Banks
State AGs led by NY’s Letitia James pressure Meta to clean up investment scams on Facebook
New York Attorney General Letitia James speaks during a press conference at the office of the Attorney General on July 13, 2022 in New York City. Michael M. Santiago | Getty Images A group of 42 state attorneys general are calling on Meta to curb the rise of investment scams on Facebook that fraudulently use […]
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UniCredit CEO says Commerzbank currently too expensive for takeover offer
Andrea Orcel, chief executive officer of Unicredit, in London, UK, on Thursday, Nov. 23, 2023. Bloomberg | Bloomberg | Getty Images UniCredit CEO Andrea Orcel on Wednesday told CNBC that the share price of potential takeover target Commerzbank is currently too prohibitively expensive for a merger deal. UniCredit has built a surprise stake in Commerzbank […]
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Walmart is using its own fintech firm to provide credit cards after dumping Capital One
Key Points Walmart’s majority-owned fintech startup OnePay said Monday that it was launching a pair of new credit cards for customers of the world’s biggest retailer. To do so, OnePay is partnering with Synchrony, a major behind-the-scenes player in retail cards, which will issue the cards and handle underwriting decisions starting in the fall, the companies […]
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Swiss government proposes tough new capital rules in major blow to UBS
Key Points The Swiss government proposed strict new capital rules that would require banking giant UBS to hold an additional $26 billion in core capital. The measures would also mean that UBS will need to fully capitalize its foreign units and carry out fewer share buybacks. The Swiss National Bank said it supported the measures […]
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Corporate layoffs have ramped up in recent weeks. Here are the companies making cuts
Layoffs are illustrated by an oversized pair of scissors, that looms over seven workers sitting in office chairs suspended by strings. Mathisworks | Digitalvision Vectors | Getty Images While Elon Musk has ended his government cost-cutting initiative that resulted in thousands of federal job cuts, mass layoffs are still roiling corporate America. Companies are under […]
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The European Central Bank is almost guaranteed to cut rates. Here’s what could happen next
A projected illumination marking the 75th anniversary of the Schuman Declaration, on the Grossmarkthalle building at the European Central Bank headquarters in Frankfurt, Germany, on May 9, 2025. Alex Kraus/Bloomberg via Getty Images The European Central Bank is all but guaranteed to trim its key interest rate on Thursday. Markets were last pricing in an […]
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Citigroup lifts banking curbs on gun makers and sellers
In this article C Follow your favorite stocksCREATE FREE ACCOUNT Signage at a Citibank branch in New York, US, on Sunday, Jan. 12, 2025. Michael Nagle | Bloomberg | Getty Images Citigroup on Tuesday ended a seven-year-old policy restricting how it provides banking services to firearm manufacturers, sellers and resellers. The bank launched the policy in […]
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Klarna takes on banks with debit card as it diversifies beyond buy now, pay later
Key Points Klarna is piloting a debit card called Klarna Card in the U.S. The card will also launch in Europe later this year. The Swedish fintech has been trying to shift its image from “buy now, pay later” poster child to a more all-encompassing banking player. Source
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JPMorgan hired NOAA’s chief scientist to advise clients on navigating climate change
Key Points Sarah Kapnick started her career in 2004 as an investment banking analyst, but was struck by how little climate change was being factored into financial decision making. She later became the chief science officer at the National Oceanic and Atmospheric Administration (NOAA) Last year, JPMorgan hired Kapnick back into banking, where she’s advising […]
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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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