Banks
Treasury’s Bessent is called Trump ‘flunky’ by Democrat at House oversight hearing
Treasury Secretary Scott Bessent sparred with Democratic members of the House Financial Services Committee on Wednesday, with one calling him a “flunky” for failing to criticize investment from United Arab Emirates officials in the Trump family’s cryptocurrency venture. Rep. Gregory Meeks, D-N.Y., probed Bessent on alleged conflicts of interest and lack of transparency related to […]
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UBS beats expectations with $1.2 billion fourth-quarter profit, plans $3 billion buyback
Fabrice Coffrini | AFP | Getty Images UBS announced plans for a $3 billion buyback Wednesday and posted fourth-quarter profits that beat analysts’ forecasts. The Swiss banking giant said it aims to buyback at least $3 billion of shares in 2026, adding that it aims to do more. Net profit attributable to shareholders rose 56% […]
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PayPal shares sink 17% after forecasting weak 2026 earnings; HP’s Enrique Lores named new CEO
Enrique Lores, CEO of Hewlett-Packard speaks on CNBC outside the World Economic Forum in Davos, Switzerland on Jan. 22, 2025. Gerry Miller | CNBC PayPal issued a lackluster profit forecast for 2026 and reported fourth-quarter earnings below Wall Street expectations on Tuesday, while naming HP’s Enrique Lores as its president and CEO. Shares of the […]
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American Express, credit card provider to the wealthy, wants even more high spenders
American Express announces the new platinum business card. Courtesy: American Express American Express is finding that even for a provider of credit cards to the affluent, it pays to focus on the highest of high rollers. The company recently shifted marketing dollars to its refreshed Platinum card, which carries an $895 annual fee, and away […]
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‘Climate of fear’: ICE violence in Minnesota forces CEOs to weigh the risks of speaking out against Trump
Key Points Corporate leaders broke their near year of silence on President Donald Trump’s policies after the fatal shooting of Alex Pretti by federal immigration agents in Minneapolis. Yet it’s clear business leaders are treading carefully as they face possible retribution from the White House or risk backlash from a divided American public. “They don’t […]
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JPMorgan Chase and Bank of America to match $1,000 U.S. contributions to employee ‘Trump accounts’
Key Points JPMorgan Chase and Bank of America said Wednesday in separate announcements that the firms will match the U.S. government’s one-time $1,000 contribution to new children’s retirement savings accounts for eligible employees, the latest financial firm to announce such a measure. The so-called “Trump accounts” are part of a pilot program that deposits $1,000 […]
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Deutsche Bank raided by German police in money laundering probe
German police carried out raids at Deutsche Bank in Frankfurt and in Berlin on Wednesday morning, as part of an investigation into money laundering. Shares in the German lender were last seen down about 2.7% following news of the probe, which was first reported by Spiegel. “We confirm Frankfurt prosecutors are currently conducting an investigation […]
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From Bill Gates to Emmanuel Macron: How the world’s most powerful people communicate and exert influence
French President Emmanuel Macron, wearing sunglasses, speaks during a meeting on the institutional future of New Caledonia at the Elysee Palace in Paris, France, Jan. 16, 2026. Yoan Valat | Via Reuters Every January, the world’s most powerful people gather on the snowy peaks of Davos to talk about the most pressing global issues, and […]
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Investors came to Davos for AI. They left talking about Greenland
U.S. President Donald Trump (R) speaks to Apple CEO Tim Cook (L) as he attends a reception for business leaders at the World Economic Forum (WEF) Annual Meeting on Jan. 21, 2026 in Davos, Switzerland. Chip Somodevilla | Getty Images Moving between panels, hotel lobbies, and meetings this week, it often felt like two conferences were […]
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