Wall Street’s biggest players rake in the profits, beating analysts’ forecasts
JP Morgan, Morgan Stanley, Citigroup, Wells Fargo and Blackrock increased their earnings thanks to the stock market boom and corporate dealmaking
Regulator proposes capping credit card late fees at $8, latest in Biden’s campaign against junk fees
The rule would bring the average credit card late fee down from $32. The bureau estimates banks brought in roughly $14 billion in credit card late fees a year
Bank profits mostly fall in fourth quarter, but banks remain upbeat on economy and consumer
Citigroup announced it was going to cut 20,000 jobs, roughly 10% of its workforce as part of Citi’s restructuring
CEOs of the nation’s biggest banks warn that new regulations could harm the economy
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