Banking & Finance

The Nasdaq has introduced five exchange-traded funds (ETFs) based on zero-day options, allowing investors to trade commodities and Treasury bonds using a popular short-term options strategy. The ETFs cover the United States Oil Fund (USO), United States Natural Gas Fund (UNG), SPDR Gold Shares (GLD), iShares Silver Trust (SLV), and iShares 20+ year Treasury Bond ETF (TLT)...

Visa's board has greenlit a proposal to allow shareholders to vote on a share exchange program that could alter the way the card network addresses outstanding merchant claims against the company, according to a regulatory filing. The program aims to eliminate certain restrictions on stock sales by Class B shareholders, primarily JPMorgan Chase, Bank of America, Citibank, and Wells Fargo...

According to a bank report, credit card balances among small businesses that use Bank of America services have increased and surpassed 2019 levels in some categories. As of October, businesses with annual revenue between $1 million and $5 million had average credit card balances 18% higher than the 2019 average. In contrast, small businesses with revenue under $100,000 have credit card balances only 4% higher than 2019 levels...

Federal Reserve Chair Jerome Powell's recent remarks at an IMF meeting in Washington, DC, reflected the central bank's commitment to addressing inflation concerns. Powell acknowledged the uncertainty surrounding the achievement of the 2% inflation goal, emphasizing the potential need for further interest rate hikes to tighten policy...

In the face of regional banking crises and economic instability, a recent study by decision analytics business Morning Consult reveals a surprising trend: customer trust in financial institutions has remained remarkably stable. The study indicates that 66% and 65% of U.S. adults continue to trust banks and credit unions, respectively, showcasing a resilience in consumer confidence despite recent challenges...

In the fast-evolving landscape of cryptocurrency, the influence of traditional finance, often referred to as "TradFi," is poised for significant growth within the investment and trading infrastructure. While pioneers like Greyscale have paved the way, the majority of cash flow is expected to be driven by established financial institutions. This could manifest through acquisitions, akin to BlackRock's acquisition of Barclays' iShares ETFs or the emergence of innovative bitcoin products from Wall Street stalwarts...

In a strategic move towards digital transformation, Citigroup's CEO, Jane Fraser, revealed that the bank invested a substantial $3 billion in tech modernization during the third quarter of 2023. This sizeable commitment underscores Citigroup's dedication to enhancing operational efficiency and client experience through cutting-edge technology...

In a resolute statement, Citigroup CEO Jane Fraser affirmed that the financial giant is resolutely committed to its transformative journey. Fraser, who assumed her role in March 2021, unveiled a sweeping reorganization plan aimed at fundamentally reshaping Citigroup's operations and bolstering its profitability. The plan, which includes consolidating key businesses and streamlining decision-making processes, marks Fraser's boldest move since taking the helm...

In a recent address at the Federal Reserve Bank of Cleveland's live-streamed cyber risk conference, Michael Barr, the Federal Reserve's vice chair for supervision, sounded a cautionary note about the rapid proliferation of generative artificial intelligence (AI) and its potential cybersecurity implications for the banking sector. Barr was warned of an impending "arms race" in the financial industry, where the use of generative AI for both cyberattacks and defense mechanisms would become increasingly prevalent...

Brian Moynihan, the CEO of Bank of America, expressed confidence in the Federal Reserve's ability to control inflation during a recent luncheon that the Economic Club of New York hosted. According to Moynihan, the central bank's strategy of curbing consumer spending has yielded positive results, effectively stabilizing the economy. However, he cautioned that sustaining this success hinges on consumers avoiding overreaching in their spending habits...