A surface-to-air missile shot down a U.S. military drone over the Strait of Hormuz, a U.S. official said Thursday.World Politicsread more
President Donald Trump has publicly blamed the Federal Reserve's interest rates hikes for holding back U.S. economic growth.The Fedread more
China's President Xi Jinping arrived in Pyongyang on Thursday morning for a state visit to North Korea — the first by a Chinese state leader in 14 years. Experts say the move...Asia Politicsread more
Gold prices spiked in the afternoon of Asian trading hours on Thursday after a dovish U.S Federal Reserve opened the door to further rate cuts, and the 10-year Treasury yield...Metalsread more
The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Waymo has signed a deal with Renault and Nissan to develop self-driving cars and trucks for use in France, Japan and possibly other countries in Asia, including China, the...Autosread more
It's crucial to note that the culprit behind attacks on two commercial tankers last week has not been conclusively proven.World Politicsread more
"No U.S. drone was operating in Iranian airspace today," a U.S. Central Command spokesman said, according to NBC News.World Politicsread more
The Fed left interest rates unchanged at its monetary policy meeting. The U.S. central bank did, however, drop the word "patient " from its statement and said it would "act as...Asia Marketsread more
As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides' expectations regarding a deal remains wide.World Politicsread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Expect smaller banks to get bigger now that changes are in the works for the Dodd-Frank financial regulations, Wells Fargo analyst Mike Mayo told CNBC on Friday.
The Senate passed a bill Wednesday that eases regulations on all but the largest banks. Its fate now rests with the House.
If those changes happen, "we absolutely expect bank consolidation to accelerate," Mayo said in an interview with "Closing Bell. "
One of the main provisions would raise the threshold for banks to be considered so vital to the financial system that they must be subjected to extra oversight and submit to mandatory annual stress tests. The current asset level is $50 billion, and the bill would raise that to $250 billion.
"That would allow banks to get bigger without the risk of having all sorts of additional oversight," Mayo said.
In recent years, bank mergers have been rare as companies tried to avoid surpassing the asset-size threshold.
"You also have scale mattering more than ever in banking so there's a reason to get bigger," Mayo added. "And also you have extra capital."
He's not the only one on Wall Street betting on consolidation in the sector.
"In the past, banks were wary to cross the $50bn asset marker," said Barclays analyst Jason Goldberg in a note Thursday. "We think this threshold now increases to $100bn."
— CNBC's Liz Moyer contributed to this report.