News

JPMorgan and Barclays back $4.5 billion insurance tech giant Wefox

Wefox, a German digital insurer, announced Wednesday it secured $110 million in new funding from JPMorgan and Barclays. Despite macroeconomic headwinds, the news represents a vote of confidence

Fed increases rates a quarter point and signals a potential end to hikes

On Wednesday, the Federal Reserve approved its 10th interest rate increase in just over a year and hinted that the current tightening cycle is ending. A unanimous decision by the Federal Open Market

Customers of Bank of America are spending more, supporting U.S. employment

Bank of America’s CEO Brian Moynihan says customers spend freely on dining, entertainment and other experiences, which supports U.S. employment. The bank’s customers boosted spending

Credit Suisse chair pleads with angry shareholders at annual meeting

On Wednesday, XRP cryptocurrency surged as investors became increasingly confident that Ripple, a company closely associated with the token, would prevail in its ongoing legal battle with the Securities

SEC ends insider trading probe of ex-Sen. Richard Burr and brother-in-law without taking action, lawyers say

The Securities and Exchange Commission has ended its insider trading investigation of former U.S. Sen. Richard Burr of North Carolina and his brother-in-law without

Wells Fargo shares rise even as the bank’s profits are cut in half by higher reserves

On Friday, Wells Fargo reported shrinking profits due to a recent settlement and the need to build reserves in light of a deteriorating economy. During Friday’s trading session, the stock erased

How Bank of America achieved a massive comeback from the brink of collapse

Bank of America was severely affected by the 2008 financial crisis. The bank’s shares traded as low as $2.53 in 2009, and its net income dropped from a high of $21 billion in 2006 to just $4 billion in 2008.

Morgan Stanley cut about 2% of global staff on Tuesday, sources say

According to people with knowledge of the layoffs, Morgan Stanley laid off approximately 2% of its staff on Tuesday. A CNBC report first reported that the measures affected 1,600 of the 81,567 employees

Binance offers to purchase FTX’s non-U.S. operations to fix ‘liquidity crunch’

A deal has been reached between Binance and Sam Bankman-Fried’s FTX to acquire the rival crypto exchange for an undisclosed sum, rescuing the company from liquidity problems. Binance CEO

Mark Zuckerberg’s Shiny New Distraction: Meta and the Metaverse

Facebook has been facing a crisis over the past few months after a whistleblower revealed that the company has been using an extremely toxic business model,

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