banks

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Biggest Bank Suggests US Has Achieved a 'Soft Landing'

JPMorgan exec uses the phrase while discussing better-than-expected quarterly results

(Newser) - The Federal Reserve has been adjusting rates and watching inflation as it attempts to pull off an elusive "soft landing" for the economy. On Friday, an exec at the nation's biggest bank said the central bank appears to have pulled it off and avoided a recession. After JPMorgan...

Major Banks Try to Ease Junior Bankers' Exhaustion

JPMorgan, Bank of America take steps to prevent overwork amid criticism

(Newser) - Two leading investment banks are taking steps to prevent junior bankers from working more than 100 hours a week following complaints of overwork. JPMorgan is instituting an 80-hour weekly cap for junior bankers in a first-of-its-kind move for the bank, while Bank of America, which already flags work beyond a...

Bank of America Inches Closer to Its $25-an-Hour Goal

Minimum wage at bank will now be $24 an hour, starting in October

(Newser) - Bank of America has pledged it would raise its minimum wage to $25 by 2025, and it just got one step closer to reaching that goal. On Tuesday, the finance giant announced it would up its lowest pay rung to $24 an hour, starting in October, for both full-time and...

Capital One-Discover Deal Faces 'Gale-Force Headwinds'
Capital One-Discover Deal
Seen as 'Dangerous'
THE RUNDOWN
Feb 21, 2024 9:03 AM CST

Capital One-Discover Deal Seen as 'Dangerous'

Sen. Elizabeth Warren leads charge against $35B merger, saying it will hurt 'working people'

(Newser) - Capital One announced on Monday that it was buying Discover Financial Services, in a $35 billion deal to combine two of the nation's largest credit-card firms. But experts say it will take at least a year for the merger to be completed, and there's already pushback from advocacy...

Big Banks Warn Customers of Deposit Delays

'Manual error' said to cause 'processing issue' at Chase, Bank of America, Wells Fargo, others

(Newser) - Deposits at major banks across the nation were delayed Friday, due to what the Federal Reserve is calling a "processing issue" caused by human error. CNN Business reports that customers at Bank of America, Chase, Wells Fargo, US Bank, and Truist started complaining about the problem Friday morning, with...

JPMorgan Settles Epstein Case With $75M Payment

Virgin Islands accused the bank of turning a blind eye to his sex trafficking of girls

(Newser) - JPMorgan Chase will pay $75 million to close an ugly chapter in the banking giant's history. The payment settles a lawsuit brought by the US Virgin Islands that accused the bank of turning a blind eye to the sex trafficking of girls by Jeffrey Epstein, reports the New York ...

He Lost Life Savings to Scam. The Bank Stepped Up

Australia's ANZ recognized 78-year-old Alex Shaw, who has dementia, had been taken for $300K

(Newser) - An elderly man from Down Under who was scammed out of his life savings has received a reprieve, in a tale described by the Good News Network as "a story of corporate responsibility in the face of personal tragedy." ABC Australia notes that although scam victims in the...

Feds Order Bank of America to Pay $250M in New Scandal

CFPB says bank charged junk fees, withheld bonuses, opened fake accounts

(Newser) - Bank of America must pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses, and opening accounts without customer consent, reports the AP . Bank of America will pay $90 million in penalties to its organization and $60 million in penalties to the Office of...

Half of Americans Fear for Their Bank Holdings

Experts say there's no reason to fret thanks to FDIC insurance

(Newser) - Americans appear as worried about their money in banks now as they were during the 2008 financial crisis. Some 48% of US adults are "very" or "moderately" concerned about money held in bank accounts, according to a Gallup poll that was conducted after two banks failed , but before...

In Silicon Valley Bank Fail, the Fed's 'Mea Culpa' (Sort Of)

US central banking system blames lax oversight, weakened regulations for bank's collapse

(Newser) - The Federal Reserve blamed last month's collapse of Silicon Valley Bank on poor management, watered-down regulations, and lax oversight by its own staffers, adding that the industry needs stricter policing on multiple fronts to prevent future bank failures. The Fed was highly critical of its own role in the...

