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☆ JPMorgan and Morgan Stanley boost buybacks and dividends, while Citigroup and BofA take smaller steps
▼ + stars: | 2024-06-28 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

JPMorgan Chase and Morgan Stanley said Friday that they were boosting both dividend payouts and share repurchases, while rivals Citigroup and Bank of America made more modest announcements. JPMorgan, the biggest U.S. bank by assets, said it was raising its quarterly dividend 8.7% to $1.25 per share and that it authorized a new $30 billion share repurchase program. Morgan Stanley, a dominant player in wealth management, said it was boosting its dividend 8.8% to 92.5 cents per share and authorized a $20 billion repurchase plan. Citigroup said it was raising its dividend 5.7% to 56 cents per share and that it would "continue to assess share repurchases" on a quarterly basis. Bank of America said it was increasing its dividend 8% to 26 cents per share.

Persons: Brian Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Morgan Stanley, Dimon Organizations: Bank of America, JPMorgan, Citigroup, Washington , D.C, Federal Reserve Locations: Hart, Washington ,, New York

Bitcoin mining companies have expansive data centers, with access to fiber lines and large amounts of power across the U.S. They're exactly the types of facilities needed for compute-intensive AI operations, which means their sites and technology are in high demand. Core Scientific will deliver 70 megawatts of computing infrastructure to support CoreWeave's operations. Earlier this month, CoreWeave offered to buy Core Scientific for $1.02 billion, not long after their initial agreement. Core Scientific rejected the bid.

Persons: JPMorgan Chase, CoreWeave, Adam Sullivan Organizations: JPMorgan, Core, Nvidia

☆ JPMorgan Chase says its stress test losses should be higher than what the Fed disclosed
▼ + stars: | 2024-06-27 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

The bank took the unusual step of issuing a press release minutes before midnight ET to disclose its response to the Fed's findings. JPMorgan said that the Fed's projections for a measure called "other comprehensive income" — which represents revenues, expenses and losses that are excluded from net income — "appears to be too large." Under the Fed's table of projected revenue, income and losses though 2026, JPMorgan was assigned $13 billion in OCI, more than any of the 31 lenders in this year's test. It also estimated that the bank would face roughly $107 billion in loan, investment and trading losses in that scenario. "Should the Firm's analysis be correct, the resulting stress losses would be modestly higher than those disclosed by the Federal Reserve," the bank said.

Persons: Jamie, JPMorgan Chase, Banks Organizations: JPMorgan Chase, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, Washington , D.C, JPMorgan, Federal Reserve, Bank of America, Citigroup Locations: Washington ,, OCI

☆ S&P 500 futures fall slightly after the broader index rises for a second day: Live updates
▼ + stars: | 2024-06-26 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

U.S. S&P 500 futures fell slightly Wednesday night after the S&P 500 rose for a second day. S&P 500 futures and Nasdaq 100 futures dipped 0.19% and 0.32%, respectively. Goldman Sachs shares slid 1.7%, while JPMorgan Chase shares rose slightly. During the regular session Wednesday, the S&P 500 closed up 0.2%, while the Nasdaq Composite added 0.5%. Strategists surveyed by CNBC Pro anticipate the S&P 500 will likely end the year not even 1% higher from current levels.

Persons: Levi Strauss, Goldman Sachs, Brian Levitt, CNBC's Organizations: New York Stock Exchange, Nasdaq, Dow Jones Industrial, Micron, Bank, Federal Reserve, U.S, JPMorgan Chase, Dow Jones, Amazon, CNBC Pro, Walgreens Boots Alliance, Nike

☆ Federal Reserve says all 31 banks in annual stress test withstood a severe hypothetical downturn
▼ + stars: | 2024-06-26 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

The Federal Reserve said Wednesday that the biggest banks operating in the U.S. would be able to withstand a severe recession scenario while maintaining their ability to lend to consumers and corporations. The stress test assumed that unemployment surges to 10%, commercial real estate values plunge 40%, and housing prices fall 36%. "This is good news and underscores the usefulness of the extra capital that banks have built in recent years." The Fed's stress test is an annual ritual that forces banks to maintain adequate cushions for bad loans and dictates the size of share repurchases and dividends. "While banks are well positioned to withstand the specific hypothetical recession we tested them against, the stress test also confirmed that there are some areas to watch," Barr said.

