The financial news that actually matters
JPMorgan Chase CEO Jamie Dimon has compared the current mood across financial markets to the euphoria that preceded some of the worst crashes in modern history, specifically citing the periods before the 2000 dot-com bust and the 2007 credit crisis. In a Bloomberg interview earlier this year, Dimon said rivals are repeating reckless behavior and…
Scammers posing as distressed grandchildren or threatening government agents stole billions of dollars from Americans last year, and three federal agencies agree on one blunt rule: no legitimate person or institution will ever demand payment by gift card or wire transfer. Reported losses to fraud hit $12.5 billion in 2024, and gift cards remain one…
Block, Inc. cut more than 4,000 jobs earlier this year, shrinking its workforce from over 10,000 to just under 6,000, and told shareholders the reductions were tied to artificial intelligence tools that allow smaller, flatter teams. The fintech company is not alone. Coinbase Global filed its own restructuring plan on the same theme, and the…
American consumers and businesses face a painful squeeze: prices for shelter, food, and energy remain elevated even as the broader economy loses momentum. Ray Dalio has described the current environment as “a stagflation economy, with prices high and growth slowing at once,” a diagnosis now backed by a cluster of federal data releases covering the…
Every deposit account opened at an FDIC-insured bank in the United States receives federal deposit insurance the moment the account is funded. Customers do not need to apply, enroll, or pay a fee. The protection is backed by the full faith and credit of the U.S. government, and the cost falls entirely on the banks…
On May 1, 2026, Georgia state regulators shut down Community Bank and Trust, a small lender based in LaGrange, Georgia, and handed control to the FDIC as receiver. Within hours, another institution stepped in to take over insured deposits, and every customer kept full access to their money. The FDIC estimates the failure will drain…
Every depositor at Metropolitan Capital Bank & Trust in Chicago kept full access to their money after the bank was shut down on January 30, 2026, with all $212.1 million in deposits transferred to First Independence Bank of Detroit. The resolution turned a potential crisis for account holders into a seamless transition, but it also…
Developers racing to build the data centers that power artificial intelligence are running into a wall that no amount of capital spending can fix: the electric grid cannot connect new facilities fast enough. The Federal Energy Regulatory Commission has taken direct action on co-location disputes tied to AI-driven power demand, and its interconnection reform orders…
Every single filer in the United States will be able to earn $16,100 in 2026 before owing a dollar of federal income tax, a figure the IRS locked in after factoring inflation adjustments and statutory changes from the One, Big, Beautiful Bill. The number applies to returns filed in 2027 and also covers married individuals…
Kroger plans to shut down roughly 60 supermarkets over the next 18 months, a move that will cost the company $100 million in impairment and closure charges. The closures target the grocery chain’s weakest-performing locations, and the company has not yet identified which stores will close. Interim CEO Ronald Sargent said the strategy is designed…