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Introduction to earning credit card rewardsCredit card rewards can put cash in your pocket or help you jet off on an exciting trip. Pay down balances early to avoid a high utilization ratioAnother important credit scoring factor is your credit utilization ratio — a comparison of your revolving accounts' credit card balances and credit limits from your credit reports. Closing a card might also hurt your credit scores if it was your only credit card. There are a lot of misconceptions about how closing a credit card can impact other aspects of your credit scores. If you have more than one account to manage, you may find it helpful to use a credit card rewards app to track your rewards.
Persons: Chase, it's, cardholders, Garner Organizations: Business, American Express, Citibank, Planning, Chase, Services, Mastercard, Sapphire Reserve, Chase Travel, Chevron
The results by three major U.S. banks kicked off the second-quarter earnings season. Maximize Item 1 of 2 Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. REUTERS/File Photo [1/2] Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. Wells Fargo CFO Mike Santomassimo said on a call that the bank has seen good activity across the investment grade desk, capital markets and the leverage finance business. Goldman's earnings are expected to more than double versus the second quarter of 2023, when they dropped to a three-year low.
Persons: Wells, Goldman Sachs, Morgan Stanley, Mark Mason, Mason, JP Morgan, Jeremy Barnum, Mike Santomassimo, Moody's, Goldman, Noor Zainab Hussain, Manya Saini, Niket, Nupur Anand, Tatiana Bautzer, Saeed Azhar, Megan Davies, Matthew Lewis Organizations: Citigroup, JPMorgan, Citi, Equity, JP Morgan Chase Bank, Citibank, Wells Fargo & Co, Chevron Chevron, Morgan, Thomson Locations: Chevron Chevron The U.S, U.S, Bengaluru, New York
"A lot of wealth, especially from ultra-high-net-worth individuals, is moving to Dubai," Dhruba Jyoti Sengupta, CEO of Wrise Private Middle East, told CNBC Pro on May 31. Sengupta — whose firm serves ultra-high-net-worth and high-net-worth individuals across Asia, the Middle East and Europe — said he regularly receives inquiries from individuals about investing in Dubai. The consultancy firm, which tracks private wealth and global investment migration trends, ranked it as the 21st wealthiest city in the world. "In fact, the super-wealthy do a lot of diversification and invest in different geographies and assets using Dubai as a gateway." Portfolio allocation Sengupta also revealed how individuals with around $10 million to invest typically allocate funds: $3 million (30%) in wealth accumulation.
Persons: Dhruba Jyoti Sengupta, Sengupta —, Europe —, Sengupta Organizations: Wrise, CNBC Pro, United Arab, Henley & Partners, Citibank Locations: India, South Korea, Dubai, Asia, East, Europe, Indonesia, United Arab Emirates, Africa
LONDON — British regulators on Wednesday dished out a combined £61.6 million ($79 million) in fines to U.S. investment bank Citi for failings in its trading systems and controls. "Firms involved in trading must have effective controls in place in order to manage the risks involved. The regulators said that certain system and control issues persisted during the probe period and led to trading incidents, such as so-called fat-finger trading blunders. "Deficiencies in CGML's trading controls contributed to this incident, in particular the absence of certain preventative hard blocks and the inappropriate calibration of other controls," the statement read. "We immediately took steps to strengthen our systems and controls, and remain committed to ensuring full regulatory compliance."
Persons: Sam Woods Organizations: CitiBank, LONDON, Citi, Prudential, Authority, Financial, Citigroup Global Markets, prudential, CNBC Locations: Manhattan, New York City
Read previewWall Street is investing big in artificial intelligence — and that's good news for machine-learning engineers and other tech talent. Hirsch said that investment banks are hiring AI engineers to build in-house tools that they can use "across their trading, research, and risk-management functions." The 8 banks reviewed are JPMorgan Chase, Bank of America, UBS, Citibank, Barclays, Deutsche Bank, Goldman Sachs, and Morgan Stanley. We pulled data for roles containing keywords like "AI," "data science," "machine learning," and "prompt." AdvertisementCheck out data-science and AI salaries for JPMorgan, Goldman Sachs, Citi, Bank of America, and other investment banks:
Persons: , JPMorgan Chase, Jamie Dimon, Dimon, Gil Perez, Giancarlo Hirsch, Hirsch, Goldman Sachs, Morgan Stanley Organizations: Service, JPMorgan, Business, Deutsche Bank, Wall, of Foreign Labor, JPMorgan Chase, Bank of America, UBS, Citibank, Barclays, Department, Labor, Citi Locations: America
I don't know how JPMorgan Chase knew that I would spend $200 on Botox in Argentina, but it did. It's great that banks and credit-card companies are getting better at discerning which payments are fraudulent and which are legit. Credit-card fraud protection is still far from perfect, but there's no denying that the technology is improving. So I reached out to some credit-card companies and academics to learn more. But it's cool that companies really are making fraud detection better, especially in a world where fraudsters themselves are constantly getting better.