Persons: Michael Barr, JPMorgan Chase, Goldman Sachs, Barr, Banks Organizations: Financial, Valley Bank, Signature Bank, Capitol, Washington , D.C, Federal Reserve, JPMorgan, American Express Locations: Washington ,, U.S

☆ CNBC Daily Open: Dow posts best week since May, Tesla cuts 14% of workforce
▼ + stars: | 2024-06-24 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

Traders work on the floor during morning trading at the New York Stock Exchange (NYSE) on March 6, 2024 in New York City. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The tech-centric Nasdaq Composite remained flat, while the Dow Jones Industrial Average had its best week since May, rising 1.45%. Most Asia markets fallMost Asia-Pacific markets were trading lower as investors awaited inflation data from Australia and Japan later this week.

Persons: JPMorgan Chase, Goldman Sachs, Tesla, Elon Musk, Musk, Australia's, Kospi, Seng, Morgan Stanley's Andrew Slimmon Organizations: New York Stock Exchange, CNBC, Nvidia, Microsoft, Apple, Nasdaq, Dow Jones, Citigroup, JPMorgan, Bank of America, Apple Intelligence, Union, Nikkei, Bank of, CSI Locations: New York City, Asia, Pacific, Australia, Japan, Bank of Japan

☆ CNBC Daily Open: Dow posts best week since May, Tesla staff down by 14%
▼ + stars: | 2024-06-24 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The tech-centric Nasdaq Composite remained flat, while the Dow Jones Industrial Average had its best week since May, rising 1.45%. The yield on the 10-year Treasury ticked higher and U.S. oil prices rose 2.9% for the week. [PRO] Comeback stocksThe S&P 500 has soared to record levels, fueled by the AI boom, but not all stocks are riding the wave.

Persons: JPMorgan Chase, Goldman Sachs, Tesla, Elon Musk, Musk, Tim Lugo, William Blair's Organizations: CNBC, Nvidia, Microsoft, Apple, Nasdaq, Dow Jones, Citigroup, JPMorgan, Bank of America, Apple Intelligence, Union, Therapeutics, FDA, Organization for Rare Disorders, Nike, Starbucks Locations: U.S

☆ 'Excellent buying opportunities': Morgan Stanley's Slimmon names 3 stocks he likes right now
▼ + stars: | 2024-06-24 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Equity markets have been rallying in the past week, with the S & P 500 benchmark briefly hitting a high of 5,500 last week before losing traction. That movement has raised concerns on whether valuations are stretched, but Morgan Stanley's Andrew Slimmon has maintained his bullish stance on the stock market. "But what's important to remember is that the S & P 500 has rallied 7 of the last 8 months and is up 40% from the October lows. One merit of large-cap stocks is that they "have better earnings revisions than the small-caps," since they buy back their stocks more aggressively, he explained. Three stocks Slimmon likes right now include investment bank JPMorgan Chase , insurance company Progressive Corp and Irish building materials company CRH .

Persons: Morgan Stanley's Andrew Slimmon, I'm, CNBC's, Slimmon Organizations: Morgan Stanley Investment Management, CNBC, U.S . Federal Reserve, JPMorgan Chase, Progressive Corp

☆ Regulators hit Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America over living will plans
▼ + stars: | 2024-06-21 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Banking regulators on Friday disclosed that they found weaknesses in the resolution plans of four of the eight largest American lenders. The Federal Reserve and the Federal Deposit Insurance Corporation said that the so-called living wills — plans for unwinding huge institutions in the event of distress or failure — of Citigroup , JPMorgan Chase , Goldman Sachs and Bank of America filed in 2023 were inadequate. Regulators found fault with the way each of the banks planned to unwind their massive derivatives portfolios. The living wills are a key regulatory exercise mandated in the aftermath of the 2008 global financial crisis. "We are fully committed to addressing the issues identified by our regulators," New York-based Citigroup said in a statement.

