US city regains financial dominance – here’s why
New York tops London, but Hong Kong could challenge both cities.
Financials
Why ‘inflated’ stock prices, bank deregulation could signal economic trouble ahead
Former FDIC Chair Shelia Bair warned that debt-driven spending is driving economic growth.
Bitcoin investors can now store their cryptocurrency passwords in DNA
Cryptocurrency investors can rest easy knowing they can store their digital currency passwords using synthetic DNA.
Trump slams Jamie Dimon over election claim
JPMorgan Chase’s top executive said he could beat the president in an election because he is “smarter than he is.”
PepsiCo launches North American startup accelerator program
The food and beverage giant will award one company $100,000.
Wells Fargo banking unit probed for employee fraud: Report
Employees within the unit are said to have altered customers’ information on documents without their knowledge.
FBI investigating American Express foreign-exchange pricing
The Federal Bureau of Investigation has launched a probe into pricing practices within American Express Co.'s foreign-exchange unit, according to The Wall Street Journal.
SocGen expects around $1.4B in US sanctions penalties
The bank's provisions set aside to cover penalties related to legal disputes totals 1.43 billion euros.
Wells Fargo probes gender-bias claims by female executives: Report
Top female executives in the troubled bank’s wealth management unit gathered in June to discuss working conditions, including a lack of representation in top roles.
JPMorgan to offer free online stock trading service
The service will be available to individuals who use the bank’s app and website.
Goldman Sachs to cover breastmilk shipping costs for new moms
Goldman Sachs will pay to transport breastmilk when new moms are traveling for the investment bank.
Only banks should continue with quarterly earnings reports: Signature Bank Chairman
The practice of disclosing quarterly earnings estimates should be eliminated from the American economic system – with one exception, says the Chairman of Signature Bank.
Amazon considering UK insurance comparison site: report
It is not yet clear what type of insurance products would be available.
Elizabeth Warren's Accountable Capitalism Act would force companies to look beyond shareholders
The senator is hoping to steer companies away from focusing solely on maximizing shareholder returns.
RBS pays $4.9B for crisis-era misconduct
The penalty is the largest-ever imposed on a bank for misconduct leading up to the financial crisis.
ATM attack is a coordinated effort: Former assistant FBI director
An imminent ATM attack by hackers could be a coordinated effort resulting in millions of dollars in losses, according to a former assistant director of the FBI.
Berkshire boosts Goldman stake, confirms Apple purchase
Warren Buffett's Berkshire Hathaway confirmed it has added to its stake in iPhone maker Apple Inc.
Kroger grocery unit bans Visa credit cards
The policy change stems from a dispute over fees charged by the bank.
Tesla forms panel to gauge taking company private
Tesla said Tuesday its board formed a committee to respond to CEO Elon Musk’s tweet that he had funding to take his electric car company private.
Democratic Socialists: Nationalize health care and water down big business
This emerging group is even more left of the Democratic party on economic issues.