Bank of New York Mellon Corp. said Tuesday that its first-quarter profit dropped an unexpectedly steep 57 percent and that it was slashing its dividend in hopes of repaying a government investment.
Investors traded stocks cautiously Tuesday as lackluster corporate results renewed questions about how quickly the economy can recover from the recession.
Executives of the nation's largest credit-card companies will meet with President Barack Obama at the White House on Thursday to discuss growing concerns about questionable practices in the industry.
Only $109.6 billion in resources remain in the government's $700 billion financial rescue fund.
As a senator, Barack Obama led the charge last year to pass a bill allowing black farmers to seek new discrimination claims against the Agriculture Department.
Bank of America Corp. warned of worsening loan default problems Monday even as it posted a first-quarter profit of $2.81 billion.
A private sector group's index of leading economic indicators fell more than expected in March, but the forecast called for the recession's intensity to ease this summer.
Americans need to sharpen their financial know-how to help them best use their money, especially during the current economic crisis, Federal Reserve Chairman Ben Bernanke said Monday.