Low-income U.S. households are spending savings quicker than high earners: study

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Make sense of the markets. Reuters Money Sponsored by   Low-income U.S. households are spending savings quicker than high earners: study U.S. households across the board built up savings during the pandemic, but low-income households are burning through their cash more quickly than higher-income families and could be out of savings soon if more aid is not delivered, according to a study released on Wednesday. State Street exploring options for asset management arm -Bloomberg News (Reuters) -U.S. custodian bank State Street Corp is exploring options for its asset management business, including a merger with a competitor, as it seeks to gain scale, Bloomberg News reported on Friday, citing people familiar with the matter. U.S. Labor Department finalizes limits on pension-fund voting on corporate proxies The U.S. Department of Labor on Friday finalized a rule requiring pension funds to vote on shareholder proposals only when there is an economic reason, a change that would curb investors from casting their ballots on many corporate proxies. Bank of America to join the Netherlands as a primary dealer in 2021: DSTA Bank of America will join the Netherlands as a primary dealer in 2021, the Dutch State Treasury Agency said on Friday in its outlook for next year. BofA says its clients increase equity allocation to near record levels BofA said on Friday that its wealth management clients further increased allocation to equities in their portfolios last week, closing in on the record levels seen in March 2015, as they prepare for stronger returns in 2021. Brexit: Morgan Stanley sees FTSE 250 down as much as 10% on no deal Morgan Stanley said on Friday that it expects the FTSE 250 index to drop 6% to 10% if Britain fails to agree a trade deal with the European Union before the end of a transition period. From romance scams to phantom PPE, banks battle coronavirus crimewave Fraud risk analyst Rajendran Raj was used to the odd out-of-hours alert from authorities, but a call one Saturday in March heralded a new era, of tackling criminals seeking to cash in on coronavirus. U.S. stock funds shed $7.7 billion, ending four-week inflow streak -Lipper U.S.-based equity funds posted a $7.7 billion net outflow in the latest week, ending a four-week streak of inflows, according to Lipper. Trust, equity and sustainability: VMware's Gelsinger on a 2030 Agenda "Your generation has accomplished extraordinary things. But did you have to bankrupt this planet?" Alkermes lifts shares with plan after Elliott pressure Biopharmaceutical company Alkermes responded to pressure from activist investment firm Elliott Management on Thursday with a broad plan designed to boost returns. Related Videos Vaccine to act as economic stimulus: Investor The distribution of the COVID-19 vaccine suggests the U.S. economy will be stronger six-to-twelve months from now, as the vaccine spurs economic activity and saves jobs. Investors should place their reopening bets now, Payne Capital Management President Ryan Payne told Reuters Business Correspondent Conway G. Gittens. Wall Street week ahead: Fed meeting, stimulus talks RiverFront Investment Group's Kevin Nicholson plans to keep an eye on the Federal Reserve next week, which is expected to tweak its bond-buying program to ensure long-term interest rates remain low. Nicholson also told Reuters Business Correspondent Conway G. Gittens that investors will be watching for any sign on movement in D.C. stimulus talks. Sponsored by IBM: Looking for a new podcast? Smart Talks is a series that brings you stories of innovation and leadership in business. Learn about cloud, AI, and more from today's top thinkers. LISTEN NOW World news that matters. More Newsletters Get Reuters News App Get Reuters TV App               © 2020 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036 Email Preferences    |   Privacy Policy    |   Terms and Conditions