Persons: JPMorgan Chase, it's, Nilson, We've, that's, Tina Eide, Eide, Mike Lemberger, they've, Lemberger, here's, Yann, Aël Le Borgne, Gianluca Bontempi, Bontempi, I'd, Le Borgne, somebody's, Emily Stewart Organizations: Citibank, JPMorgan, Federal Trade Commission, American Express, Netflix, Libre de Bruxelles, Companies, Visa, Citi, Business Locations: California, Buenos Aires, Botox, Argentina, North America, Belgium, Lemberger
MonzoBritish neobank Monzo said Wednesday that it's raised another $190 million, lifting the total it's raised so far this year to $610 million. Singaporean sovereign wealth fund GIC also participated in Monzo's latest fundraise, a source familiar with the matter told CNBC. The total $610 million round marks the single-biggest funding round for a European fintech in the past year, according to Dealroom data. "What I like about how we're approaching this is, at the heart of it, it's not just words," Anil told CNBC in an exclusive interview Tuesday. European expansion is also on the cards, Anil said, although he didn't commit to a date for when this will happen.
Persons: Anil, Monzo, it's, GIC, we've, Monzo's, Revolut Organizations: CNBC, Hedosophia, Barclays, NatWest, BlackRock, JPMorgan, Citibank Locations: U.S, Berlin
Morgan Stanley Revenue rose 4% year over year to $15.14 billion, beating expectations of $14.41 billion, according to data compiled by LSEG. C YTD mountain Citigroup (C) year-to-date performance Citigroup had a decent quarter, Jim said. Jim said BofA just didn't shine versus the other major banks, and on earnings day Wall Street agreed, sending the stock down 3.5%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Jim Cramer, Jim, Morgan Stanley, Goldman Sachs, Wells Fargo, Here's, Morgan Stanley's, Ted Pick, Pick, Goldman, Charlie Scharf, He's, Scharf, Wells, Jane Fraser's, BofA, Jamie Dimon, Jim Cramer's, JPMorgan Organizations: Citigroup, Bank of America, JPMorgan Chase, Investment, Morgan, Morgan Stanley Revenue, LSEG, Wealth, Goldman, Wells, Management, Silicon Valley Bank, Club, Citigroup Revenue, Citi, Bank of America Revenue, Bank, of, JPMorgan Chase Revenue, JPMorgan, CNBC, Citibank, Reuters Locations: Goldman Sachs, Wells Fargo, Silicon, buybacks, Wells
Generative AI video and audio tools are getting deployed, and getting better, quickly. Even as OpenAI limits access to audio and video tools, dark websites have exploded in number in the past few months selling GPT knockoff products. How to identify an AI video imposterThere are many ways to spot an AI imposter, some relatively simple. If the person complies but their head disappears on the video screen, end the call immediately, Hollenbeck said. How to live a multi-factor authentication life offlineEven with more protections techniques, experts predict a spiraling arms race of deepfakes vs. deepfake tools.
Persons: OpenAI, Sora, Froggett, Carl Froggett, , Rupal Hollenbeck, Hollenbeck, Chris Pierson, Pierson, Nirupam Roy, it's, Roy, Eyal Benishti, Benishti, It's Organizations: Industry, University of Maryland Locations: Hong Kong
AdvertisementFive talent managers working with YouTube creators told BI their clients have yet to use YouTube's affiliate program or that they weren't familiar with the program. Some creators, like Kristen McGowan, have started using YouTube's affiliate program alongside other tools. She hasn't used YouTube's affiliate tools yet because she's concerned about tying all her revenue to a single platform, she said. AdvertisementOne other creator told BI they'd love to use YouTube's affiliate program, but they weren't eligible. She said she hopes YouTube will eventually lower the requirements for the affiliate program so that smaller creators can join.
