Wells Fargo Fires Employees Who Applied for SBA Pandemic Loans

Wells Fargo & Co. fired more than 100 employees for allegedly defrauding a federal pandemic-relief program. 


 
Vista Equity's Robert Smith Reaches Settlement With DOJ

The billionaire is set to pay $140 million and admit liability for additional taxes owed and not properly filing foreign bank account reports but won't be prosecuted. 


 
HarbourVest Raises Over $8 Billion for New Secondary Fund

The Boston firm aims to capitalize on a booming market for secondhand fund stakes. 


 
Fed Official Wonders Whether Treasury Market Can Handle Massive Issuance Alone

The Federal Reserve's point man on financial regulation said the Treasury market has grown so large that some level of central bank involvement may need to continue to ensure orderly trading conditions. 


 
Fed's Clarida Says Continuing Support Will Be Needed to Sustain Recovery

The Federal Reserve Vice-Chairman said the U.S. economy's recovery has been surprisingly strong after a heavy hit earlier in the year, but that continuing support will be needed to recover what was lost so far during the pandemic. 


 
Australia's RBA Sifting Options to Further Support Economy

The Reserve Bank of Australia may cut interest rates further and deploy a bigger bond buying program over time, but Gov. Philip Lowe has indicated there is no rush, highlighting the role that government spending is now doing to drive the economic recovery. 


 
Goldman Sachs Profit Nearly Doubles

The bank's sharply higher profit is the latest confirmation that, even in a pandemic and a recession, Wall Street can still make money. 


 
Wells Fargo Earnings Drop 56%

The lender said third-quarter profit dropped from a year earlier to $2.04 billion. Still, the results were an improvement from the second quarter, when the bank set aside billions for bad loans and reported a loss. 


 
Bank of America Profit Falls 16%

The lender's profit dropped in the third quarter, though the bank indicated that it is well prepared to weather the coronavirus recession. 


 
BlackRock Bets on U.K. Electric-Vehicle Startup Arrival With $118 Million Investment

The New York-based asset manager is joining Arrival's existing backers-auto manufacturers Hyundai and Kia, as well as U.S. delivery giant UPS.

(END) Dow Jones Newswires

10-15-20 0015ET