Category: Financial Services

July 2, 2020

A social media storm kicked up late Saturday and Sunday as Chase banking customers panicked when it seemed as if money suddenly vanished from their bank accounts. Some consumers who expected to be paid Friday via direct deposit claimed during […]

June 30, 2020

Wells Fargo (WFC) – Get Report announced it will cut its dividend, breaking rank with all of Wall Street’s other big banks, following the Federal Reserve’s move to set new restrictions on dividend payouts to shareholders. The fourth-biggest U.S. bank […]

June 1, 2020

Banking titan JPMorgan Chase (JPM) – Get Report agreed to shell out $2.5 million to settle a class-action lawsuit stemming from its 2018 decision to classify purchases of cryptocurrency with Chase credit cards as cash advances, creating higher fees. The […]

May 28, 2020

The U.S. economy is beginning to recover from shutdowns tied to the coronavirus pandemic, Bank of America CEO Brian Moynihan told CNBC on Thursday. Moynihan cited consumer spending figures from the millions of households using his lender’s credit and debit […]

May 22, 2020

WASHINGTON — The beaten-down banking sector will remain under pressure through 2025 even as the economy recovers, the International Monetary Fund said Friday. In its latest “Global Financial Stability Report,” the IMF found banks across nine advanced economies will struggle […]

April 16, 2020

Morgan Stanley on Thursday posted first-quarter profit that missed analysts’ expectations and warned that a sole bright spot for the industry, robust trading results, may prove to be fleeting. The bank said in a release that earnings dropped 30% to […]

April 15, 2020

Visa (V) and Mastercard (MA) took a hit Wednesday after a top analyst turned bearish on the credit card giants amid the economic fallout from the coronavirus crisis. Shares of Visa and Mastercard fell after Jefferies analyst Trevor Williams reduced […]

April 14, 2020

JPMorgan Chase is scheduled to report first-quarter earnings before the opening bell Tuesday. Here’s what Wall Street expects: Earnings: $1.84 per share, a 31% decline from a year earlier, according to Refinitiv. Revenue: $29.67 billion, a 0.6% decline from a […]

April 6, 2020

Bank of America (BAC) – Get Report said Monday it was seeing strong demand for emergency rescue loans as current applications already account for nearly 10% of the entire amount allocated by Congress. The bank said that as of Monday […]

March 30, 2020

Strategists at JPMorgan Chase & Co. have concluded that most risk assets — a universe that typically includes stocks and credit — have seen their low points for the recession that’s gripped economies around the world. Conditions that JPMorgan had […]