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KEN SWEET Business Writer.

FILE - Charlie Javice, center, exits Manhattan federal court, Monday, Sept. 29, 2025, in New York. (AP Photo/Yuki Iwamura, File)

JPMorgan Chase wants out of paying $115M legal tab for convicted fraudsters

October 24, 2025

JPMorgan Chase wants to stop paying millions in legal fees for two convicted fraudsters. The bank said in a court filing Friday that Charlie Javice and Olivier Amar have racked up an astronomical $115 million legal bill. The bank said it shouldn’t have to pay and that its agreement to shoulder the costs should end. The bank had agreed to pay legal fees when it bought Javice and Amar’s financial aid startup Frank. Javice was convicted in March of making it seem like Frank had millions more customers than it did. The bank says the bills far exceed any reasonable amount the two may have needed for their defense.

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The exterior of JPMorgan Chase's new headquarters at 270 Park Avenue in New York is shown on Tuesday, Oct. 21, 2025. (AP Photo/Ken Sweet)

JPMorgan Chase unveils new 60-story headquarters, reshaping New York City’s skyline

October 21, 2025

JPMorgan Chase unveiled its new 60-story headquarters in New York City on Monday. The building replaces the Union Carbide Building at 270 Park Avenue. It’s one of the first major office towers constructed after the COVID-19 pandemic. The bank plans to house around 10,000 of its 24,000 New York-based employees there. The copper-toned steel tower features 2.5 million square feet of space and new artworks. The building’s construction was a major engineering feat due to its location above Metro North Railroad tracks. JPMorgan now plans to renovate its 383 Madison Avenue location.

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FILE - This May 23, 2019, file photo shows the logo for the Jefferies Financial Group in New York. (AP Photo/Richard Drew, File)

Regional banks’ bad loans spark concerns on Wall Street

October 17, 2025

Wall Street is concerned about the health of the nation’s regional banks, after a few of them wrote off bad loans to commercial customers in the last two weeks. Zions Bank, Western Alliance Bank, and Jefferies disclosed bad investments, causing their stocks to fall sharply this week. On Tuesday, JPMorgan Chase CEO Jamie Dimon warned that more problems might arise. The KBW Bank Index, which tracks banks, is down 7% this month. Data from the Federal Reserve shows banks have tapped into overnight facilities for cash, a move not seen since the COVID-19 pandemic.

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FILE - An American Express logo is attached to a door in Boston's Seaport District, July 21, 2021. (AP Photo/Steven Senne, File)

American Express profits surge 16% in Q3, driven by wealthy card members

October 17, 2025

American Express reports a 16% increase in third-quarter profits, driven by higher card spending, especially among its wealthiest members. On Friday, the company announced earnings of $2.9 billion, up from $2.51 billion a year ago. Earnings per share rose to $4.14, beating analysts’ expectations. AmEx recently refreshed its Platinum Card, adding perks and raising the annual fee to $895. Despite increased competition, customer demand remains strong, with 500,000 requests for the new card finish in three weeks. Average spending per card rose 5% to $6,387. AmEx now expects full-year earnings per share between $15.20 and $15.50.

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FILE - The logo for JPMorgan Chase & Co. appears above a trading post on the floor of the New York Stock Exchange in New York, Aug. 16, 2019. (AP Photo/Richard Drew, File)

Wall Street sees major jump in profits, helped by soaring stock prices and deal making

October 14, 2025

Wall Street has experienced one of its most profitable quarters, according to earnings reports from major banks on Tuesday. JPMorgan Chase, Citigroup, Wells Fargo, and Goldman Sachs have all seen significant profit increases, driven by strong deal making, rising stock prices, and a resilient global economy. Despite these gains, bank executives express caution about market conditions and potential overinflated asset prices. JPMorgan’s consumer banking division performed well, boosted by credit card spending. Investment banking revenues also surged, with Goldman Sachs seeing a 42% increase. However, concerns about tariffs, inflation, and geopolitical tensions remain.

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FILE - An American Express logo is attached to a door in Boston's Seaport District, Wednesday, July 21, 2021. (AP Photo/Steven Senne, File)

American Express Platinum Card gets pricier and adds new perks, including a $400 dining credit

September 18, 2025

American Express’ latest update to its high-end Platinum Card, unveiled Thursday, comes with a lot more perks and a lofty annual fee of $895. The card now includes a $400 dining credit and a $600 hotel credit, up from $300, among other benefits. The $200 increase in the annual fee may pressure cardholders to decide whether to keep the Platinum Card or another high-fee card like Chase’s Sapphire Reserve. The Platinum Card remains popular, but faces competition from other high-reward cards. AmEx emphasizes the value of its perks, totaling roughly $3,500, and aims to offer benefits that exceed the annual fee.

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Klarna CEO Sebastian Siemiatkowski, right, rings a ceremonial bell as his company's IPO begins trading on the floor of the New York Stock Exchange, Wednesday, Sept. 10, 2025. NYSE President Lynn Martin applauds at left. (AP Photo/Richard Drew)

Klarna shares rise 15% in their first day of trading on Wall Street

September 10, 2025

Klarna made a solid debut on the New York Stock Exchange, with shares of the Swedish buy now, pay later company rising nearly 15%. The initial public offering was priced at $40, and the shares rose as high as $57 Wednesday before losing some momentum. Founded in 2005, Klarna aims to challenge traditional credit cards with its popular “pay-in-4” plan. Klarna’s co-founders are now billionaires, and major investors like Sequoia Capital are seeing substantial returns. The company is trading under the symbol “KLAR.” Other notable IPOs this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin.

