Money

By Elisabeth Buchwald, CNN On Friday, the Federal Reserve is set to release the findings of its investigation into what caused Silicon Valley Bank to collapse last month. Randal Quarles, former vice chair of supervision at the Fed, told CNN in an exclusive interview that he doesn’t expect the report to uncover any smoking guns.

By Nathaniel Meyersohn, CNN Gap said Thursday that it will lay off 1,800 employees as the struggling retailer looks to cut costs. The layoffs will impact the company’s corporate workers. As of January, Gap had around 95,000 employees globally, and 9% of them were corporate staff. Gap, which also owns Old Navy, Banana Republic and

By Oliver Darcy, CNN Vice Media will cancel its acclaimed program “Vice News Tonight” as part of a broad restructuring that will result in painful cuts across the organization, the company said Thursday. “In response to the current market conditions and business realities facing [Vice Media Group] and the broader news and media industry, we

By Hanna Ziady, CNN Barclays and Deutsche Bank have shrugged off a turbulent first quarter to post strong profit growth, helping to calm investors worried about the prospect of another US bank failure. The robust set of results was helped by income earned from higher interest rates, the lenders said Thursday. Shares in Barclays jumped

By Oliver Darcy, CNN Tucker Carlson broke his silence on Wednesday evening, posting a short video online after his abrupt firing from Fox News earlier in the week, but did not directly address his departure from the network nor his future. The right-wing media extremist didn’t say much in the rambling two-minute message, but he

By Jennifer Korn and Nicki Brown, CNN Musician Ed Sheeran’s court case continued Wednesday in a high-profile copyright trial about whether his smash single “Thinking Out Loud” copied the classic Marvin Gaye song “Let’s Get It On.” Dr. Alexander Stewart, a music expert called by the plaintiffs on Wednesday, testified about the similarities he perceives

By Marshall Cohen, CNN Fox News has agreed to provide voting technology company Smartmatic with additional material about its corporate chairman Rupert Murdoch and other top executives, as part of Smartmatic’s $2.7 billion lawsuit against the right-wing network. The agreement was announced Wednesday at a court hearing in Manhattan regarding the defamation case, which stems

By Jordan Valinsky, CNN Beer distributors are largely sticking by Bud Light and its parent company, Anheuser-Busch, as controversy continues to embroil the brand. Two Instagram posts featuring transgender influencer Dylan Mulvaney earlier this month ignited fury from the right and hurt sales. The brewing giant met with wholesalers on Tuesday at the National Beer

By Chris Isidore, CNN Norfolk Southern said a February derailment that released massive amounts of toxic chemicals in East Palestine, Ohio, cost the railroad $387 million. That dragged profit lower by about a third. The Atlanta-based company reported it earned $466 million last quarter, down from the $703 million it earned in the same quarter

By Nicole Goodkind, CNN Wall Street was able to breathe a sigh of relief on Tuesday as Google-parent company Alphabet and Microsoft both beat the market’s relatively modest earnings expectations. The companies saw big boosts from their search and cloud computing businesses. After a disastrous year for both stocks, the shares rebounded strongly in the

By Chris Isidore, CNN Losses continued to mount for Boeing, as the supply chain problems caused higher-than-expected losses. The company reported a loss of $1.27 per share, excluding special, one-off charges and gains. Although that was an improvement from the $2.75 a share it lost on that basis a year earlier, it marked the seventh-straight

By Jordan Valinsky, CNN Just a few years ago, Kim Kardashian was dyeing her own shapewear in a sink with teabags. Fast forward to the present day, the idea has blossomed into Skims — a $3.2 billion brand that has catapulted the reality TV star into a business titan. “For me, I was just looking

By Hannah Rabinowitz and Holmes Lybrand, CNN Two tobacco companies have agreed to pay over $600 million to US authorities over allegations that the companies were selling tobacco products to North Korea in violation of US sanctions. The agreement was simultaneously announced with criminal charges against the two companies for North Korean sanctions violation, conspiracy

By Elisabeth Buchwald, CNN A month ago, code blue sirens went off at banks across the globe after the collapse of Silicon Valley Bank and Signature Bank. As banks work to put that painful episode in the rear view mirror, it’s unclear if the situation has stabilized or if it’s the calm before another storm.

