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

Barry Sternlicht, Starwood Capital chairman and CEO, joins 'Squawk Box' to discuss the Fed's inflation fight, rate path outlook, state of the economy, latest market trends, 2024 election, and more.

Starwood Capital Barry Sternlicht on the Fed, state of the economy and 2024 election

Mississippi State

Reuters

(Reuters) - Regional lender Renasant Corp has agreed to buy smaller rival The First Bancshares in an all-stock deal valued at $1.2 billion, the Mississippi-based banks said on Monday.

Renasant to buy First Bancshares in latest US regional bank consolidation

Tom Michaud, KBW president and CEO, joins 'Power Lunch' to discuss regional banks, impact of interest rate reductions from the Fed, projection on the Fed's next moves, the health of banks, and more.

Fed easing will take pressure off credit quality, says KBW CEO Tom Michaud

(Reuters) - Disappointing quarterly results from Microsoft melted $340 billion of stock market value on Tuesday from it and rival heavyweights racing to dominate artificial intelligence technology, while Nvidia and other AI chip sellers rallied after results from Advanced Micro Devices.

Microsoft sinks, chipmakers climb as AI rally faces divide

Kiplinger

The S&P 500 and Nasdaq also scored wins Tuesday albeit with much smaller gains than the blue chip Dow.

Stock Market Today: Dow Spikes 742 Points After UnitedHealth Earnings

The affably-named "Oracle of Omaha" has delivered a cumulative return of more than 5,400,000% for Berkshire Hathaway's Class A shares (BRK.A) since becoming CEO in the mid-1960s. Portfolio concentration has been an unsung hero for Warren Buffett and Berkshire's shareholders. Five unstoppable businesses account for almost $310 billion of Berkshire...

75% of Warren Buffett's $416 Billion Portfolio Is Invested in 5 Unstoppable Stocks

With interest rate cuts from the Federal Reserve on the horizon, it could be a good time to shift cash, experts say. While many investors are getting 5% yields on money market funds, that will fall once the Fed starts cutting interest rates. Rates for high-yield savings and certificates of...

Here are some money moves to make before the Fed starts cutting interest rates

Washington, DC

Deryl McKissack is no stranger to spotting toxic traits. McKissack, 63, is the founder and CEO of Washington D.C.-based construction firm McKissack & McKissack, which she launched with $1,000 from her savings in 1990. She churned through employees who weren't the right fit in her company's early years and the business struggled, she says.

63-year-old CEO shares the top 3 red flags she sees in employees: ‘No one wants to be in their presence'

If things go according to expectations, the Fed again will keep short-term interest rates on hold roughly from where they’ve been for the past year. There are expectations that the Federal Open Market Committee will drop signals that as long as there are no major data hiccups, a September move is very much on the table.

Here’s everything you need to know about the Fed decision coming Wednesday

Belk, Inc.’s balance sheet is looking a lot stronger. The privately-owned department store company, which operates nearly 300 stores across the Southeast, said it has completed a value-maximizing deleveraging transaction with its first and second lien lenders and equity sponsor, Sycamore Partners. Through the transaction, Belk has reduced its...

Belk reduces debt by nearly $1 billion

Newark, NJ

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Paterson, NJ

Morristown Minute

NEWARK, N.J. – Jasmine McGregor, 32, and Jhenelle Lewis, 35, both of Paterson, New Jersey, have pleaded guilty to conspiring with a physician to distribute oxycodone, a powerful opioid, without legitimate medical justification. The announcement was made today by U.S. Attorney Philip R. Sellinger.

Paterson Residents Conspired with Physician to Illegally Distribute Opioids

Overdue credit card bills are the highest they’ve been since the Federal Reserve Bank of Philadelphia started keeping track in 2012. The proportion of card balances that were more than 60 days past due, making them delinquent, topped 2.5% in the first three months of the year, according to a report published Wednesday. That’s more than double the lows seen in the third quarter of 2021, as pandemic-era federal stimulus money helped borrowers pay off their balances in full.

Overdue credit card balances hit their highest level in more than a decade

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?

'Mad Money' host Jim Cramer makes sense of today's market moves ahead of tomorrow's Fed decision.

Start thinking about who wins and who doesn't once the Fed starts cutting, says Jim Cramer

The Motley Fool

Two very different companies, but two great investment opportunities.

2 No-Brainer Warren Buffett Stocks to Buy Right Now

TheStreet

Fund manager Nael Fakhry explains Osterweis Growth & Income Fund's investment philosophy and why he's a fan of three stocks.

$177 million fund manager picks three blue chip stocks

JPMorgan Chase (NYSE: JPM) recently kicked off earnings season for the big U.S. banks, and for the most part, the numbers looked strong. The megabank beat analyst expectations on both the top and bottom lines. Earnings and revenue grew by 25% and 20%, respectively, year over year, and investment-banking revenue jumped by more than 50%.

Jamie Dimon Just Gave Investors a Big Warning -- Should You Be Worried?

While the best state to retire in the U.S. is also one of the smallest in the country, the worst state to retire is the largest. Alaska ranks as the worst state in the U.S. to retire for the third year in a row, according to Bankrate's study of the best states to retire in 2024.

The 10 worst states to retire in the U.S.—No. 1 isn’t California or New York

NewsBreak

Consolidation with the smaller banks 'appreciated regardless' of election: Gabelli's Macrae Sykes

Macrae Sykes, Gabelli Investors portfolio manager & global...

Consolidation with the smaller banks 'appreciated regardless' of election: Gabelli's Macrae Sykes

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