JPMorgan Chase, Bank of America and Wells Fargo are boosting their financial defenses, preparing for customers to increasingly lose the ability to pay their bills. In their new Q2 2024 reports, the banks say they’re significantly increasing the amount of capital they’re holding to cover potential losses from credit card and loan insolvencies – collectively setting aside billions of dollars in emergency provisions.

JPMorgan Chase, Bank of America and Wells Fargo Quietly Brace for Customers’ Financial Fallout Amid Increasing Economic Uncertainty

Bank of America, Citigroup and Goldman Sachs are reporting $4.139 billion in losses as lenders write off mounting debts that customers can’t honor. In its latest earnings report, Citigroup says its net credit losses, which are debts that the firm does not expect to collect, hit $2.28 billion in Q2 of this year.

Bank of America, Citigroup and Goldman Sachs Report $4,139,000,000 in Losses As US Lenders Witness Major Spike in Unrecoverable Debt

Reuters

(Reuters) - WesBanco has agreed to buy smaller rival Premier Financial in an all-stock deal valued at $959 million, the lenders said on Friday, offering another sign of growing consolidation in the U.S. regional banking industry.

Regional lender WesBanco to buy smaller rival Premier Financial in $959 million deal

NEW YORK (Reuters) - Bank of America’s corporate clients approved a record $500 billion in payments through its CashPro app by mid-year, up almost 40% versus the same period in 2023, the company said in a statement on Thursday.

BofA payments app for businesses handled record $500 billion by mid-year

New York Post

There may be trouble looming on the horizon for the U.S. stock market, according to BCA Research.

In a note to clients last week, BCA Research chief global strategist Peter Berezin warned that, contrary to popular belief, the economy will fall into a recession either this year or in early 2025. 

Should that happen, the S&P 500 could tumble to 3,750, which marks a 30% drop from current levels.

Stock market could drop 5% or more before end of 2024: Wall Street analyst warns

Berezin’s prediction hinges on the belief that the labor market will slow notably in coming months, which will weigh heavily on consumer spending...

US headed for a deep recession in near future as stocks could fall 30%, analyst warns

New York City, NY

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Cheryl E Preston

Yesterday was the third time this year that an ad stating Chelsea Clinton lives in a beautiful Virginia home popped up on my laptop. My computer did not warn me this was a dangerous site, so this time, I clicked on the link.

Chelsea Clinton is rumored to be living in Virginia but probably still in NYC

California State

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The HD Post

CALIFORNIA – Plaintiffs, in a case against Wells Fargo alleging that the bank knowingly took part in a marketing scam, asked the court, July 8, not to grant a motion for summary judgment.

Class action lawsuit says Wells Fargo customers lost over $160 Million

Louisiana State

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NewsByJoshua

Conn’s Inc., a prominent home improvement retailer based in Texas, is grappling with the possibility of filing for Chapter 11 bankruptcy as it contends with dwindling sales amidst rising inflation, according to reports.

Massive home improvement retailer on brink of bankruptcy

(Reuters) -A raging wildfire has devastated the western Canadian tourist town of Jasper and firefighters were working on Thursday to save as many buildings as possible, authorities said. Jasper is in the middle of Jasper National Park, in the province of Alberta. The town and the park, which draw more...

Devastating wildfire burns down part of western Canadian town

North Carolina State

Town Talks

Death Disclosure Laws and Property Disclosures in North Carolina. In North Carolina, there is no legal obligation for homeowners or real estate agents to disclose if a death has occurred in a home, whether by natural causes, murder, or suicide. However, if a potential buyer directly inquires about any deaths on the property, the seller is required to provide that information.

If someone dies at your house do you have to tell a potential buyer? What North Carolina law says

Redbox, the iconic movie rental company with over 34,000 locations nationwide, has announced the closure of its operations following its parent company's filing for Chapter 11 bankruptcy. This decision has left many of its loyal users saddened, marking the end of an era for physical media enthusiasts.

A rental company with 34,000 locations has closed its doors

Mississippi State

Jackson, MS

Mississippi News Group

JACKSON, Miss. - In a decisive move today, State Auditor Shad White announced the arrest of Lacosta Lee, a contracted probation officer affiliated with Court Programs, Inc (CPI), on charges of embezzlement. Special Agents from the State Auditor’s Office took Lee into custody following allegations that she misappropriated funds intended for court-ordered fines and fees.

Probation Officer Arrested in Embezzlement Case

The Motley Fool

The estimated $31.3 billion Buffett has put to work in Apple is dwarfed by the amount of money he's spent regularly purchasing shares of this top-performing company.

Billionaire Warren Buffett Has Purchased $77 Billion of His Favorite Stock, Which Is More Than Double What He's Spent Buying Shares of Apple!

Chicago, IL

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?

Alameda, CA

Alameda Post

The unthinkable has happened. Again. A gunman has taken multiple lives. The difference this time? It happened here, in Alameda. We are an island, both physically and psychologically. I spend a lot of time explaining to people that our focus is Alameda, and Alameda alone, so our coverage doesn’t usually include stories as horrific as this one.

It Happened Again. Here.

Business Times

Geopolitical tensions took center stage on Wall Street Wednesday after U.S. presidential candidate Donald Trump expressed reservations about defending Taiwan, sending ripples through the financial markets. The chipmaking sector bore the brunt of the fallout, with shares of major players tumbling and investors seeking refuge in safer assets like gold.

Trump's Taiwan Remarks Shake Wall Street; Chip Stocks Plunge Amid Geopolitical Concerns

PYMNTS

British payments firm Sokin is planning to expand following an investment by Morgan Stanley. Investment funds managed by the banking giant had purchased a stake in Sokin, the company announced Wednesday (July 24), designed to speed its expansion. “Sokin was founded in 2019 with a simple vision to remove the...

Morgan Stanley Buys Stake in UK Payments Firm Sokin

Worcester, MA

WORCESTER, MA – Vystar Corporation (OTC:VYST), a company specialized in fabricated rubber products, announced the formal appointment of Ms. Jamie Rotman as President with a new compensation agreement. The announcement was made public in a recent 8-K filing with the Securities and Exchange Commission. Ms. Rotman, who has been...

Vystar Corp appoints Jamie Rotman as President

Virginia State

Ronkonkoma, NY

The New York Post reveals that two men who died in a plane crash at MacArthur Airport were from Virginia. The men had been visiting friends in Long Island and were returning home when the tragedy occurred.

Life partners from Virginia have been identified as the victims of a New York plane crash

Anchorage, AK

Daily Express reports that Roger Allan Holmberg Sr., a Virginia pastor, has been accused of hitting his wife while on an Alaskan Airlines flight from Seatle to Anchorage. Holberg allegedly verbally and physically abused his wife, who said she has epilepsy, and her husband hit her in the head, knowing it could cause a seizure.

Virginia pastor facing federal charges after he allegedly hit his wife on an Alaskan Airlines flight

NewsBreak

Six banks settle European bond price fixing litigation in New York

NEW YORK (Reuters) - Six banks including Bank of America and Citigroup agreed to pay $80 million to settle antitrust litigation in New York accusing them...

Six banks settle European bond price fixing litigation in New York

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