The bankers are against a number of proposed regulations that could hit their profitability, including new rules from the Federal Reserve that would require big banks to hold additional capital on their balance sheets
/cloudfront-eu-central-1.images.arcpublishing.com/prisa/X5CNMNFGZZCJHMJBTIREBAQRXM.jpg)
JPMorgan, Bank of America, Wells Fargo, Citi and Goldman Sachs earn 20% more in the third quarter of the year
Part of the fines and penalties come because Bank of America had a policy of charging customers $35 after the bank declined a transaction
Tuesday’s inflation figures arrive just as Federal Reserve officials begin a pivotal two-day meeting, after which they’re expected to leave interest rates alone after imposing 10 straight rate hikes
The agency estimates that the international economy will expand just 2.1% in 2023 after growing 3.1% in 2022
The Fed has unleashed a rapid series of rate hikes to combat inflation, which has prompted banks to pay higher interest on traditional savings products like money market funds, certificates of deposit and regular savings accounts
The nation’s second-largest bank by assets posted a profit of $8.2 billion, up from $7.1 billion in the same period a year earlier
The anxiety this week centered on First Republic Bank in San Francisco, which was once the envy of the banking sector, with its wealthy and well-traveled clientele
The effort seeks to stop the California-based bank from becoming the third bank to fail in less than a week. Shares of First Republic had fallen sharply this week, dropping 60% on Monday alone