Persons: , it's, influencer Kelly Anne Smith, Kristen McGowan, McGowan, Amanda Golka, wouldn't, Gigi Robinson Organizations: Service, YouTube, Business, Amazon, CitiBank, BI, Adidas, Samsung, Walmart, Entertainment, Partner Locations: VidIQ
Here’s the first thing to know about the new Robinhood credit card that promises 3 percent cash back on all purchases, without limits: Yesterday, when I asked Vlad Tenev, the company’s chief executive, to guarantee that it would stay at that level for 18 months, he would not. Cash-back offers from big card issuers like Citibank generally top out at about 2 percent, and it’s hard to make money even at that level. The Robinhood Gold Card is the company’s first credit card with its own branding. So what does it think it knows that nobody else does, and what exactly does it hope to accomplish? There are several ways to make money with credit cards.
Persons: Vlad Tenev, Charles Schwab Organizations: Citibank
It's been a year this week since the collapse of Silicon Valley Bank sent shockwaves through the banking sector. Wells Fargo shares got a big boost after a key win with regulators in mid-February. It would allow Wells Fargo to finally grow its assets again and help rake in more profits. MS YTD mountain Morgan Stanley (MS) year-to-date performance Conversely, the Club's other bank stock, Morgan Stanley , has been lagging in 2024 — down 7% year to date. A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.
Persons: It's, SVB, NYCB, Steven Mnuchin's, Wells Fargo, Wells, they've, Scott Siefers, Piper Sandler, we're, Charlie Scharf, Morgan Stanley, Morgan Stanley's underperformance, management's, Ted Pick, Jim Cramer, Morgan Stanley's, Morgan, Jim, Reddit, Jim Cramer's, JPMorgan, Goldman Sachs Organizations: Silicon Valley Bank, shockwaves, Bank, , New, , New York Community, Strategic Capital, Wells, Wells Fargo, Currency, Federal Reserve, CNBC, Club, Management, Morgan Stanley's IB, Citibank, JPMorgan Chase, Bank of America, Reuters Locations: Silicon, Wells, ,, , New York, Wells Fargo
For the past two decades, Liz Birenbaum’s 88-year-old mother, Marge, has received her Social Security check on the second Wednesday of each month. When the deposit didn’t arrive in January, they logged into Marge’s Social Security account, where they found some startling clues: the last four digits of a bank account number that didn’t match her own, at a bank they didn’t recognize. (Ms. Birenbaum requested to refer to her mother by her first name only to protect her from future fraud.) Ms. Birenbaum immediately started making calls to set things right. When she finally connected with a Social Security representative from a local office in a Bloomington, Minn., the rep casually mentioned that this happens “all the time.”
Persons: Liz Birenbaum’s, Marge, It’s, , Birenbaum Organizations: Social, Citibank, Social Security Locations: Chappaqua, Minnesota, Bloomington, Minn
That goes for MBAs as much as MFAs, and it’s a lesson Lyft executives learned the hard way on Tuesday, when an errant zero sent its stock (briefly) to the stratosphere. The Lyft typo came in an earnings report that stated, incorrectly, that the company’s estimated gross margin would expand by 500 basis points, which would amount to a stunning five-percentage-point bump. The stock shot up more than 60% before Lyft’s CFO corrected the error on a call with analysts, bringing the stock back to Earth. With the error in the rear view, Lyft shares were up up 30% Wednesday, bolstered by stronger-than-expected earnings and a rosy outlook for future cash flows. “Look, it was a bad error, and that’s on me,” Lyft CEO David Risher told CNBC on Wednesday.
Persons: CNN Business ’, History’s, , Arthur C, Clarke, Galena Biopharma, King Charles I, , David Risher Organizations: CNN Business, New York CNN, MBAs, Citibank, Citi, Mizuho Securities, NASA, New York Times, Bangladesh Bank, Reuters, Maine, SEC, CNBC Locations: New York, Mizuho, Galena
After the first rounds of return-to-office mandates in 2023, many companies are now introducing more punitive measures to make their employees come to the office — actively tracking attendance, micromanaging employees' time, and blocking remote workers from bonuses and career progression. AdvertisementThis week, Dell informed staff that most of its workers will have to come into the office an average of three days a week. Mike Blake/ReutersIn November, Amazon also added a no-promotions policy for perennial remote workers. For example, women — who tend to take on more responsibility for the family and therefore benefit more from flexible remote work policies — will take a bigger hit from punitive policies, Cooper said. The Equal Employment Opportunity Commission recorded a 16% increase in mental health disability complaints between 2021 and 2022 from employees who want remote work allowances, The Hill reported.
