Articles written by ken sweet
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JPMorgan, Citi profits improve amid signs of recovery
CHARLOTTE, N.C. (AP) — Two of the nation's biggest banks — JPMorgan Chase and Citigroup — said Tuesday that their profits improved markedly over the summer, as the U.S. economy tried to bounce back from the coronavirus shutdowns that were imposed ear...
Banks brace for big loan defaults by US, global customers
NEW YORK (AP) — The major banks in the U.S. are anticipating a flood of loan defaults as households and business customers take a big financial hit from the coronavirus pandemic. JPMorgan Chase, Wells Fargo, Bank of America, Citigroup and Goldman S...
Visa buys financial technology company Plaid for $5.3B
NEW YORK (AP) — Visa is purchasing the financial technology company Plaid for $5.3 billion, a major push by the payment processing giant into other types of money transfer systems outside of Visa's traditional credit and debit card business. Plaid a...
Q&A: What to know about the Capital One data breach
NEW YORK (AP) — One of the country's biggest credit card issuers, Capital One Financial, is the latest big business to be hit by a data breach, disclosing that roughly 100 million people had some personal information stolen by a hacker. The a...
Stocks climb to records on hopes for lower interest rates
NEW YORK (AP) — The major U.S. stock indexes closed at record highs on Friday, with the S&P 500 ending above 3,000 for the first time. The market was driven higher by technology, consumer discretionary and industrial company stocks, which more t...
Debt collectors to use email, texts under new Trump rules
NEW YORK (AP) — Debt collectors will be able to start contacting borrowers via text and email under new regulations proposed by the Consumer Financial Protection Bureau. The rules released Tuesday are an update to debt collection regulations e...
Financial watchdog to gut most of its payday lending rules
NEW YORK (AP) — The nation's federal financial watchdog said Wednesday that it plans to abolish most of its critical consumer protections governing payday lenders. The move is a major win for the payday lending industry, which argued the g...
AP Exclusive: Gov't questions unfair student loan practices
NEW YORK (AP) — One of the nation's largest student loan servicing companies may have driven tens of thousands of borrowers struggling with their debts into higher-cost repayment plans. That's the finding of a Department of Education audit of p...
Blankfein to step aside as Goldman CEO, Solomon to take over
NEW YORK (AP) — Another Wall Street veteran of the financial crisis is stepping aside: Lloyd Blankfein is retiring as CEO of Goldman Sachs after 12 years at the helm of the storied investment bank. Blankfein will give way to David Solomon, a l...
US, global stock markets mixed after Trump-Kim summit
NEW YORK (AP) — U.S. and global stock markets were mixed in late-afternoon trading Tuesday, as investors reacted calmly to the outcome of a meeting between President Donald Trump and North Korean leader Kim Jong Un and turned to this week's trio o...
Reports: Wells Fargo to be fined $1B as early as Friday
NEW YORK (AP) — Federal regulators plan to fine Wells Fargo as much as $1 billion as early as Friday for abuses tied to its auto-lending and mortgage businesses, The New York Times and other news outlets reported, citing unnamed sources. The p...
NRA, Florida faces backlash after latest school shooting
NEW YORK (AP) — The National Rifle Association, and now the State of Florida, faced a growing backlash Saturday as companies cut ties to the gun industry following the latest school massacre, and student survivors called for tourism boycotts of t...
As Bitcoin, other currencies soar, regulators urge caution
NEW YORK (AP) — The public's interest in all things bitcoin and efforts by entrepreneurs to fund their businesses with digital currencies is starting to draw more attention from regulators. The head of the Securities and Exchange Commission this w...
Bitcoin futures soar amid frenzy over virtual currency
NEW YORK (AP) — Wall Street got its first taste of bitcoin on Monday, with the price of the first-ever futures contract for the digital currency jumping 20 percent. It's a step forward for the bitcoin, which has soared this year despite concerns t... Full story
Bitcoin soars then falls back; banks raise risk concerns
NEW YORK (AP) — The price of bitcoin swung wildly Thursday, rising to more than $19,000 only to fall sharply within minutes, as both the euphoria and anxiety surrounding the virtual currency escalated just days before trading in bitcoin futures b...
Federal regulator gives OK for bitcoin futures to trade
NEW YORK (AP) — A federal regulator gave the go ahead on Friday to the CME Group to start trading bitcoin futures later this month, the first time the digital currency will be traded on a Wall Street exchange and subject to federal oversight. The C...
2 battle for control over US consumer watchdog
WASHINGTON (AP) — The battle between two supposed directors of the Consumer Financial Protection Bureau is making for compelling optics but only seems to be delaying a tidal shift at the powerful consumer watchdog. Mick Mulvaney, President Trump's b...
Consumer watchdog head names a successor, and Trump does too
NEW YORK (AP) — The director of the Consumer Financial Protection Bureau resigned Friday and named his own successor, leading to an open conflict with President Donald Trump — who announced a different person as acting head of the agency later in...
Trump pleas for Saudi Arabia to list state oil company in US
NEW YORK (AP) — President Donald Trump sent a plea Saturday for Saudi Arabia to list its massive state-run oil company, Saudi Aramco, on the New York Stock Exchange. Trump tweeted Saturday morning that he would "very much appreciate" that the S...
Equifax CEO steps down in wake of huge personal data hack
NEW YORK (AP) — Embattled Equifax CEO Richard Smith stepped down Tuesday, less than three weeks after the credit reporting agency disclosed a disastrous hack to its computer system that exposed the sensitive personal information of 143 million A...
Equifax's troubles deepen amid new disclosure about breach
NEW YORK (AP) — Credit agency Equifax traced the theft of sensitive information about 143 million Americans to a software flaw that could have been fixed well before the burglary occurred, further undermining its credibility as the guardian of p...
Equifax victims may face another hassle in buying an iPhone
NEW YORK (AP) — Apple fans who froze their credit after the Equifax data breach may end up with another hassle on their hands if they try to get one of the new iPhones that can cost more than $1,000. People who rushed to lock down their credit and w...
Key Equifax executives departing after huge data breach
NEW YORK (AP) — Equifax announced late Friday that its chief information officer and chief security officer would leave the company immediately, following the enormous breach of 143 million Americans' personal information. The credit data company ...
New lawsuits, gestures to customers in Equifax data breach
NEW YORK (AP) — Equifax faces new lawsuits and is trying to make new gestures to customers in the wake of its disclosure last week that it exposed vital data like Social Security numbers of about 143 million Americans. It's already come under fire f...
Equifax breach: Criticism from lawmakers, what people can do
NEW YORK (AP) — There's no way around it: The news from credit reporting company Equifax that 143 million Americans had their information exposed is extremely serious. Crucial pieces of personal data that criminals could use to commit identity theft...
