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

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

TheDailyBeast

Fears of an impending U.S. recession sent the Dow Jones Industrial Index tumbling more than 1,000 points in early trading Monday and triggered a panic sell-off in financial markets around the world.Wall Street went into meltdown with the S&P 500 down 4 percent and Nasdaq dropping 5.5 percent. The Dow Jones slipped 3 percent, or 1,197 points by 9.35 a.m. Eastern.Earlier, the FTSE 100 index in London fell by 2.1 percent, and it was followed by the Nikkei 225 in Japan plunging by 12.4 percent, or 4,451 points, the biggest one-day points drop in history.In Paris, the CAC-40 fell by...

Stock Markets Crash Worldwide Over Fears of U.S. Recession

The Independent

Global equities markets began the week with a steep plunge, reacting to the possibility of a coming US recession that Goldman Sachs economists pegged at 25 percent.On Monday morning, the Dow Jones Industrial Average fell 945 points, or nearly 2.5 percent, to ​​38,791.28. In simple terms, if on Friday you had $100 in a fund tracking the Dow, you would now have about $97.50. The two other major indexes, the S&P 500 and the Nasdaq Composite, were down mid-morning by roughly 3 percent and 6 percent, respectively. At the end of the session, the Dow was down 2.6 percent, sliding...

Experts are warning of a global recession. Here’s what that actually means

The New York Times

The economy’s resurgence from the pandemic shock has had a singular driving force: the consumer. Flush with savings and buoyed by a sizzling labor market, Americans have spent exuberantly, on goods such as furniture and electronics and then on services including air travel and restaurant meals.

To Avoid a Recession, Consumer Spending Is Key

Parking tickets are the latest vector for scammers to empty out bank accounts from New York to Southern California. Calgary became the latest North American city to address the growing trend of fake tickets on Tuesday. The Canadian city’s parking authority advised drivers to destroy fake tickets that are cropping on windshields and not to attempt to pay those fines.

Bank accounts are being emptied thanks to scammers using fake parking tickets

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NewsNinja

A lady is cautioning others about purchasing budget earrings from Amazon, Shein, and H&M, after she experienced keloid formations on her earlobes due to wearing them. On a TikTok post that has garnered more than 334,000 likes, Sailor Rozema (@sailor.rozema), a content creator, shares a warning with her community of "dangly earring girls": the inexpensive jewelry found in fast fashion can have negative impacts on your well-being.

‘I’ll never be wearing earrings for the rest of my life’: Customer warns against buying from Shein

Markets Insider

The US economy is set to enter a recession by early next year, according to Steve Hanke. The economist pointed to a troubling trend in the money supply in an interview on YouTube this week. He predicted inflation will likely fall below 2% as economic activity slows. The US hasn't...

Why a recession will strike in 2025, according to a veteran economist

Warren Buffett and his top investing aides have sold more than 90.4 million shares of BofA stock since July 17. Selling stock has been a common theme, with Berkshire Hathaway's brightest minds being net-sellers of equities for seven consecutive quarters. Buffett's avoidance of "casino-like behavior" strongly suggests that stocks are...

Warren Buffett's Selling Over $3.8 Billion Worth of Bank of America Stock in 2 Weeks Is an Ominous and Unmistakable Warning for Wall Street

Detroit, MI

Warren, MI

Stellantis (STLA) plans to lay off as many as 2,450 workers later this year as it ends production of an older model of the Ram 1500 pickup truck. The Ram 1500 Classic is currently made at the automaker’s factory in Warren, Michigan, alongside the Jeep Wagoneer and Grand Wagoneer. Stellantis has used the truck as a low-cost option to win over fleet buyers and customers looking to buy a pickup without breaking the bank.

Stellantis is laying off thousands of workers and discontinuing a classic pickup

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?

J. Souza

According to cruise industry reports, the world's largest cruise ship is sailing well above 100% capacity, thanks to more beds being filled on recent sailings. Royal Caribbean’s newest flagship, the Icon of the Seas, is proving to be an unprecedented success, with occupancy rates far exceeding expectations.

The Largest Cruise Ship in the World is Sailing at 132% Capacity: How This is Even Possible

CBS San Francisco

For much of 2024, it appeared the Federal Reserve had successfully navigated a tricky line, tempering the hottest inflation in four decades while keeping the U.S. economy from sinking into a recession. But recent weak economic data is prompting some economists to caution that the nation isn't out of the danger zone just yet. One economic indicator sparking fears of a so-called hard landing was the disappointing jobs report on August 2, which showed that the unemployment rate jumped to 4.3% in July from 4.1% in the prior month. That climb triggered the Sahm Rule, or when the three-month moving average of...

Is the U.S. headed for a recession? Here's what the experts say.

Colorado State

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David Heitz

A bill quietly introduced this spring in the Colorado legislature to decriminalize the possession of drug paraphernalia obtained by harm reductionists has become law. As low-key as the legislation was introduced, the bill was signed into law without fanfare June 6. It garnered little to no media attention.

Colorado legalizes needles, pipes for meth and crack if obtained by harm reduction group

The Weekend Brief offers analysis and insights on one big news item of the week, delivered only to Quartz members. It’s widely accepted at this point that we Google things, we don’t search them. The company that made its brand name the accepted nomenclature for finding all the...

Server Error: Google’s antitrust loss is big tech’s biggest disruption

Fox News

The economy hasn't turned into a recession, but that doesn't mean anything to ordinary Americans. They struggle with high household debt and lower savings despite the national numbers.

US might avoid a recession, but it’s a different story for ordinary Americans

Reuters

MEXICO CITY/NEW YORK (Reuters) -The Mexican peso touched its weakest against the U.S. dollar in nearly two years before paring much of the losses back, as concerns the U.S. economy could be headed for a recession added to recent peso weakness as a popular global trade unwinds.

Mexican peso pares losses, remains volatile on US recession fears

New York City, NY

Jacksonville, FL

Jacksonville Today

The Wells Fargo name is gone from the Downtown skyline. The name atop the former Wells Fargo Center was removed Sunday . A helicopter flew away each of the 20 letters and deposited them at a lot across from the Maxwell House Coffee plant on East Bay Street.

Wells Fargo name removed from Downtown tower

Oliver Chen, TD Cowen senior retail analyst, joins 'Squawk Box' to discuss key retail earnings from Walmart and Home Depot this week, what to expect from the retail giants, state of the consumer, and more.

We are in a consumer discretionary recession, says TD Cowen's Oliver Chen

The Biden administration unveiled a new rule Monday aimed at doing away with headache-inducing processes that waste customers’ time and money, as part of an extension of its crackdown on junk fees. Suggested Reading. In a new governmentwide initiative known as “Time is Money,” the White House is targeting...

The war on junk fees just got even bigger

NewsBreak

The much-feared American recession isn't coming, Bank of America chief says

Bank of America (BAC) chief Brian Moynihan said the bank’s research team “does not have any recession predicted anymore,” even as fears about the health of...

The much-feared American recession isn't coming, Bank of America chief says

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