In the days after he resigned as secretary of defense in December, Jim Mattis told people he hoped to be succeeded by Patrick Shanahan, his deputy. Shanahan has remained in limbo since then as acting secretary, perhaps trying to convince President Trump’s critics that he will be independent, the way Mattis was, while simultaneously reassuring the White House that he ...

Mario Draghi is rarely afraid to adopt difficult positions on the subject of Europe’s future. The president of the European Central Bank (ECB) has advocated that the euro zone should build a capital market union, complete the banking union and move towards a centralised budget – even though political leaders are reluctant to take those steps. Last week, Draghi took ...

It’s shaping up to be another tough quarter for securities firms, the world’s biggest trading house has warned. JPMorgan Chase & Co.’s grim assessment of market conditions this year is more than a stark reminder that the wallet keeps shrinking. The US firm warned this week that it expects trading revenue to shrink by a low-teens percentage in the first ...