Persons: Jane Fraser, JPMorgan Chase, Goldman Sachs, credibly, we've Organizations: Citigroup, Banking, Housing, Urban Affairs Committee, Nations Largest Banks, Federal Reserve, Federal Deposit Insurance Corporation, JPMorgan, Bank of America, Regulators, Wall, Goldman, Bank of, FDIC, Citi Locations: New York

☆ A lack of estate planning contributes to the racial wealth gap in homeownership. How JPMorgan is stepping in to help
▼ + stars: | 2024-06-18 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Owning a home can provide a way to build wealth that will transfer from one generation to the next. One such issue, known as heirs' property, happens when homeowners die without a will and informally leave property to multiple descendants. The non-formal ownership may make it difficult to pass on property, access government assistance in the event of a natural disaster and to qualify for property tax relief, according to research from JPMorgan Chase. JPMorgan Chase on Tuesday announced it is providing more than $9.6 million in philanthropic commitments to organizations that help preserve homeownership by addressing heirs' property issues, appraisal bias and the undervaluation of homes. Both heirs' property and appraisal bias disproportionately affect communities of color.

Persons: JPMorgan Chase Organizations: D.C, JPMorgan Chase, JPMorgan Locations: Parkland , Florida, Washington

☆ US announces major bust as efforts to crack down on Chinese money launderers working with drug cartels ratchet up
▼ + stars: | 2024-06-18 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +17 min

A US-based lawyer who has represented accused Chinese money launderers said the tempo of law enforcement operations against the alleged launderers has increased in recent weeks as federal agents close in on “bigger fish” among Chinese money launderers in the US. None of the federal law enforcement agencies involved in tracking Chinese money launderers agreed to be interviewed on the record. Grassley and Whitehouse have each introduced legislation they say is key to closing loopholes in US law that are actively exploited by the cartels’ money launderers. Elaborate networksRecent court documents illuminate how far-flung and elaborate US-based networks of alleged Chinese money launderers are. Mirror TransactionsExperts say the Chinese money launderers have mastered the art of so-called mirror transactions, which involve a series of deposits at multiple bank accounts to conceal the drug money.

Persons: ”, Anne Milgram, surveil, “, Don Im, Biden, HSI, Ricardo Mayoral, William Kimbell, ” Kimbell, launderers, —, Sen, Sheldon Whitehouse, ” Whitehouse, Treasury Department —, Whitehouse, Christopher Wray, Joe Biden, Xi Jinping, Republican Sen, Charles Grassley, Enhua Fang, Li Pei Tan, Tan, Joe Habachy, Matthew Rothbeind, Fang, Chaojie Chen, Chen, Greg Hunter, ” David Luckey, JPMorgan Chase Organizations: CNN, Drug, Administration, Sinaloa Cartel, US Court, Central, Central District of, DEA, IRS, “, Centers for Disease Control, Federal, Homeland Security, Treasury, Treasury Department, Treasury’s, Network, Homeland Security Investigations, DHS, Financial Crimes, Rhode Island Democrat, intel, Department of Homeland Security, FBI, Senate, ” CNN, White, Office of National Drug Control, Service, Biden, Republican, Grassley, Rand Corporation, of, JPMorgan Chase, Bank of America, JPMorgan, Organization Locations: California, Mexican, China, Mexico, Los Angeles, Sinaloa, Central District, Central District of California, Colombia, America, Oregon, Virginia, South Carolina, Washington, DC, North, Central America, —, Iowa, North Carolina, Belize, Chinese, Georgia, Chicago, Tulsa, East Coast, Detroit , Chicago, Ohio, Western, of North Carolina, Wells Fargo

☆ Sen. Warren warns Powell against weakening banking regulations: ‘Do your job’
▼ + stars: | 2024-06-18 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

"I am disappointed by press reports indicating that you are personally intervening—after numerous meetings with big bank CEOs—to delay and water down the Basel III capital rules," said Warren. Last year, three U.S. banking regulators including the Federal Reserve unveiled the proposed rules, a long-expected regime shift around bank capital and risky activities such as trading and lending. The regulations incorporate new international standards created as a response to the 2008 global financial crisis. In March, Powell told lawmakers that he expected "broad and material changes" to the proposal in the wake of the industry's campaign against the rules. Warren urged Powell to allow a Federal Reserve Board vote on the original, tougher Basel proposal by the end of this month.

