(Photo by Spencer Platt/Getty Images)Getty Images Key Takeaways It’s been a mixed bag for Wall Street this earning season, with some banks beating estimates and some notching major misses Some themes across the board include a massive slowdown in investment banking revenues, as M&A and IPO activity plunged during a volatile year The net interest More
Ramp Cofounders Karim Atiyeh (left) and Eric Glyman (right) founded the corporate credit card startup just three years ago and launched it right as the pandemic started to spread across America.Ramp and Romina Hendlin Three-year-old fintech Ramp is the latest startup aiming to cash in on the buy now pay later boom—adding a similar service… More
Topline Shares of Hong Kong fintech firm AMTD Digital continued to plunge on Thursday, crashing for a second day in a row after rising more than 21,000% since its July IPO, with experts calling it a new meme stock and warning investors to stay away from the stock as its valuation looks like “an absolute… More
Topline Home prices, which have been shooting up since last year, grew at a slower pace in April, showing signs of a potential cool down in the red-hot housing market, according to new data from S&P Case-Shiller on Tuesday. Home prices are up significantly from last year but could cool by later in 2022 thanks… More
Topline Stocks fell and rates on government bonds surged on Wednesday as investor concerns about a slowdown in economic growth continued to weigh on markets, while oil jumped to a 13-week high on the back of climbing U.S. gas prices. Stocks will struggle for direction until there are “clear signs” that the Fed is taming… More
Topline Billionaire investor Warren Buffett continues to see opportunities in the stock market despite a selloff in recent months, recently snapping up more shares of energy company Occidental Petroleum, as some of his biggest holdings continue to outperform despite surging volatility this year. Some of the billionaire investor’s big bets in energy and consumer-related stocks… More
Topline Shares of Facebook parent Meta fell over 25% on Thursday—erasing over $230 billion in market value for its worst trading session in history—after the company’s dismal quarterly earnings report showed declining users and surging expenses related to the company’s metaverse project. Facebook’s stock had its biggest drop ever, losing a quarter of its value… More
Topline Citigroup has lost out on an attempt to retrieve more than $500 million it mistakenly wired last year to a group of companies that loaned money to embattled cosmetics firm Revlon, marking what could be the end to a lengthy saga sparked by a massively costly mishap from one of the nation’s largest banks.… More
Airbnb cofounders: Chief product officer Joe Gebbia (left), chief strategy officer Nathan … [+] Blecharczyk (center) and CEO Brian Chesky (right). Charley Gallay/Getty Images for Airbnb Airbnb’s much-anticipated initial public offering was well worth the wait for the company’s three billionaire cofounders. Shares soared on their first day of trading Thursday, more than doubling the… More
getty This week has been a busy one for American Express. The globally integrated payments firm has had a busy year, in fact, charging up over half a billion dollars in losses in the second quarter of 2020 alone. However, although the company reported an 85% slump in quarterly profit as of June 30, they… More
Topline JPMorgan Chase will pay a record $920 million to resolve a criminal investigation by three federal agencies over its role in the alleged manipulation of precious-metal and Treasury markets, federal regulators said on Tuesday. The bank settled probes of market manipulation in precious-metal and Treasury markets over an … [+] eight-year period. Win McNamee/Getty… More
Topline The market fell sharply on Thursday as tech stocks continued to struggle, while conflicting timelines on a coronavirus vaccine and uncertainty around the next fiscal stimulus bill from Congress also weighed on investors. Stocks were under pressure again on Thursday. Spencer Platt/Getty Images Key Facts The Dow Jones Industrial Average was down 1%, nearly… More
Ohpen, the Dutch cloud-based banking system, has announced the acquisition of Davinci, a provider of cloud-based cross-border loans and mortgages. With the acquisition, Ohpen can offer a full suite of products — across savings, investments, loans, mortgages and current accounts — in a cloud environment. The company works with traditional banks that want to move to… More
getty The first Black-owned bank to reach $1 billion in assets has been created, due to the merger of City First Bank of D.C. in Washington and Los Angeles-based Broadway Federal Bank. Both banks had been working on this deal for a year and the newly created lender will focus on housing, small businesses, and… More
TOPLINE Though many on Wall Street were surprised by Walmart’s recent announcement that it has teamed up with Microsoft in a bid to buy TikTok, a deal would allow the retailer to leverage the social media app to reach younger consumers and build its e-commerce platform, analysts say. A deal for TikTok could be a… More
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