Financial Industry News

Wells Fargo Fined $65M For Sales Practices That Cost Investors Millions!

  • Wells Fargo told investors that its superior cross-sell strategy would increase revenue and better serve its customers
  • According to the New York AG’s office, the cross-sell efforts were built on sales practice "misconduct" at the bank

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10 Scams That Will Ruin Your Retirement

  • Falling victim to fraud is especially painful for retirees whom are counting on the fixed income from their nest eggs and Social Security benefits.

  • The median fraud loss was $500 for victims in their 60s, $621 for victims in their 70s, and $1,092 for victims 80 and over.

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What Will Health Care Look Like in 5-15 Years?

Senior executives and innovation officers point to pioneering approaches that will likely become commonplace in health care:

  • new care delivery options
  • revamped clinical teams
  • data analytics
  • value-based payment models
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Congressional Budget Office’s Economic Forecast for the 2018–2028 Period

The economy follows a marked cyclical path: economic growth rises notably this year, slows during the next few years, and then rises to match the growth of potential output - the maximum sustainable output of the economy - in the last years of the projection period.

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Fed's Powell says U.S. outlook 'remarkably positive'

  • [Powell] feels [the U.S. Economy] is on the verge of a “historically rare” era of ultra-low unemployment and tame prices for the foreseeable future.

  • It is an outlook he feels will even survive the Trump administration’s efforts to rewrite the global trading system.

  • [The Fed] sees a hot job market, steady economic growth, steady 2 percent inflation and only modest rate increases through 2021 - as if the United States had slipped into the sort of pleasant long-run equilibrium described in textbook economic models.

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Retirement Is in Peril for Most Working-Class Americans, Warns New Report

  • Retirement is in peril for most working-class Americans cautions a new report by the National Institute on Retirement Security

  • Oakley (NIRS Executive Director) says causes of the retirement savings shortfalls include fewer workers having stable and secure pensions and the replacement of workplace pensions with 401(k)-style defined contribution accounts which provide less savings and protection

  • NIRS says while the typical American needs 85 percent of their working income to maintain their standard of living in retirement, Social Security provides only 35 percent

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Canada and US Reach Trade Deal to Replace NAFTA

  • U.S. and Canada have agreed to a deal deemed the USMCA – United States-Mexico-Canada Agreement, according to a senior U.S. administration official.

  • U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said the agreement "will strengthen the middle class, and create good, well-paying jobs and new opportunities for the nearly half billion people who call North America home."

  • The plan is for the leaders of the three North American countries to sign before the end of November, after which it would be submitted to Congress.

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Why Investors Fail

6 Crucial mistakes cause investors to earn poor returns or even lose money

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4 Retirement Planning Mistakes You Probably Don't Even Realize You're Making

  1. Relying too heavily on Social Security

  2. Assuming your living costs will drop drastically

  3. Not taking advantage of catch-up contributions

  4. Forgetting about taxes

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Wells Fargo Said to Face DOJ Probe of Wholesale-Banking Business

  • The Department of Justice investigation is focusing on concerns that bank employees improperly altered customer data.

  • Some workers added information to internal customer records without the clients’ knowledge, a person briefed on the situation said in May.

  • Wells Fargo has struggled to move past a wave of scandals, which led to a Federal Reserve ban on increasing assets until the lender fixes its missteps.

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