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Apple CEO Tim Cook introduces the Apple Card during a launch event at the Apple headquarters in Cupertino, California, on March 25, 2019. The Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card transactions. Goldman Sachs was ordered to pay a $45 million civil penalty and $19.8 million in redress, while Apple was fined $25 million. "Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers. Apple Card was first launched in 2019 as a credit card alternative, hinged on Apple Pay, the company's mobile payment and digital wallet service.
Persons: Tim Cook, Goldman Sachs, Apple, Rohit Chopra, Nick Carcaterra, , Hugh Son, Steve Kovach Organizations: Apple, Consumer Financial Protection, Apple Card, Big Tech, CNBC Locations: Cupertino , California
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmerican Express' post-earnings slide threatens 5-week winning streakCNBC's Hugh Son reports on the latest news from American Express.
Persons: Hugh Son Organizations: Express, American Express
In this article KBE.IXIC.SPX.DJIASML-NLDAMZN.FTSEMS Follow your favorite stocks CREATE FREE ACCOUNTThe Morgan Stanley headquarters in New York, US, on Monday, Oct. 14, 2024. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Morgan Stanley , for one, reported third-quarter figures that surpassed earnings and revenue estimates. The bank's profit jumped 32% from a year ago, far outstripping the LSEG estimate and topping several other big banks' income growth. The investment banking business was a main source of profit for Morgan Stanley.
Persons: DJI ASML, Morgan Stanley, Michael Nagle, Piper Sandler, – CNBC's Hugh Son, Alex Harring, Jeff Cox, Lisa Kailai Han, Jesse Pound Organizations: Bloomberg, Getty, CNBC, Dow Jones, Nasdaq, U.S . Federal Reserve, P Bank ETF, UBS, U.S . Labor Department Locations: New York, Wall
The rising tide of real estate cyber crime
  + stars: | 2024-07-23 | 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 EmailThe rising tide of real estate cyber crimeCNBC's Hugh Son joins 'Power Lunch' to discuss how to protect yourself from online fraud and scams.
Persons: Hugh Son
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFintech app customers locked out of bank accounts after middleman Synapse declares bankruptcyCNBC's Hugh Son reports on news from the fintech space.
Persons: Hugh Son Organizations: Synapse
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat Goldman Sachs' earnings could mean for the sector at largeCNBC's Hugh Son discusses earnings from Goldman Sachs and the other big banks.
Persons: Goldman Sachs, Hugh Son
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBanks are in limbo without a crucial lifeline. Here’s where cracks may appear nextThe Fed is expected to start cutting rates this year, and that could mean hundreds of billions of dollars of unrealized losses on low-interest bonds. CNBC's Hugh Son joins 'Squawk Box' with more.
Persons: CNBC's Hugh Son
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCitigroup considers deep job cuts for CEO Jane Fraser's overhaulCNBC's Hugh Son reports on the massive reorganization at Citigroup.
Persons: Jane Fraser's, Hugh Son Organizations: Citigroup
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs under scrutiny following a wave of troubling articlesCNBC's Hugh Son joins 'Power Lunch' to weigh in on the negativity following Goldman Sachs.
Persons: Goldman Sachs, Hugh Son
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTwo financial experts discuss the Fed's next steps and the future of the U.S. banking systemFormer Federal Reserve Board Vice Chair Roger Ferguson and CNBC's Hugh Son discuss the current banking landscape and the path forward for the Fed.
Persons: Roger Ferguson, CNBC's Hugh Son Organizations: Federal Reserve, Fed
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs employees are concerned about CEO David Solomon's leadership styleCNBC's Hugh Son joins 'The Exchange' to discuss internal conflict within Goldman Sachs, concerns about CEO David Solomon's DJ lifestyle, and undercurrents of displeasure within the Goldman Sachs workforce.
Persons: Goldman Sachs, David Solomon's, Hugh Son Organizations: Goldman
Jim on Friday matched Gorman's confidence in the future of Morgan Stanley, saying its stock looked very attractive at current levels. The day before Gorman took over as CEO, on Jan. 1, 2010, Morgan Stanley stock closed at $29.60 per share. Investors like steadiness, so they're willing to pay more for every dollar of wealth-and-asset-management revenue compared with investment banking and trading. Over time, this dynamic should allow Morgan Stanley to command a higher price-to-earnings ratio. James Gorman, chairman and chief executive officer of Morgan Stanley, speaks during a Bloomberg Television interview in Beijing, China, on Thursday, May 30, 2019.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan reveals details of First Republic deal in investor presentationCNBC's Hugh Son joins 'Squawk Box' to report the latest on JPMorgan's acquisition of First Republic.
