JPMorgan profits fall; bank stores cash for coming downturn
JPMorgan Chase & Co.โs third quarter profits fell by 17% from a year earlier, as the bank set aside roughly a billion dollars to cover potential losses in what CEO Jamie Dimon has said a could be a recession in six to nine months.
Bank of America's overdraft fees down 90% under new policy
Bank of America says the revenue it gets from overdrafts has dropped 90% from a year ago, after the bank reduced overdraft fees to $10 from $35 and eliminated fees for bounced checks.
Wall Street's slowdown cuts into Goldman's 2Q profits
Investment banking giant Goldman Sachs saw its second-quarter profits fall nearly half from a year ago, as the markets turmoil and warnings of a possible recession caused the bankโs deal-making business to slow down considerably.
USAA fined $140 million for willfully failing to implement anti-money laundering laws, federal regulators say
Federal regulators have fined USAA Federal Savings Bank $140 million for willfully violating the Bank Secrecy Act, the U.S. Treasuryโs Financial Crimes Enforcement Network (FinCEN) announced Friday.
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HSBC says net profit plunged 96% in 2Q as pandemic took hold
LONDON Europes biggest bank, HSBC, said Monday that its net profit plummeted 96% in the second quarter of this year as lower interest rates combined with the downturn due to the coronavirus pandemic tool hold. The bank's net profit was $192 million in the April-June quarter, down from $4.37 billion reported in the same period a year earlier. Near-zero interest rates meant to help businesses keep running with cheap credit are squeezing margins for lenders. The bank's chief executive, Noel Quinn, said in a presentation posted online that HSBC paused its restructuring efforts in the last quarter to focus on supporting its customers. The banks net profit fell 53% to $6 billion in 2019.
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H-E-B customers can cash stimulus checks in stores for free, officials say
SAN ANTONIO โ If youโre still looking to cash in your stimulus check from the federal government and donโt have a traditional bank account, H-E-B has got you covered. H-E-B stores are now offering free in-store check cashing of stimulus checks. H-E-B has also waived the card purchase fee and 60 days of monthly plan fees for H-E-B Prepaid cards that are purchased between April 1 and May 31, store officials announced on the storeโs website on Thursday. To learn more about how to set up direct deposit for economic impact payments, visit the IRS website here. Stimulus payments sent to dead people must be returned, IRS saysCOVID-19, the respiratory disease caused by the new virus, stands for coronavirus disease 2019.