Banks
This is why Jamie Dimon is so gloomy on the economy
Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing and Urban Affairs Committee hearing titled Annual Oversight of Wall Street Firms, in the Hart Building on Dec. 6, 2023. Tom Williams | Cq-roll Call, Inc. | Getty Images The more Jamie Dimon worries, the better his bank seems to do. As JPMorgan […]
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Goldman-backed Starling Bank reports 26% drop in annual profit as it flags Covid loan fraud issue
The Starling Bank app displayed on a person’s phone. Adrian Dennis | AFP via Getty Images LONDON — British online lender Starling Bank on Wednesday reported a sharp drop in annual profit, citing an issue with Covid-era business loan fraud and a regulatory fine over financial crime failings. Starling, which offers fee-free current accounts and […]
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JPMorgan Chase is heading upmarket to woo America’s millionaires
A living space in the new J.P. Morgan financial center branch format in Palm Beach. Courtesy: JP Morgan JPMorgan Chase thinks it has cracked the code on managing more money for America’s millionaires. It’s not a new financial product, a novel software program or an enticing sign-up bonus. Instead, it’s a refurbished take on an […]
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Personal finance app Monarch raises $75 million despite ‘nuclear winter’ for fintech startups
Monarch co-founders (left to right) Ozzie Osman, Jon Sutherland, Val Agostino. Courtesy: Monarch The personal finance startup Monarch has raised $75 million to accelerate subscriber growth that took off last year when budgeting tool Mint was shut down, CNBC has learned. The fundraising is among the largest for an American consumer fintech startup this year […]
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JPMorgan CEO Jamie Dimon says markets are too complacent on tariffs, expects S&P 500 earnings growth to collapse
Key Points JPMorgan Chase CEO Jamie Dimon warned Monday about the risks of record U.S. deficits, tariffs and international tensions. Dimon, the chairman of the biggest U.S. bank by assets, said stock markets aren’t properly representing the possibility of higher inflation and even stagflation. Dimon also discussed his timeline to hand over the CEO reins […]
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New York AG sues Capital One after Trump-led CFPB drops similar case
Key Points New York Attorney General Letitia James sued Capital One on Wednesday, accusing the bank of “cheating” customers out of millions of dollars in interest payments. The suit mimics litigation by the CFPB, which was dropped in February under the Trump administration. “Big banks are not allowed to cheat their customers with false advertising […]
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Fintechs that raked in profits from high interest rates now face a key test
Key Points In 2024, several fintechs — including Robinhood, Revolut and Monzo — saw a boost to their bottom lines from higher interest rates. Now, they face a key test as a broad decline in interest rates raises doubts about the sustainability of relying on this heightened income over the long term. Lindsey Naylor, partner […]
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Banks are keeping credit card rates high even after the CFPB rule they blamed for high APRs was killed
Key Points Banks quickly raised interest rates to record levels and added new monthly fees on credit cards last year when a Consumer Financial Protection Bureau rule threatened a key revenue source for the industry. Now they’re far more reluctant to reverse those steps, even after bank trade groups succeeded in killing the CFPB rule […]
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Credit Suisse to pay $511 million for helping U.S. taxpayers hide over $4 billion overseas
Two men sit under a sign of Credit Suisse displayed on a building in Lugano, on June 9, 2023. Fabrice Coffrini | AFP | Getty Images Credit Suisse Services AG will pay about $511 million to settle a criminal case for having conspired with American taxpayers to hide more than $4 billion in at least […]
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Erste acquires 49% stake in Santander’s Polish unit for $7.7 billion
Erste bank headquarters in Budapest. ATTILA KISBENEDEK I AFP I Getty Images Austria’s Erste Group Bank acquired a 49% stake in Santander’s Polish unit for around 6.8 billion euros ($7.7 billion), Santander and Erste said Monday, driving shares in Santander Bank Polska down around 5% in Warsaw. Santander and Erste also reached a deal for Erste to acquire 50% of the Spanish […]
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