Persons: , weren't, Dell, Andy Jassy, Mike Blake, Young, Cary Cooper, Cooper, Justin Garrison Organizations: Service, Forbes, Business, Citibank, BI, Amazon, Reuters, Google, Ernst, University of Manchester, Dell, Amazon Web Services, Tata Consultancy Services, Gallup, Employment, Commission Locations: London, United States
And now, he would like to talk about everybody's — credit scores. It's the type of message that can briefly fill you with panic since credit scores can make or break your financial life. The checking account and debit card are pretty vanilla, and Boost doesn't guarantee a higher credit score. America is filled with people with bad credit scores who want to improve, and probably a lot of them are football fans. "But America is filled with people with bad credit scores who want to improve, and probably a lot of them are football fans."
Persons: Travis Kelce, Taylor, He's, It's, Experian, Kelce, Katie Stratman, it's, isn't, Matt Schulz, Aaron Klein, Rajiv Bhatia, Chi Wu, Swift, , Klein, Emily Stewart Organizations: Kansas City Chiefs, American Express, Chiefs, Netflix, Citibank, Brookings Institution, Treasury, Morningstar, National Consumer Law Center, Capital, Business Locations: Experian, America
American Airlines was sued by two fliers who alleged it stole 1.1 million bonus miles from them. The plaintiffs say their AAdvantage accounts were closed after they opened credit cards offering sign-up miles. American Airlines was sued by the California residents in a proposed class action suit. American Airlines did not immediately respond to a request for comment by Business Insider on Tuesday. "AA's decision to terminate AAdvantage accounts entirely was improper and denied AAdvantage members the benefits they had accrued through previous purchases," the suit says.
Persons: , Ari, Shanna Nachison, it's Organizations: Airlines, Service, American Airlines, Court, Northern, Northern District of, Citibank, Barclays, Business, AAdvantage, AA, Citi Locations: California, Northern District, Northern District of California
New York Attorney General Letitia James sued Citibank for allegedly failing to protect and reimburse victims of electronic fraud, according to a Tuesday release. The suit claims that Citi does not have strong protections in place to prevent unauthorized account takeovers, misleads victims of fraud and illegally denies reimbursements. The attorney general's office said the alleged failure on Citi's part has cost New York account holders millions of dollars, and in some cases, their entire life savings. In a statement, Citi said the bank "works extremely hard" to prevent threats and assist customers who become victims of fraud. James alleged in the lawsuit that Citi must reimburse victims of fraud under the Electronic Fund Transfer Act.
Persons: Letitia James, Banks, James, we've Organizations: New, Citibank, Citi, Electronic Locations: York
New York CNN —New York Attorney General Letitia James filed a lawsuit against Citibank on Tuesday, alleging the big bank failed to do enough to protect and reimburse victims of fraud. The lawsuit argues that New York customers lost millions of dollars — in some cases their entire lifesavings — to scammers and hackers because of Citi’s weak security and anti-fraud measures. According to the NY AG, Citi does not do enough to prevent unauthorized account takeovers, illegally refuses to reimburse fraud victims and “misleads” customers about their rights after their accounts are hacked. “Our actions have reduced client wire fraud losses significantly, and we remain committed to investing in fraud prevention measures to help our clients secure their accounts against emerging threats,” the Citi spokesperson said. Last year, federal regulators alleged Citi illegally discriminated against Armenian Americans for years, singling them out on credit card applications based on their last names.
Persons: Letitia James, , Banks, James, “ Banks, Organizations: New, New York CNN — New York, Citibank, NY AG, Citi, Court, Southern, of, AG, “ Citi, CNN, Armenian Locations: New York, of New York
Read previewA man recently declared innocent of bank robbery robbed a different bank within days of the verdict, according to federal prosecutors. Mohamed Worku, 31, is accused of bank robbery and theft after silently handing a demand note to a teller at an Illinois Citibank on January 22, court documents show. Less than a week earlier, Worku was found not guilty in a strikingly similar case dating back to December 2021. Prosecutors have now said that on Monday, three days after his acquittal, Worku handed a Citibank teller a note that read: "Please give me the money. AdvertisementA note allegedly written by Mohamed Worku and shown to an Illinois Citibank employee on January 22, 2024.
Persons: , Mohamed Worku, Worku, Mary Judge, Banker's gife Organizations: Service, Business, Illinois Citibank, Fifth Third Bank, Chicago Tribune, Prosecutors, Citibank, Federal Locations: Illinois
And that's about to send uranium prices, already at 16-year highs, on another rally. Sulfuric acid is critical in the extraction process as it is used to leach and recover uranium from raw ore. Kazatomprom is the world's leading uranium miner, accounting for over one-fifth of the world's production. Kazakhstan also produces 43% of the world's uranium supply, the largest slice of the global market for the heavy metal. Around 60 nuclear power reactors are under construction in 17 countries and another 110 are in the planning stages. Citibank expects uranium prices to average $110 per pound in 2025.
