Banking & Loans News

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Proposal to lower credit card fees might limit consumers' card options

A proposed settlement between credit card giants Visa and Mastercard and merchants could result in lower prices, but it could also mean fewer payment options for consumers. (Scripps News)

Scripps News

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UBS spoke to Bessent about moving Headquarters to U.S.

UBS Group AG Chairman Colm Kelleher held talks with US Treasury Secretary Scott Bessent about potentially moving the bank's headquarters to the US amid uncertainty over Switzerland's upcoming capital reforms, according to the Financial T...

Bloomberg

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Government shutdown may impact Fed decision on interest rates cuts

The government shutdown impacted key economic data reports that the Federal Reserve uses to determine a potential interest rate cut. CBS MoneyWatch correspondent Kelly O'Grady reports.

CBS America

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Visa, Mastercard deal may change card fees and rejections

A new settlement between Visa, Mastercard, and retailers will gradually cut interchange fees — the charges merchants pay banks to process credit cards. CBS News business contributor Javier David explains what it could mean for consumers.

CBS America

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Libya's cash crisis: Fake bills prompt shift to electronic payments

Libya is grappling with a serious currency crisis after counterfeit banknotes flooded the market last year. The central bank has recalled the 50-dinar and 20-dinar notes citing concerns over fake bills entering circulation.It wants peopl...

Al Jazeera

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Americans struggling to save for retirement

Bankrate found 58% of workers feel behind on retirement savings.

Scripps News

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ECB keeps interest rate at 2% as growth holds up against trade tension

With inflation subdued and growth steady, the ECB maintained rates at their lowest level in more than two years, matching market expectations.

Euronews

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Bank of Canada cuts key interest rate to 2.25%

The Bank of Canada made a 25-basis-point cut to its key interest rate while governor Tiff Macklem suggested rates will hold where they are as long as inflation stays in the target range of two per cent.

CBC News

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Why the Fed cuts rates again despite stubborn inflation

The Federal Reserve on Wednesday cut interest rates for the second consecutive time despite inflation remaining above its target rate.

CBS America

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U.S. Federal Reserve expected to cut interest rates

The U.S. Central Bank, the Federal Reserve, is meeting this week to discuss the economy and whether to cut interest rates. The Fed dropped the rate by a quarter of a percent last month, but President Trump wants deeper and quicker cuts t...

Al Jazeera

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Huntington acquiring Cadence Bank in $7.4 billion deal

Huntington Bancshares Inc. struck a deal to buy Cadence Bank for $7.4 billion, for its second major acquisition this year. The deal will extend Huntington's footprint to 21 states in the south and southeast regions.

Bloomberg

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Health insurance premiums set to jump next year, survey finds

Employer-sponsored health insurance plans are expected to rise between 6% and 7% next year, according to a survey from the consulting firm Mercer.

CBS America

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BBVA chair calls Sabadell takeover result ‘unexpected’

BBVA Chairman Carlos Torres says the bank accepts Sabadell shareholders’ decision to reject its $19 billion takeover bid, ending a 17-month pursuit that failed to gain sufficient support.

Bloomberg

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Report: Trump asks banks to report suspected 'domestic terrorist activity'

The Trump administration is asking banks to report "domestic terrorist activity" as part of the president's efforts to crack down on antifa. Gabe Kaminsky, an investigative reporter for the Free Press, joins CBS News to discuss.

CBS America

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Kashkari warns rate cuts could trigger burst of inflation

Federal Reserve Bank of Minneapolis President Neel Kashkari warned that drastic interest rate cuts could spark a surge in inflation. Speaking at a panel on AI and the economy, he cautioned that rapid rate reductions risk overheating the ...

Bloomberg

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BOE's decision to hold rates 'appropriate,' Mann says

Bank of England Monetary Policy Committee External Member Catherine Mann discusses the inflation situation in the United Kingdom and the central bank's decision to hold interest rates in September.

Bloomberg

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Ames: Saudi banks are winners from foreign ownership change

Saudi Arabia's stock market surged after Bloomberg reported the Kingdom may soon ease foreign ownership limits for listed companies. Investors are betting on a flood of investment to the Gulf nation, if it eases the current cap of 49%.

Bloomberg

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ATM fees reach record high, nearly $5 per transaction

ATM fees across the U.S. are climbing, with Atlanta averaging $5.37 per withdrawal. The rise marks a record high, impacting consumers who rely on cash for daily transactions.

Scripps News

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BOE to hold rates before cutting twice later, BofA says

Bank of America UK Economist Sonali Punhani says there is "some small window" for the Bank of England to cut interest rates in November, but uncertainty on the timings of possible cuts remains.

Bloomberg

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U.S. trial begins over BNP Paribas' role in Sudan human rights abuses

The bank is accused of having provided financial support to Omar al-Bashir’s government in the 1990s and 2000s.

Africanews

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ECB’s Patsalides says euro-area inflation risks remain balanced

European Central Bank official Christodoulos Patsalides says risks to euro-area inflation are “balanced.” Speaking in Frankfurt, he highlighted the outlook for the region’s economy, indicating neither significant upside nor downside pres...

Bloomberg

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ECB expected to keep interest rates unchanged

The European Central Bank is set to leave interest rates on hold. The deposit rate will be held at 2%, according to economists. New ECB forecasts are likely to show economic growth gradually picking up and inflation at target over the me...

Bloomberg

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Will the Fed cut interest rates by half a point?

Revised data from the Bureau of Labor Statistics showed the U.S. economy added nearly a million fewer jobs for the 12 months that ended this past March than previously reported.

CBS America

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Demonstrators in Ghana condemn high cost of loans for Africa

There have been marches in Ghana's capital Accra, condemning the high cost of credit for African economies. Demonstrators are calling for the continent's mounting external debt to be reviewed and cancelled.

Al Jazeera

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Prasad: Fed rate cut could aid Egypt’s economic recovery

Egypt’s central bank is expected to resume monetary easing after last month’s pause, as the country works to curb inflation that hit 38% in 2023. Economist Aathira Prasad says a Fed rate cut would support Egypt’s efforts to stabilize its...

Bloomberg

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Trump clashes with Fed board member Lisa Cook, pushing to oust her

A standoff is brewing between President Trump and economist Lisa Cook. Mr. Trump tried to fire her, claiming "there is sufficient cause" to believe that Cook made false statements on one or more mortgage agreements.

CBS America

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Fed leaves interest rates unchanged

The U.S. Federal Reserve held interest rates steady again on Wednesday, despite pressure from President Donald Trump to cut rates. CBS News business analyst Jill Schlesinger reports.

CBS News

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Most banks are 'playing it safe' with AI, report says

CNBC's Leslie Picker joins 'Squawk on the Street' to discuss a new report from Boston Consulting Group on how banks are integrating AI into their workflows.

CNBC

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U.S. banks ramp up AI use

JP Morgan has joined other U.S. banks in ramping up its use of artificial intelligence as the technology transforms the way millions of people do their jobs. Teresa Heitsenrether, Chief Data & Analytics Officer at J.P. Morgan, spoke to B...

Bloomberg

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Goldman Sachs: Markets vulnerable to further correction

"The rally that we've seen, I think, is vulnerable to reversing again," says Peter Oppenheimer, chief global equity strategist at Goldman Sachs, as he expects more downside in earnings estimates.

Bloomberg