Banks
JPMorgan begins suing customers who allegedly stole thousands of dollars in ‘infinite money glitch’
The Chase bank logo above ATMs, taken in Manhattan. Michael Kappeler | Picture Alliance | Getty Images JPMorgan Chase has begun suing customers who allegedly stole thousands of dollars from ATMs by taking advantage of a technical glitch that allowed them to withdraw funds before a check bounced. The bank on Monday filed lawsuits in […]
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Wise’s billionaire CEO fined £350,000 by UK regulators over failure to report tax issue
Key Points Kristo Käärmann, who co-founded Wise in 2011, was on Monday ordered by the Financial Conduct Authority to pay a £350,000 fine. The FCA said that Käärmann failed to notify the regulator about him not paying a capital gains tax liability when he cashed in on shares worth £10 million in 2017. The watchdog […]
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Barclays profit jumps 23% in third quarter, beating expectations
Signage shines through a window reflecting Barclays head office in Canary Wharf, London, U.K. Bloomberg | Getty Images LONDON — British bank Barclays on Thursday reported £1.6 billion ($2 billion) net profit attributable to shareholders for the third quarter, beating expectations. The result compared with the £1.17 billion net profit forecast in an LSEG poll of analysts, and […]
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Apple and Goldman Sachs ordered to pay over $89 million for Apple card failures
Apple CEO Tim Cook introduces the Apple Card during a launch event at Apple headquarters in Cupertino, California, on March 25, 2019. Noah Berger | AFP | Getty Images The Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card […]
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AI on the trading floor: Morgan Stanley expands OpenAI-powered chatbot tools to Wall Street division
Key Points Morgan Stanley is expanding the use of OpenAI-powered generative AI tools to its vaunted investment banking and trading division, CNBC has learned. The firm began testing a version of an AI assistant based on OpenAI’s ChatGPT, called AskResearchGPT, this summer in its institutional securities group, according to Katy Huberty, Morgan Stanley’s global director […]
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Deutsche Bank swings back to profit in the third quarter, beating expectations
A sign for Deutsche Bank AG at a bank branch in the financial district of Frankfurt, Germany, on Thursday, Feb. 2, 2023. Bloomberg | Bloomberg | Getty Images Deutsche Bank on Wednesday beat expectations in its return to profit in the three months to September, after snapping its 15-quarter profit streak in the second quarter. […]
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HSBC names Pam Kaur as first female CFO amid major restructuring
Key Points HSBC on Tuesday named veteran insider Pam Kaur as its first female finance chief and announced a consolidation of the bank into four business units. This is the second heavyweight leadership shakeup for HSBC in recent months, after former finance boss Georges Elhedery was named CEO of the group back in July. The bank also announced plans […]
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UBS sells its 50% stake in Swisscard to American Express
UBS logo is seen at the office building in Krakow, Poland on February 22, 2024. Jakub Porzycki | Nurphoto | Getty Images UBS is offloading part of the Credit Suisse business it acquired last year with a deal to sell the fallen bank’s 50% stake in credit card provider Swisscard. UBS will sell its 50% […]
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After rejecting Google takeover, cyber firm Wiz says it will IPO ‘when the stars align’
LONDON — Cybersecurity firm Wiz is seeking to hit $1 billion of annual recurring revenues next year, the company’s billionaire co-founder Roy Reznik told CNBC, adding that the firm will go public “when the stars align.” Wiz makes software that connects to cloud storage providers like Amazon Web Services or Microsoft Azure and scans for […]
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Morgan Stanley is about to report earnings — here’s what to expect
Key Points Morgan Stanley is set to report third-quarter earnings before the opening bell Wednesday. The bank’s massive wealth management business will be helped by high stock market values in the quarter, which inflates the management fees the bank collects. JPMorgan Chase, Goldman Sachs and Citigroup topped expectations, helped by better-than-expected revenue from trading or […]
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