Wise shares spike 16% as higher interest rates help fintech triple profits
Online money transfer firm Wise’s shares soared 16% Tuesday as the company reported a spike in profits thanks to rising…
A U.S. recession is coming this year, HSBC Asset Management warns — with Europe to follow in 2024
The U.S. will enter a downturn in the fourth quarter, followed by a “year of contraction and a European recession…
Goldman Sachs faces big writedown on CEO David Solomon’s ill-fated GreenSky deal
Goldman Sachs is likely to take a large write-down for its 2021 acquisition of fintech lender GreenSky after seeking to…
A.I. has a discrimination problem. In banking, the consequences can be severe
AMSTERDAM — Artificial intelligence has a racial bias problem. From biometric identification systems that disproportionately misidentify the faces of Black…
Fed Chair Powell says smaller banks likely will be exempt from higher capital requirements
New rules expected to require that banks keep more capital almost certainly won’t apply to smaller institutions, Federal Reserve Chair…
SEC fines JPMorgan subsidiary for deleting 47 million emails, some related to subpoenas
The Securities and Exchange Commission fined the broker-dealer subsidiary of JPMorgan Chase $4 million for accidentally deleting about 47 million…
House Democrats release wave of bank reform bills
WASHINGTON — House Democrats on Wednesday will release a slate of reform bills in response to the recent bank failures…
Bipartisan bill to claw back executives’ pay when banks fail passes out of Senate Banking Committee
WASHINGTON — The Senate Banking Committee on Wednesday voted to send to the full Senate a bill that aims to…
Bank of England’s conundrum deepens as inflation and labor market stay hot
LONDON — The Bank of England is “caught between a rock and a hard place” as it prepares for a…
Why Charles Schwab became a financial ‘supermarket’
Charles Schwab Corp. is the largest publicly traded brokerage business in the United States with $7.5 trillion of client assets,…
