Money, Wealth & Power—A Daily Look at the Financial World
Wells Fargo is absorbing the financial and reputational shock of cutting 5,600 jobs while paying out hundreds of millions of dollars in severance, a restructuring gamble that has rattled investors and employees alike. The bank’s latest results show that the cost of slimming down is hitting earnings in the short term even as executives argue…
Big retail names are quietly redrawing the shopping map for 2026, pulling out of malls, main streets, and neighborhood centers that once felt untouchable. Nearly 300 locations are on the chopping block nationwide, a wave of closures that will reshape where Americans buy clothes, medicine, groceries, and home goods. I am looking at what that…
Citigroup is moving ahead with one of the most aggressive restructurings on Wall Street, beginning with about 1,000 job cuts this week as part of a broader plan to eliminate 20,000 roles and reset its cost base by roughly $200 million. The first wave is already hitting staff as the bank simplifies its structure, tightens…
Macy’s is accelerating a major retrenchment of its brick-and-mortar footprint, with a fresh round of closures that will hit shoppers in a dozen states early this year. The latest wave includes 14 department stores, part of a broader plan to wind down underperforming locations and concentrate investment in stronger malls, outlets, and digital channels. If…
Saks Global has secured a crucial $400 million financing package from its lenders, winning approval from a U.S. bankruptcy judge to keep the luxury retailer operating while it restructures. The funding arrives just days after the owner of Saks Fifth Avenue entered Chapter 11, weighed down by billions in debt and unpaid bills to some…
Retail investors are racing out of the tech giants that once powered Wall Street’s rally after President Donald Trump put Washington’s weight squarely behind domestic chips. His latest proclamation on Intel has turned a simmering rotation away from the Magnificent Seven into a visible stampede, as money pours into semiconductors, small caps, and broad exchange…
The sudden failure of a $1 billion subprime auto lender has left roughly 100,000 car owners in limbo and erased about 1,000 jobs, turning a niche finance story into a real-world crisis for working families. The collapse of Tricolor Holdings, a Dallas based company that paired used-car sales with high risk loans, is now rippling…
President Donald Trump is preparing to halt federal payments to jurisdictions with sanctuary policies starting February 1, a sweeping move his allies frame as a crackdown on crime and misuse of public money. The plan would target cities and states that limit cooperation with federal immigration authorities, potentially touching everything from housing grants to transportation…
Protests that began after a federal immigration officer shot a man in Minneapolis have escalated into a national test of presidential power, as President Donald Trump threatens to invoke the Insurrection Act to send active-duty troops into Minnesota. The confrontation is no longer only about a deadly encounter on an icy city street, but about…
The Federal Reserve is quietly sounding an alarm about what is really keeping the recovery alive: a narrow slice of affluent households booking business-class flights, upgrading to designer handbags, and filling luxury resorts. The headline growth that shows up in national statistics is increasingly the product of this high-end spending, while much of the country…