Columbus, OH

Two of the largest banks in the US are declaring a loss on a whopping $3.5 billion in debts that customers can’t pay back. JPMorgan Chase says its net charge-offs, which are delinquent debts that banks do not expect to receive, hit $2.2 billion in the second quarter of the year.

JPMorgan Chase, Wells Fargo Suffer $3,500,000,000 in Losses As US Banks Report Major Surge in Bad Debt

The Motley Fool

Q2 earnings from this top bank will set the tone for the entire sector.

Should You Buy JPMorgan Chase Stock Before July 12?

(Reuters) - U.S. banks have reaped a windfall from higher interest payments on loans, but commentary from some top executives suggests they could face an uncertain path ahead. Waning demand from borrowers and slowing consumer spending could weigh on bank earnings in the coming months. Here are some comments from...

US Bank Executives Discuss Consumer Outlook

Markets Insider

US stocks climbed higher as fresh data indicated that consumers were still spending. Retail sales published Tuesday came in better than expected for June. Excluding autos, sales rose 0.4% against estimates of a 0.1% increase. The data marked the biggest increase in three months, and suggests that the US consumer is still strong even as worries swirl around an imminent pullback.

Stock market today: Indexes rise as traders assess earnings and retail sales beat estimates

Reuters

NEW YORK (Reuters) - The biggest U.S. bank wants to get even bigger. JPMorgan Chase has set an ambitious goal of attracting 15% of the country's consumer deposits, Marianne Lake, its CEO of consumer and community banking, told Reuters in an interview at the company's New York headquarters.

JPMorgan aims to amass 15% of US consumer deposits, boost credit card share

Chicago, IL

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Foodie in Chicago

Shortly before 3 AM, people in the Chicago area may have felt their houses shake as a 3.4-magnitude earthquake occurred about 60 miles west of the city. (CHICAGO) The United States Geological Survey (USGS) reported a 3.4-magnitude earthquake around Somonauk, IL. Somonauk is in DeKalb and LaSalle Counties, 64 miles west of Chicago.

Did You Feel the Earthquake?

Virginia State

Margaret Minnicks

WVTF reported that a new Virginia law will become effective on July 1, 2024. The law will prevent utility companies from disconnecting services on various occasions, which could leave someone without power for days.

A new law will keep utilities from being disconnected on weekends and holidays in Virginia

Reality is beginning to settle in for three of the largest U.S. banks, at least according to their second-quarter results. While some of the truths reflected in earnings reports at JPMorgan Chase, Citigroup, and Wells Fargo gave the banks — and their investors — reason to rest easy, some potential storm clouds are still visible in the distance.

Wells Fargo, Citi, and JPMorgan reported earnings. Here's what to know

California State

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The HD Post

CALIFORNIA – Starting July 1, landlords will only be allowed to collect one month’s rent for the security deposit on a rental property. Assembly Bill 12, signed into law last October, says regardless of whether the residential property is unfurnished or furnished, only one month’s rent can be charged in addition to any rent for the first month paid on or before initial occupancy.

Law limiting security deposits goes into effect July 1

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Alameda Post

California regulators just stopped AT&T from pulling the plug. California’s Public Utilities Commission on June 20 rejected AT&T’s application to stop providing landlines and other services in areas where there is no other option.

Still Need Your Landline?

The S&P 500 has been reaching new all-time highs recently, but there are some stocks that have lagged behind. Vici Properties is an excellent real estate investment trust that has been a victim of the rising-rate environment. Starbucks frightened investors with its latest numbers, but it could be a mistake...

2 Magnificent Stocks to Buy That Are Near 52-Week Lows

Uber Technologies shares rose Tuesday after the company announced new features, including the ability to search what offerings are available in thousands of cities around the world. Users will be able to see average wait times and prices for trips. Uber also announced a partnership with Air France-KLM Group that...

Uber To Show Average Wait Times, Prices in Many Cities

Business Times

Bank of America (BAC) has reported better-than-expected second-quarter revenue and profit, buoyed by a significant rise in investment banking and asset management fees. Despite facing challenges from higher interest rates affecting its consumer operations, the bank managed to leverage its Wall Street operations to deliver solid financial results.

Bank of America Exceeds Q2 Expectations Amid Investment Banking Gains

U.S. stocks rose sharply Tuesday, as the Dow Jones Industrial Average and S&P 500 both finished at record highs. The Dow, which closed at its first record high in two months on Monday, gained 1.9%, or 743 points, while the S&P 500 tacked on 0.6%. The Nasdaq Composite, ended 0.2% higher thanks to a late-day recovery, as tech stocks lagged the broader market's move higher.

Markets News, July 16, 2024: Dow Adds More Than 700 Points to Close at Record; S&P 500 Also Hits New High

Kentucky State

Northern Kentucky Tribune

Kentucky’s Community Actions Partnerships have announced the starts date for the Low-Income Home Energy Assistance Program (LIHEAP) Summer Subsidy, aimed at helping Kentucky households offset summer cooling costs.

LIHEAP Summer Subsidy program to help with summer cooling costs to begin enrollment July 16

One in four sellers decreased the price of their home to entice buyers, a new Zillow report said. Home listings have increased as some sellers who were waiting for lower rates give up as high interest rates persist. Buyers remain on the fence even as mortgage rates start to wane...

Here's Why Some Home Sellers Are Cutting Prices

Another round of big bank earnings are here, closing out the second-quarter reports of six major U.S. banks — and showing that they remain resilient as they continue to top Wall Street estimates. Suggested Reading. : Wells Fargo, Citi, and JPMorgan reported earnings. Here’s what to know. Investment...

Bank of America, Morgan Stanley, and Goldman Sachs reported earnings. Here are 3 takeaways

This morning, second quarter reports from BlackRock BLK and Goldman Sachs. provided insight into the prominent investment management banks with both appearing to benefit from easing inflation. Let’s review BlackRock and Goldman's Q2 results and see if now is a good time to buy stock in these finance titans.

Time to Buy BlackRock (BLK) or Goldman Sachs (GS) Stock After Q2 Earnings?

North Carolina State

With the increasingly 24/7 role of treasurers in mind, Bank of America is tackling payments pain points to modernize its CashPro digital banking platform that is used by about 40,000 companies and corporations. The Charlotte, North Carolina-based bank said it rolled out a new capability this summer that enables treasurers...

BofA tackles digital banking’s transaction pain points

HONG KONG (Reuters) - Goldman Sachs has appointed Sudarshan Ramakrishnan and Devarajan Nambakam as co-heads of investment banking in India, the latest Wall Street bank to bolster its leadership amid a rise in dealmaking opportunities in the country.

Goldman Sachs names India investment banking co-chiefs, Hong Kong coverage head

NewsBreak

Bank of America Posts Earnings Beat on Investment Banking Boost

Bank of America shares rose Tuesday after reporting better second-quarter revenue and profit than analysts had projected. Net interest income, however, was lower than the same...

Bank of America Posts Earnings Beat on Investment Banking Boost

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