Mark Mason, then CEO of Citi Private Bank, speaks during the Global Wealth Management Summit in New York, June 17, 2014.Shannon Stapleton | ReutersThe biggest U.S. banks show no sign of capitulating to President Donald Trump's mandate to slash credit card interest rates, setting up a confrontation just as the...
Category: Finance
Trump targets credit card rates. What’s at stake for Capital One and other banks
Capital One shares dropped more than 6% on Monday after President Donald Trump targeted a key way that our favorite credit card issuer makes money. The weakness in Capital One followed Trump's call for a one-year, 10% cap on credit card rates to take effect on Jan. 20. In his...
How BlackRock, world’s largest asset manager, is fine-tuning market portfolios for 2026
BlackRock came into 2026 with a clear investment plan built around three pillars: artificial intelligence, income, and diversification. Jay Jacobs, BlackRock's head of equity exchange-traded funds, laid out ways in which ETFs fit into the shifting market bets from the world's largest asset manager, which oversees more than $13 trillion...
Fed minutes show officials were in tight split over December rate cut
WASHINGTON — The Federal Reserve on Tuesday released minutes from its highly divisive meeting earlier this month, which concluded with a vote to lower interest rates again that appeared to be an even closer call than the final vote indicated.Officials expressed a variety of opinions during the Dec. 9-10 meeting,...
China to crack down on AI chatbots around suicide, gambling
This photo taken on February 2, 2024 shows Lu Yu, head of Product Management and Operations of Wantalk, an artificial intelligence chatbot created by Chinese tech company Baidu, showing a virtual girlfriend profile on her phone, at the Baidu headquarters in Beijing.Jade Gao | Afp | Getty ImagesBEIJING — China...