CNN – Business/Consumer

By Jeanne Sahadi, CNN The past two tax-filing seasons were fraught with aggravations, delays, last-minute changes and huge backlogs at the IRS. But by comparison, this year’s tax-filing season has been going relatively smoothly, tax preparers say. “After a few years of pandemic-related updates, mid-tax season IRS guidance, last-minute tax law changes and more, the

By Nathaniel Meyersohn, CNN Credit Suisse, the 167-year-old bank and the second-largest lender in Switzerland, is in deep trouble. The bank said it would borrow up to 50 billion Swiss francs ($53.7 billion) from the Swiss National Bank, taking advantage of a lifeline late Wednesday after its stock crashed as much as 30%. It also

By Anna Bahney, CNN Mortgage rates dropped this week in the wake of several bank failures, reversing course after rising half a percentage point over the past month. But longer-term uncertainty is expected to hamper many homebuyers and keep the cost of buying unaffordable for many. The 30-year fixed-rate mortgage averaged 6.60% in the week

By Matt Egan, Allison Morrow and David Goldman, CNN First Republic Bank, facing a crisis of confidence from investors and customers, is set to receive a $30 billion lifeline from a group of America’s largest banks. “This show of support by a group of large banks is most welcome, and demonstrates the resilience of the

By Hanna Ziady, CNN The European Central Bank stuck with its plan to hike interest rates by half a percentage point Thursday, judging that inflation poses a bigger threat to the economy than turmoil in the banking sector. But the ECB said it was keeping a close watch on “current market tensions” and “stands ready

By Mark Thompson, CNN A scramble by Switzerland’s authorities to shore up confidence in Credit Suisse went some way to calming panicked investors Thursday, but the country’s second-biggest bank may yet need more help if it is to survive. Credit Suisse said it would borrow up to 50 billion Swiss francs ($53.7 billion) from the

By Michelle Toh, Danielle Wiener-Bronner and Allison Morrow, CNN The banking meltdown over the past week has left us with more questions than answers. The stunning collapse of two American banks and the loss of investor confidence in Credit Suisse led to wild market swings and put Wall Street on edge. During CNN’s primetime special,

By Jackie Wattles, CNN Virgin Orbit told nearly all of its staff to cease operations until at least next week as the rocket company, founded by British billionaire Richard Branson, works to secure additional funding. Workers were told the news during a meeting with Virgin Orbit CEO Dan Hart on Wednesday afternoon with direction to

By Matt Egan, CNN Nervous bank customers have rushed to the safety of big banks in the wake of a pair of high-profile bank failures that have shaken confidence in the system. Bank of America, Wells Fargo and Citigroup have all experienced a significant increase in deposits since Silicon Valley Bank ran into trouble last