Bank of America

Big banks are teaming up to launch a digital wallet that people can use to shop online. Wells Fargo WFC -1.29% & Co., Bank of America Corp. BAC 0.73% , JPMorgan Chase JPM 0.86% & Co. and four other banks are working on a new product that will allow shoppers to pay at merchants’ online checkout with a wallet that will be…

The Federal Reserve is investigating Goldman Sachs Group Inc.’s GS -3.08% consumer business to determine whether the bank had appropriate safeguards in place as it ramped up lending, according to people familiar with the matter.  The regulator has concerns that the bank didn’t have proper monitoring and control systems inside the consumer business, known as Marcus, especially as it grew larger, the people said.  The Fed is…

People lay down on the ground during the Vanguard SOS Campaign Fight For Our Future: Rally For Climate, Care, Jobs & Justice on April 22, 2022 in Malvern, Pennsylvania.Photo: Lisa Lake (Getty Images)This story was originally published by Grist. You can subscribe to its weekly newsletter here.Shortly before COP26, last year’s United Nations climate conference in Glasgow, financial institutions were rushing to announce their climate commitments. The conference’s leadership and Mark Carney, a special envoy appointed by…

Americans are missing out on billions of dollars in interest by keeping their savings at the biggest U.S. banks.The Federal Reserve has raised interest rates to their highest level since early 2008, just before a near failure of the financial system plunged the American economy into recession. Yet the biggest commercial banks are still paying peanuts to savers. In theory, savers could have earned $42 billion more in interest in the third quarter if they moved their money out of the five largest U.S. banks by deposits to…

WASHINGTON—The Federal Reserve’s new regulatory chief on Thursday signaled plans to beef up big-bank capital requirements, potentially revisiting financial rules that were eased during the Trump administration. Michael Barr, the Fed’s vice chairman for banking supervision, said that the central bank is still conducting a broad review of its capital requirements but suggested the overall requirements appeared to be lower than they ought to be.…

The FTX contagion has spread to several companies including to crypto lender BlockFi, which on Monday declared bankruptcy. Photo: Maurice NORBERT (Shutterstock)Crypto lender BlockFi was once eager to hand practically anybody a sack of money containing gold-plated crypto coins, without even a bare credit check. Now they themselves would like some investor to lay out some cash without asking too many questions, especially not about their obvious connections and contagion from the fallout of FTX. On Monday, the New…

Some of America’s biggest banks are devising a plan to compensate customers who fall victim to scams on their Zelle payment network.  JPMorgan Chase JPM -1.72% & Co., Wells Fargo WFC -0.93% & Co. and Bank of America Corp. BAC -1.87% are among the banks in advanced discussions to create a playbook for refunding customers and each other for illegitimate…

Banks have started to send $13 billion in cash backing Elon Musk’s takeover of Twitter Inc., TWTR 1.08% according to people familiar with the matter, the latest sign the $44 billion deal for the social-media company is on track to close by the end of the week after months of twists and turns.…

The debt package for the Twitter deal comprises junk-rated loans, which are risky because of the amount of debt the company is taking on, as well as secured and unsecured bonds (Illustration: Rahul Awasthi)People familiar with the matter said the banks providing $13 billion in financing for Tesla CEO Elon Musk's acquisition of Twitter Inc. have abandoned plans to sell the debt to investors because of uncertainty around the social media company's fortunes and losses. The banks are not planning to syndicate the debt, as is…

The banks providing $13 billion (roughly Rs. 1,07,300 crore) in financing for Tesla CEO Elon Musk's acquisition of Twitter have abandoned plans to sell the debt to investors because of uncertainty around the social media company's fortunes and losses, people familiar with the matter said.The banks are not planning to syndicate the debt as is typical with such acquisitions, and are instead planning to keep it on their balance sheets until there is more investor appetite, the sources said.The banks, which include Morgan…