The new US tax law could prompt other nations to follow suit, International Monetary Fund Managing Director Christine Lagarde said, characterizing the situation as a potential "race to the bottom." She said that in addition to spurring inflation, significant tax cuts could lead to decreases in government spending on defense, infrastructure, health and education.
The CEOs of Goldman Sachs, Citigroup, JPMorgan Chase, Bank of America and Morgan Stanley last year received their highest pay since before the financial crisis, bringing in a collective $126 million. It was the fifth straight year the CEOs received pay increases.
Cryptocurrency theft is no longer committed solely by sophisticated hackers. Criminals in recent months have seized owners of digital currency at gunpoint, and in some cases held them hostage, to force them to transfer the currency to accounts set up by the thieves.
Goldman Sachs' new online savings and lending platform, Marcus, targets low- to moderate-income borrowers with credit scores as low as 660 for loans.
SunTrust Banks offers employees incentives to complete financial-wellness programs. More than 20,000 employees have received $1,000 for completing a financial-education course.
North Dakota's Choice Financial has agreed to acquire Minnesota's Venture Bank, which has four offices and $730 million in assets. The deal is expected to gain regulatory approval.
Small budgets, the threat of breaches and the rise of mobile banking challenge banks' IT departments, according to a survey by software firm Dynatrace. More than half of chief information officers surveyed plan to add technology during the next year.
Federal Reserve Chairman Jerome Powell has chosen two monetary-policy specialists -- Jon Faust, a professor of economics at Johns Hopkins University, and Antulio Bomfim, an economist in the Fed's monetary-affairs division -- to assist him as senior advisers, people familiar with the matter said. Faust is among those suggesting that the Fed reconsider its approach to targeting inflation.
The Securities and Exchange Commission is set to vote Wednesday on whether firms will be required to disclose any cyberrisks and incidents that could financially harm their firm. The guidance, which has not been updated since 2011, comes after a data breach at Equifax.
Goldman Sachs analysts expect the cost of servicing US debt will surge due to climbing bond yields and the expansion in borrowing amid a growing economy. "In the past, as the economy strengthens and the debt burden increases, Congress has responded by raising taxes and cutting spending," the analysts wrote, noting the opposite is now true.