Money, Wealth & Power—A Daily Look at the Financial World
Food delivery customers in one major state are about to discover what it feels like when the law is firmly on their side. Instead of partial credits and endless chats with bots, people who get cold fries, missing entrees, or the wrong sushi roll will now be entitled to full cash refunds, returned to the…
President Donald Trump’s push to cap credit card interest rates at 10% for one year has collided head‑on with Wall Street’s largest lenders, and Bank of America is emerging as one of the most forceful critics. The bank’s leadership is warning that a hard ceiling on rates would not simply trim profits, it would reshape…
The Trump administration is signaling that banks may soon unveil a new kind of plastic branded as “Trump cards,” a proposal that fuses the White House’s populist credit card push with its broader fight over access to financial services. The idea lands at a moment when President Donald Trump is pressuring lenders on interest rates…
Bank of America is sounding an alarm that cuts to the core of how modern finance is wired. If regulators allow interest-bearing stablecoins to compete head-on with traditional deposits, the bank’s chief executive says trillions of dollars could migrate out of the regulated banking system and into digital tokens. That kind of shift would not…
Job cuts at the largest American lenders are accelerating again, pulling bank employment back toward pre-crisis levels even as profits hold up. The latest figures show staff reductions at leading institutions climbing to their highest level in nine years, underscoring how aggressively executives are shrinking headcount to protect margins and fund technology. Behind the headline…
The United Kingdom has handed its payments watchdog a decisive victory in a closely watched clash with global card schemes and a leading fintech. A High Court judge in London has backed the power of the Payment Systems Regulator to cap cross border card fees, rejecting arguments from Mastercard, Visa and Revolut that the regulator…
Shoppers who have grown used to tapping any card at the checkout are about to hit an expensive new reality. A landmark settlement with major card networks means retailers like Walmart and Target can now pick and choose which credit cards they accept, add new surcharges, or steer customers toward cheaper options. For customers who…
For three decades, the classic 4% rule has been the shorthand answer to a brutally complex question: how much you can safely spend from your portfolio each year without running out of money. That simple formula is now colliding with lower return forecasts, longer lifespans and more volatile markets, and a growing body of research…
Borrowers who have grown used to a slow, predictable Federal Reserve are being told to prepare for something very different. Bank of America is signaling that the path of interest rates could bend sharply from what markets expected only a few months ago, with fewer and later cuts and a longer period of relatively tight…
President Trump’s call for a nationwide 10% ceiling on credit card interest sounds like an instant win for households crushed by double‑digit rates. In reality, the way banks and card issuers are likely to respond could leave many borrowers with less credit, fewer protections, and higher costs in other corners of their financial lives. The…