Persons: Sen, Elizabeth Warren, Jerome Powell, Warren, Powell, —, JPMorgan Chase, Jamie Dimon, Donald Trump Organizations: Senate Armed Services, Washington , D.C, Federal, CNBC, Federal Reserve, Bank, JPMorgan, Street, Fed Locations: Afghanistan, South, Central Asia, Washington ,, Basel, Basel III, U.S

☆ CNBC Daily Open: Mega money Musk
▼ + stars: | 2024-06-14 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange in New York City, U.S., July 12, 2023. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The yield on the 10-year Treasury slipped after the producer price index unexpectedly fell. Reasonable debtJanet Yellen, U.S. Treasury Secretary, said the ballooning national debt that's currently at $34.7 trillion is manageable.

Persons: Elon, Judge Kathaleen McCormick, Janet Yellen, that's, Yellen, CNBC's Andrew Ross Sorkin, That's, Dow Jones, Donald Trump, Tim Cook, Jamie Dimon, BofA Organizations: New York Stock Exchange, CNBC, Dow, Nasdaq, Broadcom, Dow Jones, Musk, Treasury, Trump, Business, Capitol, Apple, JPMorgan Chase, Chipmaker Broadcom, Bank of America Locations: New York City, U.S, Delaware, Washington

☆ How Tesla Shareholders Upheld Elon Musk’s Sky-High Pay
▼ + stars: | 2024-06-14 | by ( Lily Boyce | Jason Karaian | ) www.nytimes.com time to read: +5 min

How Tesla Shareholders Upheld Elon Musk’s Sky-High PayTesla shareholders on Thursday voted to reaffirm a roughly $48 billion compensation package for Elon Musk, which was originally approved in 2018 and was nullified by a judge early this year. Mr. Musk’s pay package helped him become one of the richest people in the world. Thursday’s vote arose from a court case in Delaware, where the company is incorporated, that voided Mr. Musk’s pay package. California Public Employees’ Retirement System, or CalPERS, the largest pension fund in the United States, also opposed the pay package. The debate about Mr. Musk’s compensation raised questions about the limits of executive compensation and the accountability of Silicon Valley billionaires whose wealth gives them vast influence.

Persons: Elon Musk, Elon, Kimbal, Tesla, Musk, Eli Lilly, Nvidia Berkshire Hathaway Apple Tesla, Bernstein Organizations: Tesla, Elon, Sky, The New York, Mr, Norges Bank Investment Management, California Public, Broadcom, Chase Amazon, Nvidia Berkshire, The New York Times, Silicon, SpaceX, Fortune Locations: Delaware, United States, Texas, Austin

☆ 'Win-win-win': Three-day hybrid work week is a success, largest study to date published in Nature says
▼ + stars: | 2024-06-14 | by ( Kaya Ginsky | ) www.cnbc.com time to read: +6 min

The three-day in-office hybrid work schedule is a "win-win-win," according to a study published in the prestigious science journal Nature. Non-manager attrition for hybrid employees had a 2.4% rate, a one-third reduction from the control group of 7.2%. When managers measured employees in nine categories of performance, execution and results, hybrid employees succeeded at the same rate. By the end of the experiment, managers positively viewed hybrid work as a potential asset to the company rather than a detriment to productivity. From an economic policymaking standpoint, hybrid work is one of the few instances where there aren't major trade-offs with clear winners and clear losers.

