From our perch on the 48th floor of 9 West 57th, we had a sweeping view of Central Park on one side of the building and a clear view of the twin towers about 4 miles to the south. As I was settling in that day, my assistant came running in, exclaiming that there had been a plane crash.

In a public letter to the agencies, the groups representing JPMorgan Chase (NYSE:JPM), Goldman Sachs, Morgan Stanley and Citigroup (NYSE:C), among other lenders, said the proposal unveiled in July violates the Administrative Procedure Act (APA) because it lacked sufficient public data and analysis.

The Federal Reserve has officially reported a loss of $57 billion for the first six months of 2023...Did the leaders of the Fed intend to lose $57 billion in six months? It is impossible to believe they did.

Commercial real estate market is just beginning to experience the pain of the correction, according to billionaire investor Jeff Greene...Because of high interest rates as well as the fizzling out of pandemic-era fiscal stimulus measures, Greene sees commercial real estate prices going lower before they see any relief.

Consolidation in the US banking sector is likely to be stymied by high interest rates and regulatory pressures, according to Citizens Financial Group Inc. Chief Executive Officer Bruce Van Saun.

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The tax agency is opening investigations into large hedge funds, private equity groups, real estate investors and law firms.

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Established to curb predatory lending following the 2008 global financial crisis, the CFPB under an arrangement designed by congressional Democrats draws money annually from the U.S. Federal Reserve rather than budgets passed by Congress. The justices will weigh a challenge to this funding structure that could starve the agency's coffers and place its existing rules on shaky legal ground.

A former Wells Fargo executive won't serve prison time for her role in the bank's fake-accounts scandal.

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Hotter-than-expected inflation likely ensures the Federal Reserve keeps its options open to raise interest rates again in November or December following an expected pause this month.

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Mohamed El-Erian, Allianz chief economic advisor, joins ‘Squawk Box’ to discuss the Fed’s ‘last mile’ of the inflation fight, how quickly the Federal Reserve needs to get to its 2% inflation target, and what the market should recognize.

Bank of America rates strategists abandoned their recommendation to be tactically long 10-year Treasury notes, seeing risk that US economic resilience could drive the yield to 4.75%.

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Since the BB&T Corp. $33.4 billion purchase of SunTrust Banks Inc. closed in December 2019, Truist’s full-time-equivalent workforce had been reduced by 11.3%, or by at least 6,736 positions to 52,564 as of June 30...It’s likely that the workforce reductions unveiled Monday could be thousands more.

Citigroup will strip out a layer of management and cut jobs in a sweeping reorganization that will give CEO Jane Fraser more direct control as she seeks to simplify the Wall Street giant and boost its stock.

An Associated Bank spokeswoman said brokered deposits “offered compelling economics for insured unsecured funding” and allowed the bank to reduce its borrowings from the Federal Home Loan Bank system. A Valley National spokesman said brokered deposits “have proven to be a stable and reliable source of FDIC-insured indirect customer deposits.”

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Companies that help banks manage excesses and shortfalls of deposits have had a moment in the sun since the banking crisis this spring..."The failures at SVB and First Republic and Signature are going to be 'the gift that keeps on giving' for reciprocal deposit networks," said Leo D'Acierno, senior advisor at Simon-Kucher & Partners.

The original sin of many startups — including, but not limited to, fintech companies — is believing that the rosy macroeconomic conditions of the 2010s would continue indefinitely.

Strong federal oversight of stablecoins, which is foreseen in the OCC letters, is in the interest of the Fed, Barr said, as a dollar-pegged stablecoin “borrows the trust of the central bank.”...The Fed equipped large banks, regional banks, community banks and credit unions with the rails for broadly accessible 24-hour instant payments through the FedNow Service, introduced in July, Barr said. He added that current volumes of the service are small, but it is up to the depository institutions to make the service available.

For all its tremendous benefits, digital technology carries innumerable downsides...Societies must wrestle with the devilish bargain they have struck; they rely on digital capabilities that leave them extremely vulnerable to attacks.

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The 9/11 operation was superb. Men who knew they were going to die mapped out and implemented a major covert operation on selected targets while remaining unnoticed by an excellent security system. But operationally impressive work did not result in the political results they dreamed of.