year hit $20,770, according to the College Board. Tuition plus room and board at four-year private universities was much higher: $47,000, on average, in the current academic year.
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In retirement, just like in real estate, it’s “location, location, location.” With more and more retirees responsible for their own financial security, choosing the right retirement destination can make or breakany lazy-day fantasies. To that end, WalletHub compared the retirement-friendliness of all 50 states using criteria such as cost of living, crime rate, tax-friendliness on
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Netflix is out with the next installment of its unintended financial education series. Last year it was “Ozark,” where Jason Bateman played a crooked financial advisor who shreds the fiduciary rule that says you must protect your clients’ interests faster than the New England Patriots’ secondary. Available now on the video streaming service is “The
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Citigroup reported quarterly earnings on Tuesday that beat expectations on solid results from consumer banking. The big bank also reported a charge of roughly $19 billion following a revamp to the U.S. tax code. Citigroup reported adjusted earnings per share of $1.28 for the fourth quarter of 2017. Analysts polled by Reuters expected earnings to
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U.S. industrial conglomerate General Electric will take a $6.2 billion charge in its fourth-quarter results for a more than decade-old insurance portfolio covering long-term healthcare costs, the company said on Tuesday. GE, whose shares sank 3.7 percent in premarket on the news, said the charge would rise to $7.5 billion when adjusted for Congress’ newly-passed
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Bitcoin plunged to a six-week low Tuesday after comments from South Korea’s finance minister renewed worries about a crackdown in one of the largest markets for digital currency trading. South Korea Finance Minister Kim Dong-yeon said in a radio program interview that “the shutdown of virtual currency exchanges is still one of the options” the
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Barriers to Chinese overseas investment have risen over the past year, owing in part to the Trump administration’s “America First” agenda. The U.S. initiated an anti-dumping investigation against aluminium producers in China just last year. And even though China’s leaders have proclaimed support for economic “openness” on the global stage, the country has rules in
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CVS Health Monday said it will ban photo manipulation in its store-brand makeup marketing and promotional displays, a move that acknowledges growing awareness of the harmful nature of touched-up images. The nation’s largest drugstore chain will also require other makeup and beauty brands that sell products in its aisles to commit to a photo-manipulation ban
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Swiss bank UBS said Monday that President Donald Trump deserves praise for his pro-growth policies. Those efforts in making the U.S. a more business-friendly economy, which include the recently passed tax reform, are often under-appreciated, said Mike Ryan, UBS Wealth Management’s chief investment officer for Americas. But the president has “changed the perception of what’s
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