Business Briefs – April 19, 2017

Fed Survey Finds Moderate Economic Growth In Spring

WASHINGTON (AP) – The Federal Reserve says the U.S. economy kept expanding in the early spring, with tight labor markets and many businesses reporting rising wages. In its latest survey of economic conditions nationwide, the central bank found that it’s 12 regional banks all depicted growth as either “modest or moderate” from mid-March through early April.

Bank Regulator Faults Itself For Missing Wells Fargo Issues

NEW YORK (AP) – The nation’s big bank regulator is faulting itself for failing to address the problems at Wells Fargo before it was too late. The inspector general at the Office of the Comptroller of the Currency said Wednesday the Comptroller’s examiners saw sales problems at Wells Fargo as early as 2010.

American Express Profit Falls 13 Percent, But Tops Forecasts

NEW YORK (AP) – Credit card company American Express says its first-quarter profit fell 13 percent from a year earlier. That’s as the company continues to deal with the aftermath of losing its partnership with Costco.

Trump Pick for Commerce’s No. 2 Withdraws, Blames Conflicts

WASHINGTON (AP) – President Donald Trump’s pick for deputy commerce secretary has withdrawn from consideration. Todd Ricketts was unable to resolve conflict of interest issues in taking the No. 2 job at the department. Ricketts is a co-owner of the Chicago Cubs and son of TD Ameritrade founder Joe Ricketts.

Morgan Stanley Posts Strong Profit, Helped by Trading Desks

NEW YORK (AP) – Wealth management and investment banking firm Morgan Stanley saw profits rise 74 percent in the first quarter, helped by its well-regarded trading desks. Morgan Stanley’s wealth management arm, a part of the firm’s business that its executives have been focusing much of its energy on, also had higher profits in the quarter.

CSX 1Q Profit Rises Slightly As Restricting Limits Profit

OMAHA, Neb. (AP) – CSX Corp.’s first-quarter profit rose about 2 percent as the railroad hauled more, but the results were hurt by restructuring expenses of $173 million. The Jacksonville, Florida-based railroad said Wednesday that it earned $362 million, or 39 cents per share.