Financials

The cuts are said to amount to less than 5 percent of the workforce

In January, just before the virus started spreading around the world, Morgan Stanley boosted its performance targets and set new goals for cost-cutting.

In an op-ed, Minneapolis Federal Reserve Bank President, Neel Kashkari, said that raising that amount from private investors today would ensure that large banks can support the economy over a broad range of virus scenarios.

Morgan Stanley is the smallest of the six major U.S. banks with few true peers in the bunch, which has left some investors unsure how it will fare in a coronavirus downturn.

The lender, the most global of the U.S. banks, said net income fell to $2.52 billion, or $1.05 per share, in the first quarter.

Goldman Sachs reported a 49 percent drop in quarterly profit.

The buildout in so-called reserves helped drag net income down 45 percent to $4 billion, or 40 cents a share, in the three months through March.

Just over 78,000 people attended 2019’s Burning Man.

The fourth-largest U.S. lender's quarterly profit fell to $42 million, or 1 penny per share, from  $5.51 billion, or $1.20 per share, a year earlier.

Democrats want to set aside money for smaller financial groups. Republicans see other ways to help.

The buildout in credit reserves helped drag profits from January through March down by 69 percent to $2.87 billion or 78 cents a share, JPMorgan said.

The program announced on March 17, will begin making purchases on Tuesday according to the New York Fed

SoftBank took a hit due to the tumbling value of bets on unproven startups

Commercial real estate loans will be in focus when banks report their first-quarter results.

If you must raid your retirement funds, there may be ways to reduce the financial impact.

Softbank Group Corp said on Monday it expects its $100 billion Vision Fund to book a loss of $16.5 billion in the financial year ended March due to the deteriorating performance of its tech bets.

As the coronavirus spreads and stay-at-home orders cut deeply into the economy, buyout firms are scrambling to triage investments in industries that are particularly vulnerable.

Major U.S. lenders are preparing to become operators of oil and gas fields across the country for the first time in a generation to avoid losses on loans to energy companies that may go bankrupt, sources aware of the plans told Reuters.

WeWork is among a growing number of U.S. businesses that are skipping out on rent payments as companies look to preserve cash ahead of what could be a long economic downturn brought on the pandemic.

FOX Business interviewed nearly a dozen small business owners about the government's virus-related small business loan program – intended to give these companies access to cheap capital until the worst of the pandemic is over and the economy can recover. Their stories are strikingly similar.