By Elle Reeve, CNN Crypto company Yuga Labs has won its claims of trademark infringement against artist Ryder Ripps who copied their NFTs in what he called a protest of their racially offensive imagery. Ripps and his legal team raised issues of celebrity endorsements, art, the First Amendment and what crypto really is as defenses

By Jennifer Korn and Krystal Hur, CNN Musician Ed Sheeran took the stand Tuesday in a high-profile copyright trial about whether his smash single “Thinking Out Loud” copied a classic Marvin Gaye song. Ben Crump, a lawyer representing the family of the co-writer for Gaye’s 1973 hit “Let’s Get It On,” said in his opening

By Parija Kavilanz, CNN It seems to be a turbulent time for retailers who cater to couples in love. On the heels of David’s Bridal, the largest seller of wedding dresses declaring bankruptcy last week, another big seller of symbols of enduring love, like rings, disclosed that their business has not yet recovered from Covid-19.

By Lindsay Isaac, CNN Buckingham Palace and Rupert Murdoch’s News Group Newspapers reached a secret agreement over historical phone hacking claims, court documents filed on behalf of Prince Harry allege. The documents, which claim that NGN privately reached an undisclosed settlement with Prince William, are part of the Duke of Sussex’s lawsuit against the media

By Julia Horowitz, CNN Last month, the collapse of Silicon Valley Bank, the second-largest bank failure in US history, unleashed broader panic and raised fears the global financial system would seize up. Now, central banks are signaling that their immediate concerns have eased. The Bank of England, the Bank of Japan, the European Central Bank

By Nicole Goodkind, CNN Warnings of recession are widespread, inflation is still elevated and so are interest rates. Russia continues to wage war in Ukraine and markets are whipsawing around as investors try to make sense of it all. In short: The global macroeconomic picture is bleak. In spite of it all, dealmaking on Wall

By Hanna Ziady, CNN UBS is still dealing with the fallout from the 2008 global financial crisis even as it prepares to take on the enormous challenge of absorbing Credit Suisse. Switzerland’s biggest lender said Tuesday it had set aside $665 million to cover litigation costs relating to past sales of US mortgage-backed securities, halving

By Nathaniel Meyersohn, CNN For decades, blue and white paper coupons defined Bed Bath & Beyond’s brand, popping up everywhere from the movie “Old School” to notorious mobster Whitey Bulger’s junk drawer. But the iconic 20%-off coupons, which became known as Big Blue, ultimately contributed to the cornerstone retailer’s fall into bankruptcy. On Wednesday, Bed

By Nicole Goodkind, CNN First Republic stock plunged by nearly 50% at the close of trading on Tuesday, hitting a new record low after the embattled lender reported late Monday that its total deposits fell 41% in the first quarter, to $104.5 billion, even after a consortium of banks stepped in with $30 billion to

By Krystal Hur, CNN Anheuser-Busch has placed two executives who managed Bud Light’s sponsorship of two Instagram posts from a transgender woman on leave, according to the Wall Street Journal and other media reports. Ad Age was the first to report that Alissa Heinerscheid, Bud Light’s vice president of marketing, was placed on leave. Todd

By Oliver Darcy and Marshall Cohen, CNN Fox News and Tucker Carlson, the right-wing extremist who used his prime time perch at the talk network to exert a firm grip over the Republican Party, have severed ties, the network said in a stunning announcement that rocked the media and political worlds Monday. “We thank him

By Nicole Goodkind, CNN Business Last year, the S&P 500 fell 18%, but you wouldn’t know it from looking at the portfolios of US lawmakers. Overall holdings by members of the US Congress outperformed the S&P 500 by about 17.5% on average in 2022, according to Subversive Capital, a company that creates ETFs which track