Latest Banking and credit News

700 workers to lose jobs in sale of People's United Bank

Jul. 24, 2021 19:23 PM EDT

BRIDGEPORT, Conn. (AP) — More than 700 employees of People's United Bank will lose their jobs when the Connecticut lender is acquired by a New York bank, according to a filing with the state. Buffalo, New York-based M&T Bank Corp. reported that 747 positions in...

Americans spend again and American Express profit surges

Jul. 23, 2021 09:33 AM EDT

NEW YORK (AP) — Spending at restaurants, shops and entertainment venues has come back in force as vaccines become more common and it fueled a revenue surge at American Express during the second quarter. That momentum picked up as the quarter progressed, the company said...

ECB says low rates to stay until the job is done

Jul. 22, 2021 08:57 AM EDT

FRANKFURT, Germany (AP) — Facing unease over the spread of a more-contagious variant of the coronavirus, the European Central Bank said it would maintain its stimulus in the form of ultra-low interest rates until inflation “durably” reaches its 2% target. The...

Millennial Money: Don't overlook credit union credit cards

Jul. 20, 2021 07:16 AM EDT

When you’re frequently bombarded with ads for credit cards at big banks, it’s easy to overlook credit cards at a local credit union. These not-for-profit organizations typically require membership based on location or affiliation with an employer, a family member or an organization. Major...

UK government backs Guaidó claim in Venezuelan gold fight

Jul. 19, 2021 15:39 PM EDT

LONDON (AP) — The British government sought Monday to prevent Venezuelan leader Nicolás Maduro from gaining access to nearly $2 billion of gold held by the Bank of England as the U.K. Supreme Court started hearing a case that hinges on the question of who should be considered the Latin...

This Week: Coca-Cola earns, US home sales, AmEx earns

Jul. 19, 2021 09:12 AM EDT

A look at some of the key business events and economic indicators upcoming this week: DRINK THIS Wall Street expects another solid quarterly report card from Coca-Cola. Analysts predict the beverage company’s second-quarter...

Liz Weston: We deserve a better credit reporting system

Jul. 19, 2021 06:52 AM EDT

In some ways, the U.S. credit reporting system has improved. Credit freezes, which lock our credit information to deter identity theft, are now free and fast. We have free weekly access to our credit reports, courtesy of the credit bureaus Equifax, Experian and TransUnion, until April 20,...

Lebanon's PM-designate steps down after months of deadlock

Jul. 15, 2021 19:32 PM EDT

BEIRUT (AP) — Lebanon’s Prime Minister-designate Saad Hariri stepped down Thursday over what he called “key differences” with the president, deepening a political crisis that has left the Lebanese without a government for nine months even as they endure an unprecedented economic...

NortonLifeLock, Allstate fall; US Bancorp, Celanese rise

Jul. 15, 2021 16:40 PM EDT

Stocks that traded heavily or had substantial price changes Thursday: American International Group Inc., up $1.66 to $48.07. The insurance company is selling a 9.9% stake in its Life & Retirement business to Blackstone for $2.2 Billion. ...

As prices rise at rapid pace, Fed chief seeks patience

Jul. 15, 2021 15:55 PM EDT

WASHINGTON (AP) — For anyone watching with concern as prices surge for everything from food and gas to airplane tickets and clothes, the message from Federal Reserve Chair Jerome Powell over two days of congressional hearings this week was straightforward: Just give it more time and those...