KEN SWEET Business Writer, Author at The Rapid City Post

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.

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.

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.

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.

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.

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.

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.

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.

KEN SWEET Business Writer.