Shares were down 13% in premarket trading, extending losses of nearly 50% on Tuesday. First Republic 's stock sank again on Wednesday as investors kept an eye on a potential rescue deal for the troubled regional bank. First Republic was seen by customers and investors alike as a risky bank after the collapse last month of Silicon Valley Bank, which had a similar financial profile. First Republic also said in its quarterly report Monday that it was reviewing strategic options to help reshape its balance sheet. Advisors to First Republic are trying to convince at least some of those banks to provide further support by buying some of First Republic's assets at above-market rates, CNBC has learned.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBanks propose plan to save First Republic Bank as stock hits all-time lowCNBC's Hugh Son joins 'The Exchange' to discuss the effort to bail out First Republic Bank, the market response to rescue efforts for FRC, and the role of government in times of bank failure.
Shares of First Republic drops nearly 50%, hits all-time low
  + stars: | 2023-04-26 | by ( Hugh Son | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShares of First Republic drops nearly 50%, hits all-time lowShares of First Republic lost about half their value on Tuesday after reporting a massive drop in deposits. CNBC's Hugh Son joins 'Squawk Box' to discuss how this saga plays out.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank earnings show big jumps in net interest income and healthy spreadsCNBC's Hugh Son joins 'Squawk on the Street' to discuss bank earnings, the likelihood for further bank contagion, and Jamie Dimon's commentary on the state of the economy.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPNC seems 'expensive' heading into the print, says KBW's David KonradCNBC's Hugh Son and Dom Chu with David Konrad, KBW large cap bank analyst, joins 'The Exchange' to discuss banks.
Andy Sieg, a veteran of Merrill Lynch, is parting ways with Bank of America to join Citigroup . He will be the new head of Citi Global Wealth, reporting to Jane Fraser, the bank's CEO. Previously, Sieg was president of Merrill Lynch Wealth Management, a post he's held for six years. He was also a member of Bank of America's executive management team. Separately, Bank of America announced that Lindsay Hans and Eric Schimpf have been appointed presidents and co-heads of Merrill Wealth Management.
CNBC Daily Open: First Citizens struck a great bargain
  + stars: | 2023-03-28 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. First Citizens' purchase of SVB's assets was a bargain in monetary terms. The optimism was reflected in the SPDR S&P Regional Banking ETF (KRE), which rose about 0.87%. Subscribe here to get this report sent directly to your inbox each morning before markets open.
CNBC Daily Open: First Citizens made a good deal
  + stars: | 2023-03-28 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. More crucially, it signaled to markets that, despite SVB's financial difficulties, there was still value in SVB's reputation and relationship with its clients. The optimism was reflected in the SPDR S&P Regional Banking ETF (KRE), which rose about 0.87%. Subscribe here to get this report sent directly to your inbox each morning before markets open.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeposit transfers from smaller banks to giants like JPMorgan has slowed, sources tell CNBCCNBC's Hugh Son joins "Power Lunch" to discuss the slowdown in withdrawals from the banking system following the collapse of Silicon Valley Bank.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFirst Citizens to buy $72 billion of Silicon Valley Bank's loans and depositsCNBC's Hugh Son reports on the continuing turmoil within the global banking system.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe U.S. Treasury market really showed intense strains today, says WSJ's BanerjiCNBC's Hugh Son, the Wall Street Journal's Gunjan Banerji, Axios' Dan Primack and Thomson Reuters' Elisa Martinuzzi join CNBC's Brian Sullivan and 'Last Call' to discuss the current banking crisis, just how serious it is and whether it will continue impact the markets.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCredit Suisse is in a negative feedback loop with stubborn costs and weak revenueCNBC's Hugh Son and Mike Santoli join 'Power Lunch' to discuss the complications facing Credit Suisse, similarities between Credit Suisse's bank run and that of Silicon Valley Bank, as well as the likelihood of Credit Suisse receiving a bailout from the Swiss government.
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