Bank of America Chairman and CEO Brian Thomas Moynihan speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, U.S., December 6, 2023. Evelyn Hockstein | ReutersU.S. consumers and businesses alike have turned cautious about spending this year...
Sarinyapinngam | Istock | Getty ImagesA dispute between a fintech startup and its banking partners has ensnared potentially millions of Americans, leaving them without access to their money for nearly two weeks, according to recent court documents.Since last year, Synapse — an Andreessen Horowitz-backed startup that serves as a...
Rohit Chopra, director of the CFPB, testifies during a House Financial Services Committee hearing on June 14, 2023.Tom Williams | Cq-roll Call, Inc. | Getty ImagesThe Consumer Financial Protection Bureau declared on Wednesday that customers of the burgeoning buy now, pay later industry must abide by the same federal...
Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing and Urban Affairs Committee hearing titled Annual Oversight of Wall Street Firms, in the Hart Building on Dec. 6, 2023.Tom Williams | Cq-roll Call, Inc. | Getty ImagesJamie Dimon thinks shares of JPMorgan Chase are expensive.That was...
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., at the UK Global Investment Summit at Hampton Court Palace in London, UK, on Monday, Nov. 27, 2023. Bloomberg | Bloomberg | Getty ImagesJamie Dimon's days as CEO of JPMorgan Chase are numbered — though its unclear by how much.In...
Rohit Chopra, director of the Consumer Financial Protection Bureau, speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., Dec. 15, 2022.Ting Shen | Bloomberg | Getty ImagesThe U.S. banking industry won a key victory in its effort to block the implementation of a Consumer Financial...
Epoxydude | Fstop | Getty ImagesA Consumer Financial Protection Bureau regulation that promised to save Americans billions of dollars in late fees on credit cards faces a last-ditch effort to stave off its implementation.Led by the U.S. Chamber of Commerce, the card industry in March sued the CFPB in...
Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans.Fraser, who leads one of the largest U.S. credit card issuers, said she is seeing a "K-shaped consumer." That means the affluent continue to spend, while lower-income...
Warren Buffett tours the grounds at the Berkshire Hathaway Annual Shareholders Meeting in Omaha Nebraska.David A. Grogan | CNBCBerkshire Hathaway, led by legendary investor Warren Buffett, has been making a confidential wager on the financial industry since the third quarter of last year.The identify of the stock — or...
A New York Community Bank stands in Brooklyn, New York City, on Feb. 8, 2024.Spencer Platt | Getty ImagesNew York Community Bank on Wednesday posted a quarterly loss of $335 million on a rising tide of soured commercial loans and higher expenses, but the lender's stock surged on its...