Persons: Nick Bloom, Bloom, Ruobing Han, James Liang, Trip.com, JPMorgan Chase, Jamie Dimon, Mark Zuckerberg Organizations: Stanford's Institute for Economic, Boeing, UPS, Nike, JPMorgan, University of Pittsburgh Locations: Shanghai, U.S

Former President Donald J. Trump told a group of America’s most powerful chief executives on Thursday that he intended to cut the corporate tax rate to 20 percent from 21 percent, according to three people who attended the meeting and who spoke on the condition of anonymity because the ground rules stipulated the meeting was off the record. Mr. Trump made the remarks from a comfortable gray armchair during a conversation with his former economic adviser Larry Kudlow in front of the audience of dozens of leading chief executives, including Tim Cook of Apple, Jamie Dimon of JPMorgan Chase, Doug McMillon of Walmart and Charles W. Scharf of Wells Fargo. They had gathered on Thursday morning in Washington for a meeting of the Business Roundtable, an influential corporate group, and there was said to be palpable relief in the room when Mr. Trump, who has been trying to woo business leaders as potential donors, told the executives much of what they had hoped to hear. Many leaders in corporate America have been nervous that in a second term, Mr. Trump might not be as friendly toward them as he was in his first. Many ended up abandoning him and publicly criticizing him, especially after the attack on the Capitol on Jan. 6, 2021.

Persons: Donald J, Trump, Larry Kudlow, Tim Cook, Jamie Dimon, JPMorgan Chase, Doug McMillon, Charles W . Scharf, Wells Organizations: Apple, JPMorgan, Walmart, Business, Capitol Locations: Wells Fargo, Washington, America

☆ What Trump told CEOs in their private meeting
▼ + stars: | 2024-06-13 | by ( Brian Schwartz | ) www.cnbc.com time to read: +2 min

Trump also mentioned to the CEOs a recent proposal he rolled out in Nevada, to eliminate taxes on worker tips. Trump then told the CEOs a story about how excited tipped workers were about his proposal, prompting laughter from the corporate leaders, according to multiple sources. Trump spoke for about an hour at the Business Roundtable's quarterly meeting. For Trump and the CEOs who attended, the meeting represented an effort to mend relations after some have distanced themselves from the former president. Trump told a meeting full of House Republicans earlier in the day about the idea of imposing an "all tariff policy" that would ultimately enable the U.S. to get rid of the income tax.

Persons: Donald Trump, Trump, Tim Cook, Jamie Dimon, Jane Fraser, Brian Moynihan, Joe Biden's, Jeff Zients, Cook Organizations: National Republican, Committee, Business, Apple, JPMorgan, Citigroup, Bank of America, CNBC, Representatives, Trump, Capitol Hill, Biden, Republicans Locations: Washington , DC, Washington, Nevada, Charlottesville, Va

☆ Election Updates: Trump returns to Washington to flex political muscle.
▼ + stars: | 2024-06-13 | by ( Maggie Haberman | Jonathan Swan | ) www.nytimes.com time to read: +6 min

“There’s high anticipation here and great excitement,” Speaker Mike Johnson told reporters on Wednesday before Mr. Trump’s visit. Mr. McConnell condemned Mr. Trump’s actions and declared him responsible. Pressed about Mr. Trump’s visit to Washington, Mr. McConnell told reporters on Wednesday, “I said earlier this year I supported him. He’s earned the nomination by the voters all across the country.”Defying the expectations of Mr. McConnell and many others, Mr. Trump did not disappear. Most of corporate America had turned its back on Mr. Trump after the violence on Jan. 6.

