Billionaire investor Warren Buffett says U.S. automakers need a new business model to better compete, whether it takes bankruptcy or a government bailout to achieve.

The Bank of New York Mellon Corp. said Thursday it will cut its worldwide work force by 4 percent, or about 1,800 jobs, blaming the weak global economy.It's the latest in a string of banks to announce ...

Redding city officials may ask the city's eight employee unions to accept concessions as a way to avoid layoffs and program cuts.

Investors are wondering if Warren Buffett has lost his touch. They are bailing out of Berkshire Hathaway Inc stock and have lost some confidence that the insurance and investment company, run by one of the ...

A restructuring expert overseeing the liquidation of Lehman Brothers will replace Richard Fuld as chief executive on Dec. 31, Lehman lawyer Harvey Miller said Thursday.

Chief Restructuring Officer Bryan Marsal of Alvarez & Marsal has been overseeing the wind-down of what was once the nation's fourth-largest investment bank. Lehman will also hire David Goldfarb, a former Lehman chief strategy officer, to help with the wind-down. It will pay him $500,000 for six months of work with the possibility of a $500,000 bonus.

Shares of J.P. Morgan Chase & Co. reached their lowest point in five years Thursday as media reports indicated the Manhattan-based bank will cut about 10% of its investment bank staff in an effort to weather ...

DAVENPORT, Iowa - Davenport police say a body found in the backseat of a car has been identified as a missing Illinois woman.

The U.S. financial system still needs at least $1 trillion to $1.2 trillion of tangible common equity to restore confidence and improve liquidity in the credit markets, Friedman Billings Ramsey analyst Paul ...