Citigroup Inc reported a 46% plunge in quarterly profit on Wednesday as it prepared for losses driven primarily by its credit card business, and analysts raised worries that there is more pain to come as the economic outlook darkens.
By Marc Jones, Karin Strohecker, Tom Arnold and Cassandra Garrison
"If we take this money and don't treat it like the precious capital that it is ... then we've done a disservice to everyone," Junior's Cheesecake owner Alan Rosen told CNBC.
Canadian auto supplier Magna International Inc is planning for a return to production in North America on May 4, with a subsequent gradual increase in output as the industry recovers from the shutdown caused by the coronavirus pandemic, a top executive said on Wednesday.
U.S. companies have been battered by the fallout from the novel coronavirus outbreak, with economic activity plunging at an unprecedented speed over the past few weeks, a Federal Reserve report released on Wednesday showed.
U.S. President Donald Trump said on Wednesday that data suggested the country had passed the peak on new coronavirus infections, and said he would announce "new guidelines" for reopening the economy at a news conference on Thursday.
Alphabet Inc's Google will slow hiring for the rest of the year, Chief Executive Officer Sundar Pichai told the company's staff in a memo on Wednesday.
Warehouse operator Costco Wholesale Corp on Wednesday raised its quarterly dividend by about 8%, joining a small but growing list of companies to do so at a time when most of corporate America is suspending shareholders returns in order to shore up liquidity as the coronavirus crisis deepens.
Mylan NV on Wednesday named Chairman Robert Coury to the role of executive chairman to help steer the drugmaker through the coronavirus pandemic and its delayed merger with Pfizer Inc's off-patent branded drug unit, Upjohn.
Amazon.com Inc's vice president of the European Union segment, Roy Perticucci, has stepped down, the company confirmed on Wednesday.
For the first time in years, Goldman Sachs Group Inc's having a sizeable trading business and a tiny consumer bank seems like a good idea.
Airbus SE is delaying its planned Canadian production ramp-up of its A220 jet by a year, a company spokeswoman said on Wednesday, as the coronavirus outbreak weighs on broader airline demand for aircraft.
Smithfield Foods Inc, the world's largest pork processor, said on Wednesday it would shutter two U.S. plants that process bacon and ham, after closing a separate hog slaughterhouse because of an outbreak of the coronavirus among employees.
Several major U.S. airlines are preparing to apply this week for a $25 billion U.S. government loan program after winning billions in federal payroll grants, people familiar with the matter said, as the industry braces for a slow recovery from the coronavirus pandemic.
The top U.S. retail banks said on Wednesday they would provide relief to customers who had overdrawn checking accounts, so that they could reap the full benefits of the federal government's cash stimulus program.