All posts tagged "Banksandbanking"

Citigroup is expected to cut 20,000 jobs, or about 10% of its workforce, over the next two years, the New York-headquartered bank said Friday. The announcement follows a “very disappointing” fourth quarter for the nation’s third-largest banking institution, CEO Jane Fraser said in a news release. The company reported a $1.8 billion loss in the last three months of 2023 — its worst quarterly financial results since 2009, according to the Financial Times. During the same period in 2022, the bank reported a net income of $2.5 billion. This year’s loss was driven by nearly $4 billion in expenses, ......

Many people across the country still have more money than they did before the pandemic. Despite median account balances having dropped over the past three years, account holders still have 10% to 15% more cash in the bank than they did in 2019, according to analysis released last week by the JPMorgan Chase Institute. While that report is based on the checking and savings accounts of 9 million Chase customers, it serves as a barometer for the broader state of personal finances nationwide. And with interest rates high and ongoing uncertainty about the economy’s future, you may be reassessing wha......

The money that families have sent to their relatives in Cuba for decades is now fueling an explosion of capitalism on the communist island. Businesses that facilitate that flow of cash have created a clever but complex system that is helping Cuban private entrepreneurs sidestep U.S. financial sanctions and buy abroad the supplies they need for their businesses on the island. Newly emerging agencies abroad, most of them in Miami, are using the cash paid by Cuban Americans to send to their families to buy and ship supplies ordered by Cuba’s entrepreneurs. The business owners in Cuba then reimbur......

In the early Eighties, when “High Tech” was still written with quotation marks and the region was starting to become known as The Silicon Valley, tennis buddies Bob Medearis and Bill Biggerstaff took their idea for a new bank to a poker game in Pajaro Dunes. Their wives and children would be joining them at their Monterey Bay beachfront rentals the next day, but Friday night the two men gathered their close friends, made a big dinner and explained the plan to open a bank specifically for tech companies. They would call their customers “clients” and name their business after the region’s trendy......

Not so fast, Mr. President. Outgoing presidential COVID adviser Dr. Anthony Fauci on Monday walked back President Joe Biden’s assertion that the coronavirus pandemic was “over.” A lot depends on how we respond to current variables and future virus variants, the nation’s top infectious disease expert said during a fireside chat with the Center for Strategic and International Studies. And much of that is up to the American people. “How we respond and how we’re prepared for the evolution of these variants is going to depend on us,” Fauci said. “And that gets to the other conflicting aspect of thi......

Brian Stelter may be leaving CNN, but the job’s not done yet, he vowed Sunday. Stelter said goodbye Sunday, days after the network announced that it was canceling the 30-year-old media criticism show “Reliable Sources” and that Stelter would be leaving with it. “I know it’s not partisan to stand up for decency and democracy and dialogue,” Stelter said at the close of his Sunday show. “It’s not partisan to stand up to demagogues. It’s required. It’s patriotic. We must make sure we don’t give platforms to those who are lying to our faces. But we also must make sure we are representing the full s......