Federal Reserve Chair Jerome Powell fist-bumps former Treasury Secretary Steven Mnuchin after a House Financial Services Committee hearing on “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response” in the Rayburn House Office Building in Washington, D.C., on Dec. 2, 2020. Greg Nash | Reuters The $1 billion-plus injection that New York Community Bank … Read more
A young man holds a credit card and uses a laptop for online shopping. Diy13 | Istock | Getty Images Americans shopping online after midnight often make riskier transactions and are more likely to default on their loans, according to Affirm Chief Financial Officer Michael Linford. The fintech firm uses the hour a consumer attempts … Read more
Jane Fraser, Citi, at WEF, Davos, Jan. 17, 2023. Adam Galica | CNBC Citigroup said it was cutting 10% of its workforce in a bid to help boost the embattled bank’s results and stock price. About 20,000 employees will be let go over the “medium term,” New York-based Citigroup said Friday in a slideshow tied … Read more
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 Images JPMorgan Chase said Friday that fourth quarter profit declined after paying a $2.9 billion … Read more
Citigroup told most of its employees that they can work remotely the final two weeks of December, CNBC has learned. Workers can log in remotely from anywhere in their country of employment from Monday to Dec. 29, a Friday, making this week the last in-person experience this year for many staffers, according to people with … Read more
People pass by a Wells Fargo bank on May 17, 2023 in New York City. Spencer Platt | Getty Images Wells Fargo was snared in an industrywide probe into mortgage bankers’ use of loan discounts last year, CNBC has learned. The discounts, known as pricing exceptions, are used by mortgage personnel to help secure deals … Read more
Patrick Cantlay of the United States plays his shot from the 18th tee during the final round of the Workday Charity Open on July 12, 2020 at Muirfield Village Golf Club in Dublin, Ohio. Sam Greenwood | Getty Images Goldman Sachs paid professional golfer Patrick Cantlay more than $1 million annually in a sponsorship deal … Read more
CEO of Citigroup Jane Fraser testifies during a hearing before the House Committee on Financial Services at Rayburn House Office Building on Capitol Hill on September 21, 2022 in Washington, DC. Alex Wong | Getty Images When Citigroup CEO Jane Fraser announced in September that her sweeping corporate overhaul would result in an undisclosed number … Read more
The largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come. Even as the economy has surprised forecasters with its resilience, lenders have cut headcount or announced plans to do so, with the key exception being JPMorgan Chase, the biggest and most profitable … Read more
David Solomon, chief executive officer of Goldman Sachs Group Inc., at the Goldman Sachs Financial Services Conference in New York, Dec. 6, 2022. Michael Nagle | Bloomberg | Getty Images Goldman Sachs is scheduled to report third-quarter earnings before the opening bell Tuesday. Here’s what Wall Street expects: Earnings: $5.31 a share, according to LSEG, … Read more