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

The Motley Fool

The Oracle of Omaha's short-term actions and long-term ethos don't always mesh.

Warren Buffett Has Sold Almost $2.3 Billion of Bank of America Stock -- and It's a Direct Reminder of His $56 Billion Warning to Wall Street

One of the world's most successful hedge fund managers boasts an extremely concentrated portfolio, so it attracts attention when he makes big changes.

Billionaire Investor Bill Ackman Has 100% of His $10 Billion Portfolio in Just 9 Stocks, But There Were Seismic Changes During the Quarter

Reuters

NEW YORK (Reuters) - A handful of institutional investors bought large positions in former President Donald Trump’s media company in the second quarter ahead of the company's inclusion in two Russell indexes, regulatory filings released on Wednesday showed.

BlackRock, Vanguard big purchasers of Trump Media shares in Q2, filings show

Wells Fargo, Morgan Stanley and Bank of America are among a group of Wall Street banks accused of bilking customers out of billions of dollars in interest payments, according to a new report. The U.S. Securities and Exchange Commission is probing the banks to determine whether they purposefully directed clients...

Wells Fargo, Morgan Stanley and Bank of America Accused of Cheating Customers Out of Billions of Dollars in Interest Payments: Report

A total of 94 US banks are at significant risk of experiencing bank runs by uninsured depositors if they show financial weakness, according to a new report. An analysis from Florida Atlantic University finds the billion-dollar banks in question – which include seven US financial giants – have all reported a 50% or higher ratio of uninsured deposits to total deposits.

94 US Banks at ‘Serious Risk’ of Bank Runs, Including BNY, State Street, JPMorgan Chase and Citi: Report

South Carolina State

June 4 marked the last time a fortunate player won the jackpot from Mega Millions. At the time, a lucky lottery player in Illinois won the $552 million grand prize. Since then, the jackpot has been growing and most recently surpassed the mind-blowing $500 million. After nobody won the Mega...

Mega Millions Jackpot Survives, Reaches New Heights

Chicago, IL

Problem gambling can often push people into different crimes. From theft, fraud or forgery, some gamblers may even resort to violent crimes in order to obtain funds to fuel their unhealthy habit. In one recent criminal case, a 68-year-old woman was sentenced to nearly 10 years in prison over stealing food products with a value of $1.5 million.

Woman Steals $1.5M Worth of Chicken Wings, Goes to Prison

The Supreme Court in Austria ruled in favor of a plaintiff, who filed a lawsuit against bet-at-home subsidiaries over multi-million-dollar losses. The claimant argued that they lost millions while gambling with the operator between August 2018 and July 2020. The complaint named bet-at-home.com Internet and bet-at-home.com Entertainment as defendants. The two aforementioned companies are among bet-at-home.com’s subsidiaries.

Austrian Court Orders Bet-at-Home to Refund Player €2.8M

TORONTO (Reuters) -Canada's TD Bank Group said it would set aside $2.6 billion more for penalties related to U.S. regulatory probes into deficiencies in its anti-money laundering program and it would sell part of its stake in Charles Schwab to offset the financial impact.

TD Bank sets aside $2.6 billion more for US anti-money laundering penalties, lowers Schwab stake

DWS is expanding its global private credit operations with the addition of four executives within its real estate credit business announced this week. Jay DeWaltoff has joined as head of U.S. Real Estate Debt in the firm’s New York offices reporting directly to Todd Henderson, co-global head of Real Estate and head of Real Estate […]

DWS hires from J.P. Morgan for RE debt

Having secured approval from the Pennsylvania Gaming Control Board (PGCB), Penn Entertainment will modify its Hollywood Casino gaming area at Penn National Race Course. The company is set to slash its number of slots, citing intense competition from the skill-based sector as the reason. The Property Will Remove 169 Machines.

Hollywood Casino to Slash Its Slot Count Amid Competition from Skill Games

The US Federal Reserve chair Jerome Powell will deliver his most high-profile speech of the year on Friday where he is expected to offer hints about whether the Fed will cut interest rates next month. He is speaking at the Jackson Hole symposium in Wyoming, an annual conference that brings...

Markets eye Fed Chair Powell’s speech

Your article was successfully shared with the contacts you provided. The bank is selling part of its stake in Charles Schwab to cover fines it expects to pay for failures in its money-laundering controls. Including a $450 million provision announced in April, the lender now estimates it will pay $3...

TD Takes $2.6B Hit on Probe, Sells Schwab Shares

On August 22, Grayscale Investments, one of the world’s largest crypto-focused asset managers and a wholly-owned subsidiary of Digital Currency Group (DCG), announced the public launch of its latest investment product, the Grayscale® Avalanche Trust. This new trust allows accredited investors to gain direct exposure to Avalanche (AVAX), a smart contract platform known for its three-chain architecture that balances scalability, security, and decentralization.

Grayscale Investments Launches Avalanche Trust to Offer Investors Exposure to AVAX

Jackson, WY

[The stream is slated to start at 10 a.m. ET. Please refresh the page if you do not see a player above at that time.]. Federal Reserve Chair Jerome Powell delivers his keynote speech Friday morning at the central bank's annual retreat in Jackson Hole, Wyoming. Fed Chair Powell indicates...

Watch live: Fed Chair Jerome Powell speaks from Jackson Hole conference

HONG KONG (Reuters) - China and Hong Kong are set to expand a pilot wealth scheme that allows residents to invest cross-border by adding the first batch of 10 securities firms, including the countries' largest brokerages, two people with direct knowledge told Reuters. The 10 securities companies include Hong Kong-listed China CITIC Securities, China International CorporationCompany (CICC), Huatai Securities and GF Securities, according to the people.

Exclusive-Citic, CICC among 10 brokerages included in China's Greater Bay Area wealth scheme, sources say

Entain’s troubles related to its historic business in Turkey are not over yet. While the gambling giant did reach a deferred prosecution agreement (DPA) with the Crown Prosecution Service (CPS), the whole process took a toll on the company’s shares. Needless to say, investors aren’t happy. Investors...

Investors to Take Entain to Court over Declining Share Price

Fidelity actively participates with 176,626 BTC held, emphasizing strong institutional engagement in the cryptocurrency market. Predictions suggest Bitcoin ETFs might hold more than Nakamoto as early as October 2024 due to rapid acquisition rates. U.S.-based Bitcoin ETFs are approaching a pivotal moment where they might soon hold more Bitcoin than...

BlackRock and Fidelity Are Hoarding Bitcoin: Could They Control the Future of Crypto?

The Star Entertainment Group Limited announced the closure of its Treasury Brisbane Casino property ahead of the launch of its new property in Brisbane. As The Star prepares to open its Queens Wharf Brisbane property, it has been advised by the Office of Liquor and Gaming Regulations to cease the operation of its Treasury Brisbane Casino. According to an official ASX announcement, the regulator asked The Star to shut down Treasury Brisbane at midnight on August 25, 2024.

The Star to Close Treasury Brisbane ahead of Queens Wharf’s Opening

NewsBreak

Goldman Sachs Divests Major Stake in Kindred Group

The globally recognizable gaming group, Kindred Group, confirmed details regarding a major shareholding move. On Thursday, the company revealed it was notified that one of its...

Goldman Sachs Divests Major Stake in Kindred Group

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