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U.S. consumers have cut back on spending this year, and they plan to continue to do so through the holidays, a new CNBC-Morning Consult survey has found. The vast majority of adults (92%) have reduced their spending over the past six months, according to a poll fielded on behalf of CNBC by Morning Consult, a company that conducts survey research to inform decision-making. Consumers remain cautious in their spending and they're being more discerning about where and when to part with hard-earned cash. The most common categories for spending cuts over the past six months were clothing and apparel (63%), restaurants and bars (62%), and entertainment outside the house (56%), a pattern that held steady from our June survey. The next biggest categories for cuts were groceries (54%), recreational travel and vacations (53%) and electronics (50%.)

Organizations: CNBC, Morning Locations: Detroit, Hollywood

☆ Watch Live: Spotlighting female founders closing the gap for women in the workforce
▼ + stars: | 2023-03-30 | by ( Harriet Taylor | ) www.cnbc.com time to read: +3 min

First, Boorstin will speak with tech venture capitalists Freada Kapor Klein and Mitch Kapor, founding partners of Kapor Capital Partners and the authors of "Closing the Equity Gap," published by Harper Business. Through Kapor Capital, they invest in entrepreneurs whose products and services aim to close social and economic equity gaps while building successful businesses. Boorstin will also speak with them about the current economic environment and what can be done to mitigate the impact on fundraising for minority founders. Allison Whalen is the co-founder and CEO of Parentaly, which works with companies to administer parental leave programs. Hear from these change-makers who are delivering social and economic returns, building successful companies, and sharing key insights they've learned along the way.

"Jamie Dimon knew in 2008 that his billionaire client was a sex trafficker," attorney Mimi Liu told Manhattan U.S. District Judge Jed Rakoff at a hearing late Thursday, referring to the year Epstein was first criminally charged with sex crimes. "If Staley is a rogue employee, why isn't Jamie Dimon?" The lawyer continued: "Staley knew, Dimon knew, JPMorgan Chase knew" about Epstein's criminal conduct. Simon Dawson | Bloomberg | Getty ImagesA lawyer for JPMorgan disputed those arguments, "in particular the point about Jamie Dimon having any specific knowledge." Wexler also said, "Jamie Dimon has no recollection of reviewing the Epstein accounts."

☆ The fintech reckoning is upon us. Here’s what to expect next year
▼ + stars: | 2022-12-28 | by ( Hugh Son | ) www.cnbc.com time to read: +9 min

Many fintech companies — particularly those dealing directly with retail borrowers — will be forced to shut down or sell themselves next year as startups run out of funding, according to investors, founders and investment bankers. Other private companies with a reasonable path to profitability will typically get funding from existing investors. The frenzy peaked in 2021, when fintech companies raised more than $130 billion and minted more than 100 new unicorns, or companies with at least $1 billion in valuation. "20% of all VC dollars went into fintech in 2021," said Stuart Sopp, founder and CEO of digital bank Current. "The competitive landscape shifts the most during periods of fear, uncertainty and doubt," said Kelly Rodriques, CEO of Forge, a trading venue for private company stock.

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