Recent developments involving the Federal Reserve and a coalition of financial institutions have sparked a significant legal confrontation centered on the annual bank stress testing process. A cadre of banks, led by the Bank Policy Institute (BPI), which includes heavyweights like JPMorgan, Citigroup, and Goldman Sachs, is filing a lawsuit against the Federal Reserve. This
Business
On Monday, Nordstrom made headlines by announcing its transition to a privately-held company. This significant move comes after a buyout agreement valued at approximately $6.25 billion, spearheaded by the founding Nordstrom family and the Mexican retail giant El Puerto de Liverpool. The unanimous decision by the company’s board marks a pivotal point in the retailer’s
Starbucks baristas are gearing up for a series of strikes that will commence just before Christmas Eve, starting with locations in major cities such as Los Angeles, Chicago, and Seattle. As part of their ongoing fight for better compensation, employees are determined to escalate their actions each day, targeting additional markets. The union representing these
The world of college athletics is not just a breeding ground for young talent; it has emerged as a booming financial enterprise that commands the attention of private investors. With the aggregate revenues generated by major college sports programs reaching staggering heights, inquiries into the worth of individual programs have become increasingly relevant. As this
In a significant update from Stellantis, the launch of the all-electric Ram pickup has been postponed from 2025 to 2026. This decision stems from various factors, including slower than anticipated adoption rates of electric vehicles (EVs) and mounting challenges that competitors face in achieving profitability with electric truck models. As the automotive landscape shifts rapidly
In a landmark decision, Grubhub has reached a $25 million settlement with the Federal Trade Commission (FTC) and Illinois Attorney General Kwame Raoul over allegations of deceptive practices that adversely affected diners, drivers, and small business restaurants. The settlement, announced on a Tuesday, stems from a complaint stating that Grubhub misled its customers regarding delivery
In recent years, family offices have increasingly shifted their investing strategies to include direct investments in private companies. While this move is seen as a way to capture the higher returns often associated with private equity, a comprehensive survey has revealed underlying risks that family offices may not be fully prepared to handle. Direct investments
The recent death of Brian Thompson, the CEO of UnitedHealthcare, has sent shockwaves through the healthcare industry, prompting Andrew Witty, CEO of UnitedHealth Group, to take to the pages of the New York Times. In a sorrowful yet critical reflection, Witty did not shy away from acknowledging the inherent flaws in the American healthcare system.
In a significant step towards reforming consumer finance, the Consumer Financial Protection Bureau (CFPB) recently unveiled a final rule aiming to limit the ability of banks to impose exorbitant overdraft fees. This regulatory change represents a concerted effort to protect consumers from financial practices that historically drained billions from their bank accounts. According to the
As we look towards 2025, the landscape for U.S. car dealers is marked by a blend of cautious optimism and underlying anxiety. A recent report from Cox Automotive highlights a significant increase in the optimism levels among dealers, notably propelled by the idea of a President-elect Donald Trump administration. This renewed enthusiasm should not overshadow