Persons: Donald J, Trump, Republicans ’, Biden, Trump’s, Mitch McConnell, —, “, Mike Johnson, John Barrasso of, McConnell, acquit, Erin Schaff, Mr, He’s, Ron DeSantis, Tim Cook, Jamie Dimon Organizations: Republicans, Republican, Trump, Business, Capitol, Biden’s Electoral, The New York Times, Gov, Capitol Hill, Apple, JPMorgan Chase, America Locations: Washington, Manhattan, John Barrasso of Wyoming, Georgia, Lago, Florida, Mecca

Former President Donald Trump will address some of the world's most powerful corporate leaders on Thursday, albeit with some notable absences. So here's what we know: Out of the 17 corporate spokespeople who replied to CNBC, four said their CEOs planned to attend: JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser, Bank of America CEO Brian Moynihan and Edison International CEO Pedro Pizarro. BlackRock CEO Larry Fink and Microsoft CEO Satya Nadella, for instance, will reportedly be at the G7 summit in Italy. Representatives for Woods and Bastian did not reply to questions about why their chief executives won't be attending the meeting. Fox Corp. CEO Lachlan Murdoch, Best Buy CEO Corie Barry and Boeing CEO Dave Calhoun will also not be there, spokespeople told CNBC Thursday.

Persons: Donald Trump, Bank of America Brian Moynihan, Joe Biden's, Jeff Zients, —, Jamie Dimon, Jane Fraser ,, Brian Moynihan, Pedro Pizarro, Trump, Steve Schwarzman, Goldman Sachs, David Solomon, Sara Armbruster, Darren Woods, Ed Bastian, Morgan Stanley, Ted Pick, James Gorman, Lynn Good, Solomon, Larry Fink, Satya Nadella, Woods, Bastian, Fink, Nadella, Lachlan Murdoch, Corie Barry, Dave Calhoun, spokespeople Organizations: Bank of America, White, Business, CNBC, JPMorgan Chase, Citigroup, Jane Fraser , Bank of America, Edison International, Trump, Blackstone Group, ExxonMobil, Delta Air, Duke Energy, BlackRock, Microsoft, Fox Corp Locations: Washington , DC, Trump, Italy, Washington

☆ From banks to beauty: Fund manager says AI is giving these companies 'phenomenal' uplift
▼ + stars: | 2024-06-12 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

Liontrust Asset Management's Clare Pleydell-Bouverie is looking beyond the headline-makers, however, to other companies set to gain from AI adoption. She said AI is set to remove "a lot of waste out of people's jobs," and bring about a "phenomenal productivity uplift." 'Higher customer conversion' Pleydell-Bouverie also said consumer-facing companies like French beauty and cosmetics label L'Oreal stand to gain from the adoption of AI. "They've pioneered beauty tech as an industry," she said, adding that the company's generative AI beauty assistant system has a 60% higher customer conversion than in-store advisors. The analysts have an average price of $450.25 on L'Oreal, giving it slightly downside potential.

Persons: Clare Pleydell, CNBC's, Bouverie, They've Organizations: Big Tech, Amazon, Nvidia, Meta, Microsoft, Liontrust Global Technology Fund, Technology, JPMorgan Chase, JPMorgan, L'Oreal, Euronext Locations: Euronext Paris, U.S

☆ Inside the Goldman Sachs' 2024 summer internship: From the first-day jitters to David Solomon's words of wisdom
▼ + stars: | 2024-06-11 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

It was Monday, June 10, the first day of Goldman Sachs' 2024 summer internships at its Manhattan headquarters. Goldman Sachs received a record 315,126 applications for its 2024 internship program, up severalfold from the 53,107 applications it received a decade ago. Goldman interns mingle Emmalyse BrownsteinDay 1 began with basics like how to access their Goldman email account and log into their company dashboards. For lunch, the bank served sandwiches and wraps and displayed chocolate-covered cookies emblazoned with the Goldman Sachs logo for dessert. See Solomon's full letter to interns below:AdvertisementJune 11, 2024 Welcome to Goldman Sachs On behalf of our people around the world, welcome to Goldman Sachs.

