Banks Bank of America Fined $1.2 Billion Over Money-Laundering Violations The third-largest penalty in Treasury history Bank of America will pay more than $1.2 billion in federal penalties after admitting it willfully violated the Bank Secrecy Act and failed to timely report more than $5 billion in suspicious transactions, the Treasury Department said Tuesday. The Financial Crimes Enforcement
Banks Sanders: If You Paid $1 in Taxes, You Paid More Than Citigroup Sanders puts Citigroup in the tax spotlight Senator Bernie Sanders has said that if you paid $1 in federal income taxes last year, you paid more than Citigroup did. In the statement shared by Unusual Whales, Sanders pointed to $4 billion in profits at the bank, a 32.74% interest
fed Fed's Logan Wants 50 Bps or More in Rate Hikes The hiking cycle might not be over. Dallas Fed President Lorie Logan said Thursday the central bank will need to raise short-term rates by at least another half percentage point to make policy "modestly restrictive" and pull inflation back toward the Fed's 2% target. That&
Macro Globe and Mail: Interest rates could keep rising for decades The Globe and Mail argues higher interest rates could be the norm for decades. U.S. 10-year yields recently broke 5.2% and 30-year mortgages sit above 7%.
Crypto US Seizes $84M From Payments Firm Capstone Linked to Tether, Bitfinex The DOJ seized roughly $84M from Capstone, a payments firm handling flows for Tether and Bitfinex via EQIBank. Tether says exposure is under 0.034% of assets, but the case exposes stablecoin banking risk.
Macro Over 10 Million Student Loan Borrowers Are Behind on Payments More than 10 million federal student loan borrowers are behind on payments, with wage garnishment, Social Security offsets, and credit score hits now in play. Consumer credit stress is building.
Politics DHS ‘PITT’ Unit Reportedly Mines Americans’ Finances to Trigger Traffic Stops A secretive DHS Border Patrol unit called PITT is reportedly analyzing Americans’ financial activity and passing names to local police to trigger pretextual traffic stops, per a 404 Media investigation.
Banks US Bancorp Runs First Live USBDC Stablecoin Transaction on Stellar U.S. Bancorp completed its first live USBDC stablecoin transaction, a cross-border payment on the Stellar blockchain, as major banks race to deploy on-chain dollar tokens.
Banks BofA VP Erin Piacenti killed in Times Square stabbing attack Bank of America VP Erin Piacenti, 32, was killed in a random Times Square stabbing on Monday. NYPD shot and killed the suspect, 49-year-old Pamela Cisneros, who had a documented mental health history.
Banks Wall Street Banks Push Big Law to Cut Fees, Citing AI Efficiency Goldman Sachs, Morgan Stanley, and Citi are pressing Big Law to cut fees, arguing AI has made the billable-hour associate model unsustainable. Here is what it means for the banks and the market.
Banks Judge Approves Bank of America's $72.5M Epstein Victims Settlement A federal judge approved Bank of America's $72.5 million settlement with Jeffrey Epstein's victims, making BAC the third major bank to publicly settle after JPMorgan and Deutsche Bank.
Markets BofA's Hartnett: Stocks Face 10%+ Drop if Democrats Take Senate Bank of America's Michael Hartnett warns that U.S. stocks could fall over 10% if Democrats take control of the Senate in the upcoming November midterm elections. This forecast is based on potential impacts to financial deregulation and AI capital expenditure policies, challenging the market's…
Markets SEC subpoenas Goldman, JPM, Citi, BofA over Situational Awareness collapse The SEC has subpoenaed Goldman Sachs, JPMorgan, Citigroup and Bank of America over their role financing AI hedge fund Situational Awareness, which nearly collapsed in July after a leveraged chip trade blew up.
Markets Private Equity Sitting on 33,575 Unsold Businesses: NYT Private equity is stuck with 33,575 unsold portfolio companies, per NYT and PitchBook, the biggest backlog on record. Exits are jammed and holding periods are stretching.
Macro Gray Divorce Rates Surge Among Americans Over 65 While overall U.S. divorce rates decline, divorces among adults aged 65 and older have nearly tripled since 1990, now accounting for 15.2% of divorces.
Markets Wells Fargo Forecasts Potential Fed Rate Hike Amid Inflation Concerns Wells Fargo anticipates a potential 25 bps Fed rate hike in 2026 due to persistent inflation, impacting bond markets and investor strategies.
Markets Y'all Street is hiring: Dallas becomes finance's new power center Dallas has become the second-largest finance hub in the country, with Goldman Sachs, JPMorgan, and Bank of America pouring billions into a region now branded Y'all Street.
Macro 53% of Millennials Still Lean on Parents Financially: Northwestern Mutual 53% of Millennials are not fully financially independent from their parents, per a new Northwestern Mutual study. The read-through hits housing, lenders, and consumer names.
Macro 72% of Gen Z Still Financially Dependent on Parents: Northwestern Mutual Northwestern Mutual's 2026 Planning & Progress Study shows 72% of Gen Z and 53% of millennials still lean on parents for financial support, with the average American not independent until age 37.
Macro 1 in 3 Workers Have More Credit Card Debt Than Retirement Savings: Schroders Schroders' 2026 US Retirement Survey shows 33% of workplace plan participants carry more credit card debt than retirement savings, while the target for a comfortable retirement climbed to $1.2 million.
Politics Treasury repeals FinCEN beneficial ownership reporting rule Treasury and FinCEN finalized a rule permanently ending beneficial ownership reporting for U.S. companies under the Corporate Transparency Act, and will delete previously filed data. Foreign entities still face reporting obligations.
Markets Americans Say It Takes $2.1 Million to Retire Comfortably A BlackRock survey put the number to retire comfortably at $2.1 million, above the $1.46M Northwestern Mutual figure. Most workers are not close to either.
Markets 35% of Adults Pay for Groceries with Credit Cards and Settle Balances Monthly Approximately 35% of adults use credit cards for grocery purchases and pay off balances monthly, while others carry debt, indicating varied financial strategies amid rising food costs.
Macro Bank of America Sees Three Fed Rate Hikes in 2026 Bank of America now expects the Fed to hike three times in 2026 — September, October, and December — reversing its prior on-hold call. CME FedWatch puts those odds at just 6.2%.
Banks Bank of America Spends $250M a Year on GLP-1 Drugs for Employees Bank of America now spends more than $250 million a year on GLP-1 drugs like Ozempic, Wegovy, and Zepbound for its 211,000 employees, about 13% of its total healthcare budget, CEO Brian Moynihan said.