Persons: Guy Keller, Uranium, Jefferies, Janos Kummer Organizations: Corbis, Tribeca, Citibank, Getty Locations: India, Pallava, Kazakh, Kazakhstan, Canada, France, Niger, Tribeca, Asia, China, Slovakia
Copper prices are set to soar more than 75% over the next two years amid mining supply disruptions and higher demand for the metal, fueled by the push for renewable energy. In a December report, the investment bank forecast that the higher renewable energy targets would boost copper demand by extra 4.2 million tons by 2030. This would potentially push copper prices to $15,000 a ton in 2025, the report added, way higher than the record peak of $10,730 per ton scaled in March last year. "This assumes a very soft landing in the U.S. and Europe, an earlier global growth recovery, significant China easing," Citi analysts said, while also emphasizing on continued investments in the energy transition sector. A growing economy tends to boost demand for copper, which is used in electrical equipment and industrial machinery.
Persons: Matty Zhao Organizations: U.S, BMI, Fitch Solutions, U.S . Federal Reserve, Bank of America Securities, CNBC, Citibank, Citi Locations: Huai'an, Jiangsu Province, China, Asia, Pacific, U.S, Europe
The $9.3 billion in additional costs through 2028 is for deals with the UAW as well as Canadian union Unifor, and translates to about $575 per vehicle over the life of the deals. GM's new guidance reduced expected net income attributable to stockholders for 2023 to a range of $9.1 billion to $9.7 billion, compared to the previous outlook of $9.3 billion to $10.7 billion. That includes an estimated $1.1 billion EBIT-adjusted impact from the UAW strike, which lasted just over six weeks, primarily from lost production. GM had approximately 1.37 billion shares of common stock outstanding prior to the buyback program, the company said. GM will still have another $1.4 billion of capacity remaining under its share repurchase authorization for additional stock buybacks.
Persons: Heather Somerville, Mary Barra, Barra, Cruise, Goldman Sachs, David Shepardson, Ben Klayman, Sharon Singleton, Mark Potter Organizations: General Motors, REUTERS, Detroit, United Auto Workers, UAW, GM, Cruise, Bank of America, Barclays, Citibank, Thomson Locations: San Francisco , California, U.S, California, Detroit
Any active investor knows the name Robinhood — but do you know about Robinhood Gold? Robinhood Gold is a suite of features and tools that span both non-retirement brokerage accounts and IRAs held within Robinhood. Here are three reasons you might want to consider Robinhood Gold for your money:1. Open a Robinhood Gold account today. The cash sweep program and Robinhood Gold are offered through Robinhood Financial LLC.
Persons: IRAs, Goldman Sachs, it's, Gold Organizations: Gold, HSBC, Citibank, Bank of Baroda, US Bank , Bank of India, Truist Bank, T Bank, First Horizon Bank, EagleBank, CIBC Bank, IRA, Morningstar, Nasdaq, Robinhood, Robinhood Financial Locations: Robinhood, Wells Fargo
WASHINGTON, Nov 29 (Reuters) - The U.S. House of Representatives is expected to vote on Friday on whether to expel scandal-plagued Republican George Santos, who faces criminal corruption charges and new accusations that he misspent campaign money, according to Republican aides. The motion requires a two-thirds majority in the House, which Republicans control by a narrow 222-213 majority. Santos' district, which includes a small slice of New York City and some of its eastern suburbs, is seen as competitive. The bipartisan Ethics Committee on Nov. 16 released a report on allegations that Santos committed campaign finance fraud. A vote on Nov. 1 to expel Santos failed because Republicans need Santos' seat to protect their narrow House majority, which empowers them to block much of Democratic President Joe Biden's legislative agenda.
Persons: Republican George Santos, Santos, Mike Johnson, Johnson, George Santos, Elizabeth Frantz, Hermes, Joe, Goldman Sachs, Katharine Jackson, Makini Brice, Scott Malone, Andy Sullivan, Grant McCool, Jonathan Oatis, Daniel Wallis Organizations: U.S . House, Republican, U.S . Rep, U.S, Capitol, Democratic, Representatives, REUTERS, Justice Department, Citibank, New York University, Thomson Locations: New York City, New York, Washington , U.S, OnlyFans
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