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Top related persons:
Marshall Lux - 3 Alessandro DiNello - 2 NYCB - 2 DiNello - 2 Lux - 2 we've - 1 Hanif Dahya - 1 JP Morgan - 1
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Search resuls for: "Marshall Lux"


6 mentions found


☆ Shares of NYCB fall 14% after bank discloses 'internal controls' issue, CEO change
  + stars: | 2024-02-29 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com   time to read: +2 min
The regional bank announced that Alessandro DiNello, its executive chairman, is taking on the roles of president and CEO, effective immediately. Shares of New York Community Bancorp fell 14% in extended trading Thursday after the regional lender announced a leadership change and disclosed issues with its internal controls. The bank also announced an amendment to its fourth quarter results, adding a disclosure about its internal risk management. The specter of loan losses reignited fears about the state of the commercial real estate market and regional banks more broadly. Several regional banks failed in 2023 after customers and investors became uneasy about the value of the debt on bank balance sheets, including Silicon Valley Bank.
Persons: Alessandro DiNello, NYCB, DiNello, we've, Marshall Lux, Hanif Dahya, Lux, JP Morgan Organizations: York Community Bank, New York Community Bancorp, Flagstar Bank, Moody's Investors Service, Chase Consumer Bank, JP, Silicon Valley Bank Locations: Brooklyn, New York City, Silicon
☆ NYCB shares tumble after regional lender swaps out CEO, says it identified ‘material weakness’ in internal controls
  + stars: | 2024-02-29 | by ( Elisabeth Buchwald | ) edition.cnn.com   time to read: +3 min
New York CNN —Shares of New York Community Bank (NYCB) fell by as much as 20% in after-hours trading on Thursday after the beleaguered regional lender said in a filing it had identified “material weakness” in the company’s controls. The issues caused a $2.4 billion loss to shareholders last quarter, NYCB said. The bank also announced that Alessandro DiNello, its recently appointed executive chairman, will be the new president and CEO, effective immediately. In the same filing, NYCB disclosed Hanif (Wally) Dahya resigned from serving as director of the board. In his February 25 resignation letter, he said he “did not support the proposed appointment” of DiNello to president and CEO.
Persons: NYCB, Alessandro DiNello, Thomas Cangemi, Hanif, Wally, Dahya, “, DiNello, Marshall Lux, Chase Organizations: New, New York CNN, New York Community Bank, Silicon Valley Bank, Signature Bank, First Republic Bank, Securities and Exchange Commission Locations: New York, Silicon
☆ Workers are paying to get part of their paychecks early. It's 'payday lending on steroids,' one expert says
  + stars: | 2024-01-28 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +12 min
Fotostorm | E+ | Getty ImagesMillions of American workers are paying for early access to their paychecks. So-called "earned wage access" programs, which operate either directly to the consumer or through employers, let workers tap a portion of their wages before payday, often for a fee. Earned wage access has gotten more popularEarned wage access goes by various names: daily pay, instant pay, accrued wage access, same-day pay and on-demand pay, for example. "It's another version of payday loans," Monica Burks, policy counsel at the Center for Responsible Lending, a consumer advocacy group, said of earned wage access. However, a recent study by the U.S. Government Accountability Office found that earned wage access products "generally cost less than typical costs associated with payday loans."
Persons: it's, Marshall Lux, Lux, hasn't, Cherie Chung, EarnIn, MoneyLion, Monica Burks, —, Thad Peterson, There's, EWA, Peterson, Harvard's, we're, Stacy Greiner, Dave, Ben LaRocco, Miranda Margowsky, Margowsky, Atif Siddiqi, Siddiqi, Safwan Shah, Shah, doesn't, Harvard's Chung Organizations: Harvard University, Finance, Harvard Kennedy School, Lux, Harvard, Hilton, Uber, Walmart, Companies, Center for, California Department of Financial Protection, Center for Responsible, U.S, Government, Office, GAO, Datos, Commerce, Economic, Financial Technology Association Locations: Kroger, McDonald's, California, Vermont
☆ Harvard senior fellow Marshall Lux calls buy now, pay later 'financial dynamite'
  + stars: | 2023-01-10 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHarvard senior fellow Mashall Lux calls buy now, pay later 'financial dynamite'Marshall Lux, Harvard senior fellow, joins 'Power Lunch' to discuss alternate economic indicators like Americans having no savings and buy now, pay later companies.
☆ Gen Zers are spending big this holiday season — and it could come back to bite them
  + stars: | 2022-12-06 | by ( Avery Hartmans | ) www.businessinsider.com   time to read: +4 min
Gen Z shoppers came out in full force during Black Friday and Cyber Monday this year. BNPL seems like an easy way to pay for purchases, but it's causing some young consumers to rack up debt. Despite predictions of a lackluster holiday shopping season this year, shoppers came out in full force during Black Friday and Cyber Monday. "One standout this Black Friday was the high turnout of Gen Z in stores," Kristen Classi-Zummo, apparel industry analyst with market research firm NPD, told CNN. Frequent BNPL use has led some young shoppers to rack up thousands of dollars in debt and tank their credit scores.
☆ More Americans tapping buy now, pay later for holiday gifts shows 'how stressed the economy is,' Harvard researcher says
  + stars: | 2022-11-30 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +1 min
Americans are increasingly finding alternative ways to satisfy their holiday wish lists as they continue to grapple with high prices and inflation. On Black Friday through Cyber Monday, buy now, pay later payments through companies such as Klarna, Zip, Zilch, Affirm and Afterpay jumped 85% compared with the week before, according to the most recent data from Adobe. Buy now, pay later revenue rose 88% for the same period. Lux called this year's spike in installment buying "horrible, and a real statement on how stressed the economy is, especially for the average American." Heading into November, 60% of Americans reported living paycheck to paycheck.
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