A year ago, the government and America’s largest banks joined forces in a rare moment of comity. They were forced into action after Silicon Valley Bank collapsed on March 10, 2023, quickly followed by two other lenders, First Republic and Signature Bank. Faced with the threat of a billowing crisis that could threaten the banking […]
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More Wall Street Firms Are Flip-Flopping on Climate. Here’s Why.
Many of the world’s biggest financial firms spent the past several years burnishing their environmental images by pledging to use their financial muscle to fight climate change. Now, Wall Street has flip-flopped. In recent days, giants of the financial world including JPMorgan, State Street and Pimco all pulled out of a group called Climate Action […]
Read MoreThe Davos Consensus: Donald Trump Will Win Re-Election
The Davos consensus on the presidential election Publicly, the global business leaders who gathered at the World Economic Forum in Davos, Switzerland, haven’t wanted to predict the winner of the upcoming U.S. presidential election. The closest they’ve come? Referring to it as a “geopolitical risk.” But talk to executives privately, and they’re more explicit: They […]
Read MoreBanks Should Have Better Customer Relations When Closing an Account
For most of the last year, my inbox has been overflowing with tales from people like these: Every person — more than 1,000 wrote to me and my colleague Tara Siegel Bernard — volunteered a story of losing banking and credit-card accounts and included contact information. It’s not the sort of thing most people normally […]
Read MoreWall Street strategists’ bull and bear scenarios for 2024.
Last November and December, veteran stock market watchers forecast that 2023 would be a year to forget. They saw high inflation, a looming global recession and rising interest rates as sapping households’ buying power and denting corporate profits. For investors, they penciled in paltry gains and one of the worst performances for the S&P 500 […]
Read MoreThe Building Spree That Reshaped Manhattan’s Skyline? It’s Over.
The Manhattan office construction boom is over. Just three large office towers — of more than 500,000 square feet — are being built across New York City, with two expected to open in 2024 or 2025 and nothing else projected to go up for years. Normally, a handful of sites that size would be in […]
Read MoreCheck Fraud Is Rising and the Thieves Are Winning
When Pam Berns mailed a few checks to pay bills, she had no idea such a routine task would throw her small publishing business into chaos. One of the checks, which she put in a mailbox on a Lincoln Park street in Chicago, was later stolen and rewritten for $7,200 to someone named Mark Pratt. […]
Read MoreQuiz: Would You Close This Bartender’s Bank Account?
With the help of banking insiders across the country, we tried to get inside the heads of the employees making these decisions, using a true story as a case study. At each turn, bankers face a number of choices. Below, we’ll provide you with five of them and let you decide what you would do […]
Read MoreSex Workers Have Been Shunned by Banks, Even When Their Work Is Legal
Bella Cummins has run Bella’s Hacienda Ranch, her Nevada brothel, for nearly four decades — and for four decades, she’s been shunned by much of the banking industry. She’s been denied a mortgage and several other loans, while many of her employees have had to wait up to two weeks for their paychecks to clear. […]
Read MoreWhy Banks Are Suddenly Closing Down Customer Accounts
The reasons vary, but the scene that plays out is almost always the same. Bank customers get a letter in the mail saying their institution is closing all of their checking and savings accounts. Their debit and credit cards are shuttered, too. The explanation, if there is one, usually lacks any useful detail. Or maybe […]
Read MoreJamie Dimon Warns of ‘Most Dangerous Time in Decades’ as Banks Report Big Profits
JPMorgan Chase’s chief executive, Jamie Dimon, is as close as Wall Street has to a statesman, and on Friday he sounded a major alarm about the global effects of the conflict in Israel and Gaza. “This may be the most dangerous time the world has seen in decades,” he said in a statement accompanying the […]
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