Lower mortgage rates offer hope to homebuyers in 2024
Hope is on the horizon for house hunters looking to put down roots. With mortgage rates down from the 8% level they hit last fall, some real estate agents say 2024 could be a better year for homebuyers.
Bank of America reduces CEO pay for second year
Brian Moynihan's total compensation as CEO of Bank of America Corp. declined 3% to $29 million for 2023, a year in which profit fell and the firm's shares performed the worst among its biggest rivals.
Bank of England holds key rate at 5.25%
The Bank of England held its benchmark interest rate at 5.25% in a three-way split vote with two members voting for higher rates and one voting for a cut, the organization expects inflation to remain high for the time being.
Federal Reserve holds rates steady
The Federal Reserve held interest rates steady for the fourth straight meeting and signaled its openness to cutting them. In a statement issued after their two-day meeting, Fed officials dropped their previous assertion that a rate hike ...
U.S. consumer credit card debt is soaring
In many ways, the economy is improving for consumers, from cooling inflation to a strong job market. But many are still struggling financially, and when they don't have enough money to cover emergency expenses, they're taking on more and...
China cuts reserve requirement for banks
China said it will cut the reserve requirement ratio for banks within two weeks and hinted at more support measures to come, as Beijing looks to shore up the economy and halt a $6 trillion stock-market rout.
AI in financial planning and management
Artificial Intelligence (AI) is increasingly being used for various purposes, including financial planning and management. Banks are using AI to help detect fraud, manage accounts, and improve financial services.
Biden announces billions in student loan debt relief
The president says 44,000 borrowers approved for debt-relief have public service experience, totaling about $5 billion in money back to debtors across the United States.
JPMorgan raises CEO Jamie Dimon's pay to $36 million
JPMorgan Chase raised CEO Jamie Dimon's pay to $36 million for 2023, a year in which the bank notched the highest profit in the history of American banking.
Goldman Sachs' earnings beats expectations
Goldman Sachs Group Inc. reported fourth-quarter results that surpassed profit expectations with equities-trading unit revenue tripling analyst's expectations.
HSBC faces $1 billion lawsuit over SVB hires
HSBC Holdings Plc has been denied in its request to dismiss a $1 billion lawsuit from First Citizens Bank & Trust Co. accusing HSBC of poaching dozens of employees and stealing trade secrets from Silicon Valley Bank shortly after its acq...
What to expect from U.S. bank earnings
Jason Goldberg of Barclays says it's going to be a noisy earnings season for big banks, as he dives into what we can expect from these earnings releases after a volatile year.
Mortgage, rent prices expected to decrease this year
Mortgage rates are widely expected to fall this year in the U.S., which would make it easier for potential homebuyers. But renters are also likely to feel some much-needed relief, after grappling with years of high prices.
How 2023 was the year of avoiding recession
This time last year, a record number of CEO's said they expected a U.S recession. Now, inflation around the world has halved, the risk has eased and there are even hopes of rate cuts towards the end of next year.
Sumitomo Mitsui CEO Ohta, who pushed Asia growth, dies
Jun Ohta, chief executive officer of Sumitomo Mitsui Financial Group Inc., Japan's second-largest bank, has died of pancreatic cancer at age 65.
Barclays reportedly plans £1 billion in cost cuts
Barclays Plc is working on plans to reduce costs by as much as £1 billion ($1.3 billion) over several years, which could involve slashing as many as 2,000 jobs, according to Reuters.
JPMorgan settles lawsuit over Jeffrey Epstein ties
JPMorgan Chase & Co. reached settlements with former executive Jes Staley and the US Virgin Islands over ties to Jeffrey Epstein, as it seeks to end its legal woes over its banking relationship to the deceased pedophile.
Russia raises rates to halt the crash of the Ruble
Russia's central bank announced an emergency rate hike to try and stop the ruble from crashing. Tim Ash of RBC Blue Bay Asset Management wasn't surprised and says rate hikes won't solve Russia's economic problems.
JPMorgan to pay Epstein accusers $290m
A $290 million settlement between America’s largest bank and accusers of Jeffery Epstein was given preliminary approval by a U.S. judge. The accusers are women who say Epstein abused them and that JPMorgan Chase turned a blind eye to the...
Goldman Sachs settles gender bias lawsuit
Goldman Sachs has agreed to pay $215 million to settle a class action alleging widespread bias against women in pay and promotions, ending one of the highest-profile lawsuits claiming unequal treatment of women on Wall Street.
European Central Bank raises interest rates
The European Central Bank has pressed ahead with another interest rate hike, aiming to crush inflation that is driving up the cost of groceries, utility bills and summer vacations.
U.S holds interest rates steady, warns hikes ahead
The Federal Reserve kept interest rates unchanged on Wednesday but signalled in new economic projections that borrowing costs will likely rise by another half of a percentage point by the end of this year as the U.S central bank reacted ...
Fed pauses rate hikes, signals tightening in 2023
"Holding the target range steady at this meeting allows the committee to assess additional information and its implications for monetary policy," the Federal Open Market Committee said in a statement released in Washington.
JPMorgan settles lawsuit with Epstein victim
JP Morgan Chase has agreed to settle a class action lawsuit with a victim of Jeffrey Epstein. The bank revealed the move in a statement Monday (June 12). It resolves one claim against the largest U.S. lender in a proposed class action br...
UBS completes Credit Suisse takeover
UBS Group AG completed the deal to acquire former rival Credit Suisse Group AG, sealing the biggest merger in banking since the 2008 financial crisis and creating a global wealth-management titan.
U.S Treasury to 'run out of funding' next month
Treasury Secretary Janet Yellen said her department estimates it will run out of funding by June 5 if lawmakers fail to raise or suspend the US debt ceiling.
JPMorgan cuts 1,000 First Republic staffers
JPMorgan notified about 1,000 First Republic Bank employees that they aren't being given jobs even temporarily following its takeover of the failed lender.
US Senate grills SVB, Signature Bank bosses
The former leaders of Silicon Valley Bank and Signature Bank have faced tough questions in a hearing before the United States Senate Banking Committee. The executives were grilled over their roles in driving the banks to failure in March...
European Central Bank raises interest rates again
The European Central Bank has slowed the pace of its interest rate increases, stepping back like the US Federal Reserve from a string of jumbo hikes aimed at snuffing out inflation.
First Republic collapse sparks bank sell-off
The failed U,S bank First Republic is being acquired by its rival JPMorgan Chase, in a $10.6bn deal. Regulators had taken control of First Republic after a crash in its share price. It is the third US bank failure since March, and there ...