That’s what Aspiration, a new personal finance startup, is aiming to do. But there’s a real chance this could backfire, according to industry experts.
“The world adjusts to stupid laws,” said the former New York City mayor. “They don’t pay any attention to them.”
The money, on top of $65.5 million Wealthfront has already raised, gives it $100 million in cash. The war chest will be put to good use in a battle with some of America’s financial giants.
The service is a howitzer pointed at startups who have tried to steal business from Schwab and other old-school brokerages and advisers.
The company’s investors are selling off after another large quarterly loss. This time, its failed smartphone helped Amazon lose more than half a billion dollars in three months.
The New York Fed’s president tells bankers: reform your culture or get broken up.
The investment bank finished megabank earnings week by exceeding analysts’ expectations for profit and revenue.
A Goldman executive familiar with the matter said that the strange, violent market movements on Wednesday led to the most activity ever on some desks with Goldman’s clients.
Crude prices have plunged by more than 20% in recent months. The fall means cheaper gas, cheaper flights, and generally good news for American consumers.
The investment bank’s revenue grew 25% while its profits jumped 48% amidst markets finally starting to become more volatile (and dangerous).
But the bank is still paying an extra $1 billion for legal expenses.
Investment bankers will no longer be able to trade individual stock and bonds.
Crowds gathered in downtown Manhattan on Monday to stage a protest to draw attention to climate change. Sunday’s march in New York drew hundreds of thousands of people and was one of 2,646 events in 156 countries calling for action.
With volatilty at record lows and fixed income revenue dropping across Wall Street, bank executives say there may be some light at the end of the tunnel.
The Treasury Department will “make a decision in the very near future” on adminstrative action to “to make these deals less economically appealing.”
But they don’t like them that much, either.
Cantor’s new job at Moelis and the rise of the boutiques.
The history of SACO 2006-8, as told through court documents dating back more than six years, provides a view into how the mortgage-backed security industry was built up and spectacularly collapsed. For JPMorgan, it has become the mortgage-backed security from hell.
King.com’s daily active user count actually fell compared to the last quarter, and the company is now more in need of a hit than ever.
The Federal Reserve and FDIC said today that plans submitted by large banks showing how they could be dismantled in the case of failure were “unrealistic.”
A new study by the Government Accountability Office said that large banks were able to borrow money for less during the financial crisis because investors thought the government would support them, but that the funding advantage “may have declined or reversed.”
Ace Greenberg’s thrifty and magical career, down to the cheap casket. “Ride winners, take losses.”
The giant bank points to the huge scope of its business as a defense against a pay discrimination suit. Goldman lawyers said there was no evidence of a company-wide policy that disadvantaged women in pay and promotion
Yet another ding for big banks from regulators and law enforcement for their off-exchange trading venues.
The New Yorker is open for business.
But besides a big one-off benefit, the quarter was similar to its peers, with declines in fixed income and equity trading revenues and an increase in wealth management and investment banking revenues.
But the bank’s core trading and sales business still shrank in revenue, fulfilling a warning made by the firm in May.
Despite declines in revenues from mortgages and trading, the largest bank in the country beat out analysts’ expectations with $6 billion in profits. In his first public comments since being diagnosed with throat cancer, CEO Jamie Dimon said he was “feeling great.”
The bank’s profits were up 56% from a year ago. It is the only bank so far this quarter to report higher fixed income, commodities, and currencies trading revenue.
A graph on the Bloomberg terminal shows the number of pets lost, injured, or killed each month on U.S. airlines.