After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported for its fiscal second-quarter earnings.Retailread more
The sexy image that once boosted Victoria's Secret has been haunting L Brands more recently, as women are steering clear of the brand's hot pink, lacy and bejeweled lingerie.Retailread more
See which stocks are posting big moves after the bell.Market Insiderread more
"I'd love to say that the optimistic universe is most likely to prevail, but the talking heads talk endlessly about how a recession is inevitable," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Read the fine print in your Apple Card contract — one clause means you give up your right to be heard in court.Technologyread more
Federal Reserve members worried over future growth are highly concerned about the U.S.-China tariff battleThe Fedread more
President Donald Trump signed a memorandum on Wednesday to automatically cancel the student loan debt of disabled veterans. More than 25,000 service members will have their...Personal Financeread more
Jim Nussle, a former director of the Office of Management and Budget, told CNBC on Wednesday that a strong U.S. consumer is the only thing keeping the country from recession.Marketsread more
Technological developments are having an impact on banking, even though the finance sector won't be revolutionized by automation just yet, the chief executive officer of Morgan Stanley said on Thursday.
The much-discussed increase in automation was just one of the "evolutions" taking place in the financial sector, James Gorman, chairman and CEO of Morgan Stanley, told CNBC. He cited the digital transformation and increased prevalence of cryptocurrencies as examples of other developments in his space.
"[A]ll of the evolutions that are taking place in our sector ... [are] coming at us not in onesies and twosies, but these are five or six major forces of work in the sector," Gorman said.
Despite that, Gorman expressed confidenec that the financial sector would not be completely changed by automation just yet.
"In terms of industries that are going through massive transformation from automation, I wouldn't put banking at the top of the list," he said.
Other top executives in the field, such as Deutsche Bank CEO John Cryan, have warned in the past that technology will result in plenty of banking jobs becoming obsolete as automation replaces roles once occupied by people.
Gorman, however, said that, while retail branches of banks could face those issues, Morgan Stanley was in a different position.
With its focus on the institutional and high net worth wealth management business, automation alone would not be able to completely substitute employees at Morgan Stanley, he said.
"A lot of what we do in finance is very sophisticated and requires human intellect and judgement, so I'm not at a point where I think the whole thing is being transformed," Gorman explained.