Persons: Goldman, Goldman Sachs, David Solomon, Chocolate, JPMorgan Chase, Emmalyse, Solomon, Will Bousquette, Jean Altier, Lou D'Ambrosio, Dan Dees, David Organizations: Service, Business, tote, JPMorgan, Goldman, BI, Invest Locations: Manhattan, New York City, New York, Dallas, San Francisco, Palm, bagels, Hudson

☆ With congestion pricing stop, New York City enters new era of economic gridlock
▼ + stars: | 2024-06-09 | by ( ) www.cnbc.com time to read: +9 min

Alexander Spatari | Moment | Getty ImagesAs U.S. cities continue their recovery from the pandemic and inflation, New York City was expected to provide a key national test for the economic value of congestion pricing. A cost of living crisis, preparing for climate challenges, and aging infrastructure, including public transportation, all made the congestion pricing plan make sense to many. Her group also has supported a congestion pricing plan for two decades. The long, and often losing, history of congestion pricing The battle over congestion pricing in New York City has a much longer history than you may think. In 2007, then-New York City Mayor Michael Bloomberg made the case for congestion pricing, but couldn't get enough support in the state's capital.

Persons: Alexander Spatari, United States —, Kathy Hochul, Hochul, JPMorgan Chase, Jamie Dimon, —, Kathryn S, Wylde, Josh Gottheimer, William Vickrey, Michael Bloomberg, Andrew Cuomo, Cuomo, that's, Gottheimer Organizations: Metropolitan Transportation Authority, MTA, New, Business District, Gallup, JPMorgan, New York's Department of Transportation, Partnership, Community Service Society, MTA Traffic, Regional Plan Association, Jersey Transit, New York City, New York Times, New York, Buffalo . Rep, Buffalo Bills Locations: New York City, United States, Covid, Manhattan, New York, New Jersey, New Jersey's Sussex County, Jersey, Connecticut, Long Island, Southeastern New York, New, Buffalo

☆ United Airlines starts serving passengers personalized ads on seat-back screens
▼ + stars: | 2024-06-07 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Passengers on a Boeing 737 Max-8 plane during a United Airlines flight departing from Newark Liberty International Airport (EWR) in Newark, New Jersey, US, on Wednesday, March 13, 2024. Now playing on United Airlines ' seat-back screens: personalized ads. The carrier on Friday said it launched a media platform to serve travelers personalized advertisements on seat-back screens and in its app, among other platforms, as it seeks to leverage customer data. Customers can opt out of seeing targeted ads through a United web page, and United says advertisers can't access customers' personally identifiable information, the airline said. "There is the potential for 3.5 hours of attention per traveler, based on average flight time," United said.

Persons: Richard Nunn, United's Organizations: Boeing, Max, United Airlines, Newark Liberty International Airport, Kinective, Norwegian Cruise, Resorts, TelevisaUnivision, JPMorgan Chase, United, Delta Air Lines Locations: Newark , New Jersey, US, United

☆ Waystar shares slip in Nasdaq debut after digital health company priced IPO in middle of range
▼ + stars: | 2024-06-07 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Waystar shares slid about 3% in their Nasdaq debut on Friday, after the health-care payment software vendor priced its IPO in the middle of the expected range. The stock opened at $21 per share, below the IPO price of $21.50 late Thursday. The IPO market has been largely dormant since late 2021 when the extended bull market turned and investors began to worry about a weakening economy. But the broader venture-backed tech market may be beginning to thaw. Health tech company Tempus AI has also issued a preliminary prospectus this year.

Persons: Waystar, Matt Hawkins, CNBC's, JPMorgan Chase, Goldman Sachs Organizations: Nasdaq, Rock Health, Health, ZirMed, JPMorgan, Barclays

☆ When a Bank Rescinds a Job Offer Because It Canceled Your Credit Cards
▼ + stars: | 2024-06-06 | by ( Ron Lieber | ) www.nytimes.com time to read: +1 min

Customers would get a call from the bank, or their A.T.M. cards would stop working and then their credit cards would freeze as well. One question that lingered was what the long-term ramifications would be for those whose accounts were closed. Thankfully, people who had experienced this usually weren’t blacklisted from opening accounts at other banks, even if their former bank told them that it would never take them back. But what if you tried to work at a bank that had kicked you out?

Persons: Tara Siegel Bernard, JPMorgan Chase, Mansoor Shams Organizations: JPMorgan, Marine, Apple Locations: Baltimore

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