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Financial institutions’ net income dropped 43.9% in the fourth quarter of 2023.
The net income of commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. (FDIC) totaled $38.4 billion in the fourth quarter of 2023, down $30 billion from the previous quarter, the FDIC said in a Thursday (March 7) press release.
Their net income for the full year was down 2.3%, or $6...
Consumers’ total outstanding credit leapt by $19.5 billion in January.
Revolving credit accounted for $8.4 billion of the increase, while nonrevolving credit made up the other $11.1 billion, the Federal Reserve said Thursday (March 7) in its monthly report on consumer credit outstanding.
“In January, consumer credit increased at a seasonally adjusted annual rate of 4.7 percent,” the Federal...
InsureTech companies are showing financial resiliency. After a February that featured 40 funding deals in the category, Porch Group, a leader in the homeowners insurance and vertical software platform sector, reported a solid Q4.
As announced after the bell on Thursday, March 7, Porch surpassed previous year’s performance. and perhaps more importantly outlined plans for a bullish 2024.
By the...
In a shift toward ethical technology use, companies across the globe are intensifying their efforts to develop responsible artificial intelligence (AI) systems, aiming to ensure fairness, transparency and accountability in AI applications.
OpenAI, Salesforce and other tech companies recently signed an open letter highlighting a “collective responsibility” to “maximize AI’s benefits and mitigate...
In testimony before Congress, Federal Reserve Chairman Jerome Powell said that the idea of the United States adopting a central bank digital currency (CBDC) is far from being realized.
Speaking to the Senate Banking Committee Thursday (March 7), Powell said that the Federal Reserve is “nowhere near” moving forward with a CBDC, Reuters reported Thursday.
During his appearance on Capitol Hill,...
LinkedIn’s premium subscription segment reportedly earned $1.7 billion in revenue in 2023.
During the same year, the social networking platform for professionals saw a 25% leap in the number of premium subscribers, Reuters reported Thursday (March 7), citing its interview with LinkedIn Chief Operating Officer Dan Shapero.
LinkedIn, which was acquired by Microsoft in 2016, amassed a total of $15...
As retailers compete for consumers’ omnichannel loyalty, Costco is driving digital growth with a somewhat unconventional approach — selling precious metals.
The membership warehouse club chain shared in its second quarter fiscal 2024 financial results Thursday (March 7) that digital sales were up 18.4% in the quarter, and much of that growth comes from its sales of precious metals.
“eComm showed...
The U.S. Chamber of Commerce filed a lawsuit against the Consumer Financial Protection Bureau, aiming to stop the agency from implementing its new rule to limit credit card late fees.
The trade association said in its suit that the CFPB violated the law by preventing issuers from collecting late fees that are “reasonable and proportional,” promulgating a rule that is “arbitrary and capricious,”...
Accenture’s new $1 billion investment in artificial intelligence (AI)-powered tech education shows how the fast-growing field could help employees learn new skills.
Accenture unveiled LearnVantage, an AI-driven learning platform that provides tech training to help clients reskill/upskill employees in technology, data and AI. The firm will invest $1 billion in LearnVantage over three years....
The Consumer Financial Protection Bureau (CFPB) came under fire on Capitol Hill Thursday (March 7) from critics who charged that caps on credit card late fees, and other actions, would hurt innovation and banks’ customers in the long run.
At the hearing, titled “Politicized Financial Regulation and its Impact on Consumer Credit and Community Development,” held by the Subcommittee on Financial...