Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
Custody banking giant State Street is scaling back its workforce and upping its reliance on technology.
The Boston-based firm said Friday it will reduce its employee count by 1,500 jobs in high-cost locations. The layoffs amount to roughly 6 percent of its total workforce, including a 15 percent reduction of senior management.
The move will help cut costs and make room for "benefits of automation and standardized global processes," State Street said in its earnings statement.
"While we have made progress on our technology transformation, much remains to be done and we are not satisfied with our recent performance," CEO Ronald O'Hanley said in the statement. "Structural costs are still too high and our automation efforts have not moved fast enough."
State Street says it is responsible for custody, or storing securities on behalf of the client, for more than 10 percent of the world's assets. It is one of the top firms for the vital but not-so-glamorous job of holding mutual funds and other assets for clients like Fidelity. State Street is also one of the top ETF providers along with names like Invesco and Schwab.
The firm beat Wall Street's expectations for the fourth quarter, bringing in $1.68 adjusted earnings per share vs. $1.67 expected by analysts. Its fourth quarter revenue was $2.99 billion vs. the $2.98 billion expected.
Shares State Street rose 1 percent Friday morning. The stock is up 17 percent this month but down about 30 percent in the past year.