banking
Morgan Stanley wealth advisors tap AI to do their 'grunt work': report
Executives will reportedly roll out a new AI assistant for 15,000 advisors by the start of July that will automatically draft emails and summaries of any discussions.
JPMorgan Chase CEO Jamie Dimon, 68, hints he'll retire sooner than expected
Dimon told analysts at JPMorgan Chase's annual investor day on Monday that "the timetable [for his retirement] isn't five years anymore."
Supreme Court turns back conservative challenge to controversial financial agency
The Supreme Court upheld the financial structure of the Consumer Financial Protection Bureau, a watchdog agency that has long been in the crosshairs of top conservatives.
Goldman Sachs names ex-Dallas Fed chief as vice chairman
Goldman Sachs appointed the former president of the Federal Reserve Bank of Dallas, Robert Kaplan, as its vice chairman on Tuesday. Kaplan's new role at the David Solomon-led Wall Street...
How one man survived the crazy world of big-city banking
In 2011, only six years after starting his education at the London School of Economics, Gary Stevenson was one of the world’s most prominent currency traders, making $35 million for...
Goldman Sachs reports surprise profit surge thanks to strong trading, dealmaking
Goldman Sachs recorded a 28% surge in quarterly profits -- topping Wall Street's expectations thanks to surprising strength in the bank's trading and investment banking operations. The Wall Street giant...
NY Community Bancorp offering highest savings rate in the US: 'Could be a sign of neediness'
The regional bank's digital unit, called My Banking Direct, pays the best interest rate for savings accounts on the market, 5.55%.
Chase to let advertisers target bank customers based on spending history
JPMorgan Chase bank unveiled a new unit on Wednesday called Chase Media Solutions that will let marketers tempt customers with targeted ads and discounts related to their spending data.
Citi to lay off 430 employees in New York across different divisions
Citigroup will lay off 430 employees across different divisions in New York, the bank disclosed in filings with the State Department of Labor on Monday.
NY Community Bancorp's stock plunges nearly 30% as CEO exits, bank admits weaknesses in loan oversight
New York Community Bancorp sent its shares plummeting as much as 28% in premarket trading Friday after it disclosed $2.7 billion in fourth-quarter losses and the exit of its chief...
Jacob Rothschild’s death triggers 'Succession'-style battle for his $1B real estate and investment empire
With a family fortune estimated at $1 billion, according to The Sunday Times’ 2023 Rich List, naming the next Rothschild leader is being treated as seriously as the accession to...
Is the US economy heading towards 1970s-style stagflation? Here's what top strategists say
U.S. stocks smashed a new record high last week, but the rally may not last for long thanks to heightened risks that the economy returns to a 1970s-style stagflation scenario.
Bank CEOs celebrate pay raises while junior bankers face another year of stingy bonuses
Bank bosses enjoyed pay hikes in 2023, while rank-and-file workers were handed another year of stingy bonuses, according to this week's round of earnings. Nowhere was that more evident than...
Park Avenue bank ran Chinese Communist cell, ordered workers to follow party rules: lawsuit
The investment bank even ordered workers not to "violate party policies," a 50-page federal case claimed.
Wall Street 'meme-lord' behind Litquidity account revealed as ex-Deutsche Bank dealmaker
Miami-born Henry "Hank" Medina described himself as "the observer" in an office full of "loudmouths" to the Financial Times, the first outlet to report on the man behind the @Liquidity...
Deutsche Bank to cut 3,500 jobs as quarterly profit plunges 30% on hit to US real estate
Deutsche Bank on Thursday said it plans to slash 3,500 jobs after reporting a 30% drop in fourth-quarter profit that included heavy losses in its US real estate holdings. The...
Morgan Stanley paid James Gorman $37M in last year as CEO
Morgan Stanley's board awarded James Gorman a handsome 17% raise in 2023, making his total compensation for his last year as the bank's chief executive $37 million. On top of...
JPMorgan CEO Jamie Dimon gets $36M pay package, 4.3% raise in 2023
JPMorgan's board awarded chief executive Jamie Dimon a 4.3% raise in 2023, lifting his annual pay to $36 million after the bank posted record profits for the fiscal year. The...
Citi to cut 20K jobs as bank posts worst fourth-quarter loss in 15 years
Citigroup plans to slash 20,000 jobs over the next two years after the struggling bank reported its worst fourth-quarter earnings in 15 years Friday.
JPMorgan posts record profits for 2023 despite fourth-quarter hit
JPMorgan Chase's total net income for the year came in at $49.6 billion, the most ever in the history of American banking.