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FILE - This is the sign on a PNC Bank in downtown Pittsburgh on Wednesday, Jan. 12, 2022. (AP Photo/Gene J. Puskar, file)

PNC to buy FirstBank for $4.1B, expanding to Arizona, Colorado

September 8, 2025

PNC Financial plans to buy Colorado-based FirstBank for $4.1 billion. The acquisition gives PNC a substantial presence in the Colorado banking market and Arizona. FirstBank, typically branded as 1stBank, is a midsized bank with 120 retail branches and roughly $26 billion in assets. The banks disclosed that stockholders owning 45.7% of FirstBank shares have already voted in favor of the merger. PNC has been on an acquisition streak in recent years, aiming to become a major player in retail banking. This deal will make PNC the largest bank in the Denver market and expand its presence in Arizona.

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Armen Kirakosian, Global Senior Manager, Learning & Development TTEC poses in Athens, Greece, Thursday, Aug. 21, 2025. (AP Photo/Thanassis Stavrakis)

AI shakes up the call center industry, but some tasks are still better left to the humans

September 7, 2025

Artificial intelligence is transforming call centers by streamlining tasks and improving customer service. Armen Kirakosian, a call center agent in Greece, now uses AI to access full customer profiles and anticipate issues before speaking to callers. This technology is helping agents focus more on customer service. However, AI’s role in call centers is complex. While AI can handle routine tasks, it struggles with more intricate issues, like identity theft. Companies like Klarna have found that relying solely on AI can save money but also hurt customer satisfaction. The future may involve AI handling simpler tasks, with human agents managing complex ones.

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FILE - Several VISA and MASTER credit cards are shown in Buffalo Grove, Ill., Thursday, Feb. 8, 2024. (AP Photo/Nam Y. Huh, File)

Americans would save $100B if credit card rates were capped as Trump proposed, researchers say

September 4, 2025

A new paper from Vanderbilt University suggests Americans could save about $100 billion annually if credit card interest rates were capped at 10%, as proposed by President Donald Trump. The study indicates banks could still remain profitable even with such a cap. The paper found banks could earn profits with a 15% cap while maintaining rewards programs. Trump proposed the cap during the 2024 election, but hasn’t mentioned it since. However, politicians like Sen. Josh Hawley and Sen. Bernie Sanders have introduced similar bills. The banking industry strongly opposes rate caps, arguing they could harm business models.

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President Donald Trump speaks with reporters before boarding Air Force One at Lehigh Valley International Airport, Sunday, Aug. 3, 2025, in Allentown, Pa. (AP Photo/Julia Demaree Nikhinson)

Trump opens the door for private equity and crypto as 401(k) retirement plan options

August 7, 2025

Millions of Americans saving for retirement through 401(k) accounts could have the option of putting their money in higher-risk private equity and cryptocurrency investments. That’s according to an executive order signed Thursday by President Donald Trump. His order could give those financial players long-sought access to a pool of funds worth trillions. There’s no immediate change in how people invest part of their work earnings. Federal agencies would need to rewrite rules and regulations to allow the expanded choices, and that would take months or more to complete. New plans from employers could invest in alternative assets, particularly private equity, cryptocurrencies and real estate.

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President Donald Trump speaks while making an announcement about Apple with Apple CEO Tim Cook in the Oval Office, Wednesday, Aug. 6, 2025, in Washington. (AP Photo/Alex Brandon)

Trump orders federal regulators to probe alleged bank discrimination against conservatives

August 7, 2025

President Donald Trump has ordered an investigation into whether banks have discriminated against conservatives and industries like gun manufacturers and cryptocurrency companies. This executive order addresses “debanking,” where banks close accounts or refuse business with certain industries. Trump accuses banks like JPMorgan and Bank of America of targeting him and his allies, something both bansk have denied. The order directs federal regulators to ensure banks don’t discriminate based on political or religious beliefs and to refer cases to the Department of Justice. This could lead to civil or criminal investigations. The banking industry argues it has the right to choose business partners, citing risk concerns.

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FILE - A customer makes a transaction at an automatic teller machine in Los Angeles on March 27, 2023. (AP Photo/Richard Vogel, File)

Capital One, Walmart: A look at some of the consumer cases dropped by the CFPB under Trump

July 15, 2025

In the nearly six months since the Trump administration has had control of the Consumer Financial Protection Bureau, the bureau’s leadership has focused almost exclusively on rolling back any punishments, fines and penalties doled out against companies during the Biden administration. In some cases, companies that were supposed to refund their customers or pay a penalty for unfair or deceptive practices are no longer bound to make their customers whole. Other companies facing charges of fraud of deceptive practices saw their lawsuits dropped. Companies that got reprieves include Capital One, Walmart and Navy Federal Credit Union.

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FILE - A sign stands outside a branch of Wells Fargo bank Wednesday, April 17, 2024, in Littleton, Colo. (AP Photo/David Zalubowski, File)

Fed lifts restrictions placed on Wells Fargo in 2018 because of its fake-accounts scandal

June 3, 2025

The Federal Reserve said Tuesday that Wells Fargo is no longer subject to the restraints the Fed placed on the bank in 2018 for having a toxic sales and banking culture. It’s a win for Wells Fargo, which has spent nearly a decade trying to convince the public and policymakers that it had changed its ways. Faced with reaching unreasonable sales targets, branch employees had opened up millions of fake accounts in order to meet those goals. The Federal Reserve took the unusual step of placing Wells in a program where it could grow no larger than it was in 2018.

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