The board of WeWork, the cash-starved purveyor of shared office space, is weighing competing financial rescue packages from SoftBank and a financial consortium led by JPMorgan Chase, according to two people with knowledge of the matter. SoftBank, a Japanese technology giant that is already the largest outside shareholder in WeWork, is offering to take a […]
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The heads of America’s largest banks have been some of the country’s most prominent optimists over the past two years, shooing away questions about the potential effects of President Trump’s trade policies, cheering his tax cuts and offering periodic reassurances that things would all work out for the American economy. But manufacturing activity and job […]
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Jeffrey Epstein, the convicted sex offender who committed suicide in prison, managed to lure an astonishing array of rich, powerful and famous men into his orbit. There were billionaires (Leslie Wexner and Leon Black), politicians (Bill Clinton and Bill Richardson), Nobel laureates (Murray Gell-Mann and Frank Wilczek) and even royals (Prince Andrew). Few, though, compared […]
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By Andrew Ross Sorkin The ouster of WeWork’s co-founder and its botched initial public offering are a remarkable collapse of what was considered, up until weeks ago, one of the most valuable start-ups in the world. This is not simply the failure of a young and capricious founder. Adam Neumann, who helped start the company […]
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A Russian man pleaded guilty on Monday to taking part in a global, multiyear hacking operation that involved cyberattacks on a dozen American companies and an elaborate scheme to use stolen information to manipulate stocks and run illegal online-gambling businesses. The man, Andrei Tyurin, 35, of Moscow, is the first person to be convicted in […]
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When will the next recession arrive? Economists are evaluating such factors as President Trump’s endlessly shifting tariff policy, the monetary policy of the Federal Reserve and other central banks, and such “leading indicators” as the yields in the bond market. It is good to look at these things. They provide insights about the state of […]
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WASHINGTON — A decade after big banks needed government support to dig out of the financial crisis, the Federal Reserve is slowly, but steadily, making a series of regulatory changes that could chip away at new requirements put in place to prevent a repeat of the 2008 meltdown. Some of the changes, seemingly incremental and […]
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COLUMBUS, Ohio — The money, tens of millions of dollars of it, would flow among Jeffrey Epstein’s dozens of bank accounts, shell companies and, at times, charities linked to high-powered friends. Where was the money going? What was it for? Who was actually sending and receiving it? A convicted pedophile and accused sex trafficker who […]
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Every consumer with credit card debt fantasizes about having it magically wiped away. For customers with Canadian credit cards from JPMorgan Chase, the dream came true: The bank said this week that it had erased their remaining debt as it closes down its credit card business in Canada. Recipients of the windfall reacted with a […]
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When compliance officers at JPMorgan Chase conducted a sweep of their wealthy clients a decade ago, they recommended that the bank cut its ties to the financier Jeffrey E. Epstein because his accounts posed unacceptable legal and reputational risks. Yet Mr. Epstein, who had been charged with sex crimes and pleaded guilty in 2008 to […]
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The following is an open letter to Doug McMillon, the chief executive of Walmart. Dear Mr. McMillon, The massacre at your store in El Paso over the weekend was a tragedy. So were the shooting deaths, days earlier, of two Walmart employees, at a Walmart store in Mississippi. So, too, was the mass shooting early […]
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When Jeffrey Epstein was serving time in Florida for soliciting prostitution from a minor, he got a surprising visitor: James E. Staley, a top JPMorgan Chase executive and one of the highest-ranking figures on Wall Street. Mr. Staley had good reason to maintain his relationship with Mr. Epstein, who received him at his Palm Beach […]
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Mellody Hobson was raised by a single mother and endured economic hardship as a child. The phone was shut off. The car was repossessed. Her family was evicted. Today, Ms. Hobson is one of the most senior black women in finance. She serves on the boards of JPMorgan Chase and Starbucks, and this month was […]
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The Seagram liquor company and the ancient Mesoamerican civilization of the Olmecs were not obvious bedfellows. But in 1965, a crane operator lowered a colossal Olmec sculpture of a head onto the corporation’s Manhattan doorstep. The artwork was awe-inspiring enough that its next stop was the World’s Fair, but, for a time, it sat in […]
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WASHINGTON — President Trump’s tax cuts have been very good to big banks. For foreign-owned banks, they could get even better. The cuts allowed America’s largest banks to save an estimated $16 billion collectively in taxes last year, a windfall that helped those firms reward shareholders through stock buybacks and dividend payments. The savings flowed […]
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WASHINGTON — JPMorgan Chase is trying to require its credit card customers to go into private arbitration to settle disputes — even if they involve an older account — by reintroducing provisions it dropped a decade ago. “With arbitration, you cannot go to court, have a jury trial or initiate or participate in a class […]
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For years, scholars, activists and mothers have criticized policies that place the burden of child-rearing overwhelmingly on women. Increasingly, fathers are joining the criticism of these policies — and asserting their legal rights to challenge them. On Thursday, JPMorgan Chase announced that it had reached a tentative settlement in a class-action case initiated by a […]
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