Bloomberg The Walton family fortune tumbled almost $19 billion after Walmart Inc slashed its profit outlook. Walmart, controlled by the family, fell 11% in New York trading after the Bentonville, Arkansas-based company reported earnings that lagged analysts’ estimates. Soaring inflation heaped pressure on the retailing giant’s profit margins in the first quarter, testing the company’s appetite to raise prices. …

  Bloomberg Investors are piling into cash as the outlook for global growth drops to an all-time low and stagflation worries mount, according to a Bank of America Corp (BofA) fund manager survey that points to continued stock-market declines. Cash levels among investors hit the highest level since September 2001, the report showed, with BofA describing the results as “extremely …

Bloomberg Societe Generale Chief Executive Officer Frederic Oudea said he will leave the lender next year, bringing to a close a 15-year reign that spans the great financial crisis to Russia’s invasion of Ukraine. Oudea, the longest-serving CEO of a major European bank, told shareholders of his surprise decision not to seek reappointment during SocGen’s annual general meeting in Paris. …