Shares of banks and financial institutions experienced a significant increase as traders anticipated benefits from stability in global markets and a more accommodative stance from the Federal Reserve.

Positive Growth for Index-Construction Firm MSCI

In a promising development for the money management industry, shares of index-construction firm MSCI witnessed a notable surge of 9.3% following its report on strong demand for its services from investment firms during the fourth quarter.

Citigroup Faces Legal Action

New York Attorney General Letitia James took legal action against Citigroup’s unit, alleging that the bank failed to safeguard its customers against online scams and wrongfully denied reimbursements to affected account holders.

Costly Implementation of New Corporate-Ownership Information Database

According to the U.S. Treasury Department, the banking industry may have to allocate hundreds of millions of dollars in the initial year to establish protocols for accessing the new corporate-ownership information database. This information was previously reported.

PayPal’s Workforce Restructuring

Payment giant PayPal intends to reduce its total workforce by 9% through a comprehensive restructuring plan implemented this year.

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