Banking & Loans News - LeadStory

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Biden Administration cancels $6 billion in student debt

Biden Administration cancels $6 billion in student debt

The Biden administration announced that it is canceling student loans for nearly 80,000 Americans. The move comes as the president tries to gain momentum while campaigning for a second term.

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E.U. eyes frozen Russian assets to fund Ukraine war

E.U. eyes frozen Russian assets to fund Ukraine war

European Union leaders arrived at a summit to discuss whether to use billions of euros in profits from frozen Russian financial assets to buy arms for Ukraine as they try to bolster Kyiv in its fight against Moscow's invasion.

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Banks watch Reddit IPO with eye on underwriting rebound

Banks watch Reddit IPO with eye on underwriting rebound

Reddit Inc. is only the fourth-largest U.S. initial public offering this year, but it's in focus for Wall Street banks hoping that the doldrums are over for the IPO market -- and their underwriting fees.

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UBS valuation surges past $100 billion

UBS valuation surges past $100 billion

A year since UBS Group AG's takeover of former rival Credit Suisse, it's becoming clear just how advantageous the deal has been for the bank. It has pushed its market capitalization past $100 billion to the highest level in almost 16 yea...

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What Powell's comments on inflation mean for Americans

What Powell's comments on inflation mean for Americans

The Federal Reserve is in no rush to cut interest rates. This could mean more frustration for Americans, who have already faced almost two years of elevated borrowing costs on everything from car loans to mortgages.Federal Reserve chairm...

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Fed Chair Powell says interest rates have likely peaked

Fed Chair Powell says interest rates have likely peaked

Federal Reserve Chair Jerome Powell will reiterate to lawmakers that the U.S. central bank is in no rush to cut interest rates until policymakers are convinced they have won their battle over inflation.

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F.A.F.S.A. delays impact millions of college students

F.A.F.S.A. delays impact millions of college students

Millions of college students rely on the FAFSA federal student aid program to help pay their tuition. But this year, delays in that program are leaving many students in limbo, with some unsure if they can go to the college of their choic...

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Top female executive leaves Goldman Sachs

Top female executive leaves Goldman Sachs

Beth Hammack's departure from Goldman Sachs Group Inc. jolted Wall Street because she was once seen as one of the most-likely candidates to break into the bank's all-male ranks of top executives, and the lack of emerging female leaders r...

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Biden cancels more student loan debt

Biden cancels more student loan debt

The Biden Administration announced more debt relief for student loan borrowers. This round of forgiveness covers over 150,000 borrowers and will cancel upwards of $1.2 billion.

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Lower mortgage rates offer hope to homebuyers in 2024

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.

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Bank of America reduces CEO pay for second year

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.

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Bank of England holds key rate at 5.25%

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.

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Federal Reserve holds rates steady

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 ...

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AI in financial planning and management

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.

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JPMorgan settles lawsuit over Jeffrey Epstein ties

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.

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Russia raises rates to halt the crash of the Ruble

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.

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JPMorgan to pay Epstein accusers $290m

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...

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Goldman Sachs settles gender bias lawsuit

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.

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European Central Bank raises interest rates

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.

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U.S holds interest rates steady, warns hikes ahead

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 ...

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Fed pauses rate hikes, signals tightening in 2023

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.

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JPMorgan settles lawsuit with Epstein victim

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...

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UBS completes Credit Suisse takeover

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.

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U.S Treasury to 'run out of funding' next month

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.

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JPMorgan cuts 1,000 First Republic staffers

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.

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US Senate grills SVB, Signature Bank bosses

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...

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European Central Bank raises interest rates again

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.

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First Republic collapse sparks bank sell-off

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 ...

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Ailing First Republic Bank acquired by JP Morgan

Ailing First Republic Bank acquired by JP Morgan

JP Morgan Chase & Co. has won the bidding war for First Republic Bank, acquiring the ailing business after rescue efforts failed to undo the damage from wrong-way investments.

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Federal Reserve expected to hike rates yet again

Federal Reserve expected to hike rates yet again

The Fed is expected to raise rates again this week by 25 basis points. That would be the 10the straight increase since March of last year. Bloomberg's Mike McKee reports on what Wall Street is expecting.