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Maskot | Maskot | Getty ImagesAfter a year of supply shortages and climbing borrowing costs, 2024 is shaping up to be a better time to buy a car.The average transaction price for a new car in the U.S. in February was $47,244, down 2.2% from February 2023. That's also down 5.4% from the market peak in December 2022, according to Kelley Blue Book.But new cars are still generally expensive; prices are nearly 14% higher than in February 2021.Incentives such as rebates and discounts are slowly making a comeback as inventory…

A Ferrari is parked outside the New York Stock Exchange in celebration of Ferrari's initial public offering in New York City on Oct. 21, 2015.Andrew Burton | Getty ImagesFerrari CEO Benedetto Vigna promised on Tuesday that the luxury carmaker's new electric vehicle will offer drivers the same "unique" experience as its historic combustion engines.The Italian company is launching its first fully electric vehicle in the final quarter of 2025 and will open a new production site in Maranello, Italy, in June to manufacture…

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 7, 2024.Brendan Mcdermid | ReutersThe forces that consumed three regional lenders in March 2023 have left hundreds of smaller banks wounded, as merger activity — a key potential lifeline — has slowed to a trickle.As the memory of last year's regional banking crisis begins to fade, it's easy to believe the industry is in the clear. But the high interest rates that caused the collapse of Silicon Valley Bank and its peers in 2023…

The Morgan Stanley digital sign is seen at the company's Times Square headquarters in New York, U.S., on Friday, Jan. 12, 2016.John Taggart | Bloomberg | Getty ImagesMorgan Stanley promoted a tech executive in its wealth management division to become the bank's first head of firm-wide artificial intelligence, CNBC has learned.The bank is elevating Jeff McMillan, a veteran of the New York-based bank, to help guide its implementation of AI across the firm, according to a memo sent Thursday from co-presidents Andy Saperstein…

The Porsche Mission X on display at the IAA Mobility 2023 show in Munich, Germany.Arjun Kharpal | CNBCPorsche on Tuesday warned that profitability will decline this year as it launches new models amid tough economic conditions, but hiked its dividend on the back of a rise in 2023 operating profit.The German luxury automaker said it expects an operating return on sales of between 15% and 17% in 2024, down from the 18% margin notched in 2023 and 2022. In the long term, the group targets an operating return on sales of more…

Westend61 | Westend61 | Getty ImagesA version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The number of family offices in the world has tripled since 2019, setting off a new race among private equity firms, hedge funds and venture capital firms to attract their investments.According to a new report from Preqin, the number of family offices — the private investing…

Rich Paul attends a basketball game between the National Basketball Association's Los Angeles Lakers and the Boston Celtics at Staples Center in Los Angeles on Feb. 23, 2020.Allen Berezovsky | Getty Images Entertainment | Getty ImagesRobinhood is partnering with Klutch Sport Group, LeBron James' agent Rich Paul's firm, as the financial services company looks to expand its reach into sports, entertainment and media, the companies announced Thursday.As part of the deal, Paul will get a seat on Robinhood's board as a…

The New York Community Bank (NYCB) headquarters in Hicksville, New York, US, on Thursday, Feb. 1, 2024.Bing Guan | Bloomberg | Getty ImagesNew York Community Bank said Thursday it lost 7% of its deposits in the turbulent month before announcing a $1 billion-plus capital injection from investors led by former Treasury Secretary Steven Mnuchin's Liberty Strategic Capital. The bank had $77.2 billion in deposits as of March 5, NYCB said in an investor presentation tied to the capital raise. That was down from $83 billion it…

Federal Reserve Chairman Jerome Powell fist bumps Treasury Secretary Steven Mnuchin after a House Financial Services Committee hearing on "Oversight of the Treasury Department's and Federal Reserve's Pandemic Response" in the Rayburn House Office Building in Washington, U.S., December 2, 2020.Greg Nash | ReutersThe $1 billion-plus injection that New York Community Bank announced Wednesday is the latest example of private equity players coming to the need of a wounded American lender.Led by $450 million from ex-Treasury…

Rohit Chopra, director of the CFPB, testifies during the Senate Banking, Housing and Urban Affairs Committee hearing titled "The Consumer Financial Protection Bureau's Semi-Annual Report to Congress," in the Dirksen Building on Nov. 30, 2023.Tom Williams | Cq-roll Call, Inc. | Getty ImagesThe Consumer Financial Protection Bureau unveiled a new rule on Tuesday that it said would cap the typical late fee that banks charge customers at $8 per incident.By cutting late fees to $8 from an average of around $32, more than 45…