Breaking News: Investing

A sign is pictured above a branch of New York Community Bank in Yonkers, New York, on Jan. 31, 2024.Mike Segar | ReutersRegional lender New York Community Bank may have to pay more to retain deposits after one of the company's key ratings was slashed for the second time in a month.Late Friday, Moody's Investors Service cut the deposit rating of NYCB's main banking subsidiary by four notches, to Ba3 from Baa2, putting it three levels below investment grade. That followed a two-notch cut from Moody's in early February.The…

A sign is pictured above a branch of the New York Community Bank in Yonkers, New York, U.S., January 31, 2024.Mike Segar | ReutersRegional lender New York Community Bank finds itself in an apparently worsening predicament just as the anniversary of last year's banking turmoil nears.Shares of the troubled lender plunged 25% Friday to below $4 apiece after NYCB restated recent quarterly earnings lower by $2.4 billion, formally replaced its CEO and delayed the release of a key annual report.The most worrying development,…

JPMorgan Chase CEO Jamie Dimon isn't worried about the added competition from a bulked-up Capital One if its $35.3 billion takeover of Discover Financial gets approved."My view is, let them compete," Dimon said. "Let them try, and if we think it's unfair, we'll complain about that."Dimon, speaking to CNBC's Leslie Picker at a Miami conference, acknowledged that if regulators approve the Capital One-Discover deal, his bank will be eclipsed as the nation's biggest credit card lender.But that didn't stop him from praising…

Capital One headquarters in McLean, Virginia on February 20, 2024. Brendan Smialowski | AFP | Getty ImagesCapital One's blockbuster takeover proposal for Discover Financial includes a $1.38 billion breakup fee if Discover decides to go with another buyer, but no such fee if U.S. regulators kill the deal, people with knowledge of the matter told CNBC.Capital One said late Monday it had an agreement to purchase rival credit card player Discover in an all-stock transaction valued at $35.3 billion.While Discover can't…

Capital One CEO and Chairman, Richard Fairbank.Marvin Joseph| The Washington Post | Getty ImagesCapital One's recently announced $35.3 billion acquisition of Discover Financial isn't just about getting bigger — gaining "scale" in Wall Street-speak — it's a bid to protect itself against a rising tide of fintech and regulatory threats.It's a chess move by one of the savviest long-term thinkers in American finance, Capital One CEO Richard Fairbank. As a cofounder of a top 10 U.S. bank by assets, his tenure is a rarity in a…

Strauss/curtis | The Image Bank | 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.While many institutional investors are trimming their alternative investments such as hedge funds and private equity, family offices are pouring even more money into the sector, according to a new study.KKR's family office survey of 75 chief investment officers…

A young man holds a credit card and uses a laptop for online shopping.Diy13 | Istock | Getty ImagesAmericans shopping online after midnight often make riskier transactions and are more likely to default on their loans, according to Affirm Chief Financial Officer Michael Linford.The fintech firm uses the hour a consumer attempts a transaction as a key data point to help determine whether to approve loans, Linford told CNBC in a recent interview. Other factors include a user's repayment history with Affirm and transaction…

NEW YORK, NEW YORK - MAY 17: President and CEO of Wells Fargo Charlie Scharf attends The Future of Everything presented by the Wall Street Journal at Spring Studios on May 17, 2022 in New York City. (Photo by Steven Ferdman/Getty Images)Steven Ferdman | Getty Images Entertainment | Getty ImagesWells Fargo said Thursday one of its primary regulators has lifted a key penalty tied to its 2016 fake accounts scandal.The bank said in a release that the Office of the Comptroller of the Currency terminated a consent order that…

The logo of car manufacturer Ford is pictured in Inwood, New York, on February 5, 2024. Charly Triballeau | AFP | Getty ImagesLONDON — Ford was warned on Wednesday that more than 3,000 white-collar workers across the U.K. could launch industrial action after union members rejected a pay offer from the U.S. automotive giant.Unite, one of the U.K.'s largest trade unions, said although offers put forward by Ford for salaried staff and managers had been rejected by more than 90% among both sets of workers, the company had so…

Pedestrians pass a JPMorgan Chase bank branch in New York.Michael Nagle | Bloomberg | Getty ImagesThe three biggest American retail banks collected 25% less overdraft revenue last year as the companies, under pressure from regulators to cap the fees, created new ways for customers to avoid the penalties.JPMorgan Chase, Wells Fargo and Bank of America reported a combined $2.2 billion in overdraft fees in 2023, roughly $700 million less than the previous year, according to regulatory filings.Overdraft fees are triggered…