UBS Buys Credit Suisse in Deal Driven by Regulators

Swiss government says merger will protect global financial system

(Newser) - Switzerland's two biggest banks are merging, after regulators intervened to prevent the smaller one's problems from affecting the global banking system. The deal between UBS and Credit Suisse was announced Sunday night by Swiss President Alain Berset. The country's finance minister said that had Credit Suisse filed...

Sharon Stone Makes Shocking Financial Admission

At cancer awareness event in Beverly Hills, actor says she lost half her fortune to 'this banking thing'

(Newser) - Even the rich and famous aren't necessarily immune to major fails in the banking industry. Sharon Stone put herself forward as an example of that on Thursday, when she spoke at a star-studded California cancer awareness event and made a shocking claim about her finances. Per Yahoo Entertainment , the...

Credit Suisse Rebounds After Central Bank Announces Aid
Hemorrhaging Bank
Gets a Lifeline
Mar 16, 2023 6:07 AM CDT

Hemorrhaging Bank Gets a Lifeline

Credit Suisse can borrow up to $53.7B from Swiss central bank

(Newser) - Credit Suisse's shares soared more than 30% on Thursday after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss central bank, bolstering confidence as fears about the banking system moved from the US to Europe. It was a...

Credit Suisse Just Lost a Quarter of Its Value
Another Bank Just
Took a Huge Hit
Mar 15, 2023 10:40 AM CDT

Another Bank Just Took a Huge Hit

Credit Suisse shares lost a quarter of their value after biggest shareholder said no more money

(Newser) - Battered shares of Credit Suisse lost more than one-quarter of their value Wednesday, hitting a record low after its biggest shareholder—the Saudi National Bank—said it would not inject more money into the Swiss bank beset by problems long before the failure of two US lenders. The turmoil prompted...

A Bank Collapsed. Next: Moves to Avoid a 'Contagion'

Media outlets detail Biden administration's frenzied weekend to try to keep banking crisis at bay

(Newser) - The collapse on Friday of Silicon Valley Bank , which was bookended by the shuttering of two other financial institutions, led to wider fears among Biden administration officials: the possibility of a "contagion" that could lead to a domino effect of failure among America's banks, as one White House...

Report: Bank Was at Center of Criminal Probe Before Collapse

Per Bloomberg, the feds were looking into Signature Bank's dealings with crypto clients

(Newser) - On Tuesday, a spokesperson for the New York State Department of Financial Services insisted that the shuttering of Signature Bank, the third US financial institution to collapse in just a matter of days, had "nothing to do with crypto," per Reuters . By Tuesday evening, however, Bloomberg suggested that...

Biden Tries to Shore Up Confidence in Bank System

'Your deposits will be there when you need them'

(Newser) - One of President Biden's first orders of business on Monday was to attempt to reassure Americans—and the financial markets—that the banking system is on solid ground after a tumultuous few days .
  • "Your deposits will be there when you need them," said Biden in a national
...

Largest Bank Collapse Since 2008 Just Went Down

FDIC shutters Silicon Valley Bank, seizes its assets

(Newser) - The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The FDIC ordered the closure of SVB and immediately took possession of all deposits at the bank. The bank had...

Warren: Fraud, Scams on Rise at Zelle

Senate report finds growing cases of fraud on payment service, limited reimbursements

(Newser) - Incidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle, according to a report issued Monday by the office of Sen. Elizabeth Warren, giving the public its first glimpse into the growing problems at Zelle. The report also found that the large banks that...

Already Angry Bank Customers Here Are About to Get Angrier

Lebanon shutters banks 'indefinitely' after heist spree by patrons trying to access trapped cash

(Newser) - If you're in Lebanon and need to do regular banking, better download the app—and expect all the usual limitations on how much money you can take out. That's because after being closed for three days already, most banks there are now shuttered "indefinitely" after a rush...

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