First, there was a scandal over millions of fake Wells Fargo accounts that broke last year. Then, accusations of changes to mortgages without notifying customers. Now, Wells Fargo faces a class-action lawsuit over selling car insurance policies to hundreds of thousands of customers who did not need it from 2012 to 2017. All this could […]
Commodity trading — often a big money maker for banks and hedge funds — has been subdued in recent months, leading to significant drops in revenue. Goldman Sachs recently said its commodity trading unit had the worst quarter on record, and other banks are in a similar situation. The reasons behind the slump? Lack of volatility and […]
Four big banks (JPMorgan Chase, Citigroup, PNC, Wells Fargo) reported earnings today, all beating expectations, especially JPMorgan, which posted its best quarter ever. That wind in the banks’ sails comes in the form of higher interest rate levels after three straight rate hikes by the Federal Reserve. That means banks get to charge you more […]
The nation’s biggest banks all passed their annual stress tests and bank stocks today took off. Earlier in the week, Federal Reserve Chair Janet Yellen offered additional reassurance about the financial sector, saying she doesn’t think there will be another massive financial crisis in her lifetime. But traditional banks are only part of the picture […]
The first automatic teller was installed outside London 50 years ago. Here's how it's changed us.
The board of the Federal Deposit Insurance Corporation, which regulates many of the country’s smaller banks and oversees the “living wills” of larger banks, could soon have a new chairman. President Trump plans to tap long-time Republican congressional staffer James Clinger for the role, which would require congressional approval. What could change at the FDIC under […]