JPMorgan Chase Reaches $13B Settlement
After years of investigations and lawsuits regarding its sales in subprime, mortgage-backed securities, JPMorgan Chase reached a $13 billion deal with the Department of Justice on Tuesday to settle all...
View ArticleNew Google Debit Card Draws Funds from Your Virtual Wallet
Google will release a prepaid debit card for use in stores and at ATM machines, the company announced Wednesday. The Google Wallet Card will be tied to users’ Google Wallet accounts, an online payment...
View ArticleBitcoin Plummets After China Bans It From Banks
Bitcoin prices began dropping rapidly Thursday following the People’s Bank of China’s announcement that it was barring the digital currency from all of China’s financial institutions. Individuals can...
View ArticleWhy Obscure Fed Policy Might Mean Higher Bank Fees
Since the financial crisis, customers have gotten used to their banks cutting perks like debit card rewards and raising fees for account maintenance and other services. In the first half of 2013, bank...
View ArticleJPMorgan May Create a Virtual Currency That Rivals Bitcoin
JPMorgan Chase has filed a U.S. patent application for a computerized payment system that resembles the virtual currency Bitcoin, the Financial Times reports. As more people make their purchases...
View ArticleHere’s Jamie Dimon’s Opulent, Maddeningly Tone-Deaf Christmas Card
Jamie Dimon, CEO of banking giant JPMorgan, has a holiday card tradition like many other famous Americans. But unlike most of them, he’s one of the most richly compensated executives in the country....
View ArticleMerry Christmas: Markets Close at Another Record High
The stock market closed at its 48th record high of 2013 on Monday, aided by Apple’s weekend deal with China Mobile to offer iPhones to 700 million-plus subscribers next year. The Dow Jones average rose...
View ArticleFeds Target Wall Street Over Post-Crisis Bonds Trading
Federal regulators are investigating whether major Wall Street banks exploited the murky post-crisis financial environment to cheat clients and boost their profits, according to the Wall Street...
View ArticleNeiman Marcus Credit Cards Hacked
Luxury retailer Neiman Marcus confirmed Saturday that customer’s credit and debit card information may have been compromised, following evidence of hacking in mid-December. The company did not reveal...
View ArticleJP Morgan Sees Profits Drop as Legal Costs Take Toll
J.P. Morgan Chase saw profits tumble in the fourth quarter as unprecedented regulatory scrutiny pushed up legal expenses. The banking giant reported Tuesday a 7.3 percent fall in profits to $5.28...
View ArticleWells Fargo Posts 16 Percent Rise in Yearly Profit
Wells Fargo, the largest U.S. mortgage provider, closed 2013 with higher annual profits than JP Morgan, the nation’s largest bank, for the first time since 2009, according to fourth quarter earnings...
View ArticleExhausted Barclays Interns Napped on the Toilet
At big banks where junior traders work grueling hours and often come in on weekends, the ‘toilet nap‘ might be a thing. Interns at Barclays PLC have taken their bathroom time as nap time, using the few...
View ArticleEurope Inks Deal Reforming Securities Markets
The European Union agreed to a historic overhaul of securities markets on Tuesday after three years of complex negotiations. Included in the reform package are regulations for off-exchange dealing,...
View ArticleCitibank to Replace Debit Cards for Customers Compromised in Target Breach
Citibank will issue new debit cards to all of its customers affected by the recent data breach at Target, the New York Times reports. The pre-Christmas breach at the retail giant allowed hackers to...
View ArticleAfter Losing Billions, JPMorgan Chase Gives CEO Jamie Dimon a Raise
After paying approximately $20 billion in fines to federal authorities over the past year, JP Morgan Chase’s board voted to give their chairman and chief executive Jamie Dimon a raise. The debate,...
View ArticleJP Morgan Chase Gives Jamie Dimon $8.5 Million Raise
How much of a pay cut will J.P. Morgan Chase chief Jamie Dimon take after a tough year for the bank? None at all, the company announced Friday. Quite the opposite, in fact. The bank’s board agreed to...
View ArticleThis Plan Could Save the Post Office From Extinction
Go to the post office, send a package, pick up some stamps and deposit your paycheck or pay a bill? That’s the newest idea for rescuing the cash-strapped USPS floated in a report published by the...
View ArticleIt’s Time to Forgive the Big Banks
Big banks have had an image problem since the financial crisis. Americans overwhelmingly blame them for the mess, and some still feel strongly enough that they have pangs of guilt even thinking of...
View Article‘Goldman Sachs Elevator’ Mystery Twitter Account Unmasked
The once-anonymous Twitter user behind @GSElevator, an account with more than 624,000 followers that purports to share quips heard in the elevators of Goldman Sachs, has been unmasked: He’s 34-year-old...
View ArticleSenate Accuses Swiss Bank of Helping Americans Evade Taxes
Switzerland’s second largest bank, Credit Suisse, has been accused of helping U.S. customers evade billions of dollars in taxes. A Senate report released on Tuesday details how Swiss banks, including...
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