Money

By Matt Egan, CNN New York (CNN) — Citibank illegally discriminated against Armenian Americans for years by singling them out on credit card applications based on their surnames, a federal regulator alleged on Wednesday. The Consumer Financial Protection Bureau found that from at least 2015 through 2021, Citi “targeted” retail services credit card applicants whom employees associated

By Bryan Mena and Elisabeth Buchwald, CNN Washington (CNN) — Federal Reserve Bank of Cleveland President Loretta Mester is set to resign from her post next year, the bank announced Wednesday. Mester, one of the Fed’s most “hawkish” voices, is finishing her term on June 30, 2024. Hawkish is a term used to describe Fed

By Nicole Goodkind, CNN New York (CNN) — Retail pharmacy workers have told CNN that their employers have left them severely overworked and understaffed. These harsh working conditions, they say, make it difficult to safely fill prescriptions, which could put the health of their customers at risk. Now a formal unionization effort, backed by the

By Peter Valdes-Dapena, CNN (CNN) — Cruise, General Motors’ self-driving vehicle subsidiary, has recalled all 950 of its autonomous vehicles for a software update. Late last month, Cruise paused all its public testing operations while it investigated the incident that led to the recall. GM had announced Monday that it was pausing production of test

By Chris Isidore, CNN New York (CNN) — A tentative five-year labor deal has been reached between the Culinary union and Caesars Entertainment to avert a potential strike at its nine casinos along the Las Vegas Strip, although nine other casinos still face possible walkouts come Friday morning. The details of the agreement, which was

By Jordan Valinsky, CNN New York (CNN) — Perdue believes it has a clever way to combat criticism about chicken production: sell humans practically the same food it feeds its chickens. The company has created “Chix Mix,” a new snack that is “made from most of the same ingredients” that’s in the company’s chicken feed.

By Brian Fung, CNN Washington (CNN) — Meta, parent company of Instagram and Facebook, will require political advertisers around the world to disclose any use of artificial intelligence in their ads, starting next year, the company said Wednesday, as part of a broader move to limit so-called “deepfakes” and other digitally altered misleading content. The

By Peter Valdes-Dapena, CNN New York (CNN) — General Motors has entered into a partnership with a small Wisconsin start-up, Niron Magnetics, to develop electric motor magnets that can be made without rare elements that are mostly sourced from China today. In electric vehicle motors, rapidly shifting magnetic fields spin a rotor made with magnets

By Chris Isidore, CNN New York (CNN) — Blockbuster hit “Barbie” brought in a record $1.5 billion for Warner Bros. Discovery, but the company still reported a $417 million loss for the quarter that was bigger than Wall Street’s forecasts. The company, however, reported a narrow profit when taking into account adjustments for certain items,

By Oliver Darcy, CNN (CNN) — Catherine Herridge is on the brink of being held in contempt of court. In a late-September deposition, the CBS News senior investigative correspondent declined to reveal her source(s) for a series of 2017 stories she reported on during her time at Fox News, according to a court filing made

By Alicia Wallace and Nicole Goodkind, CNN Minneapolis (CNN) — The New York civil fraud trial of former President Donald Trump carries extremely high stakes for the self-proclaimed business mogul. Not only could Trump be subject to hefty financial penalties and lose control of his flagship properties dotting the Manhattan skyline, the trial also could

By Laura He, CNN Hong Kong (CNN) — Beijing is ready to improve ties with Washington, a senior Chinese official said Wednesday, days before a highly anticipated potential meeting between leaders Xi Jinping and Joe Biden in San Francisco. Recent high-level meetings have sent out “positive signals and raised the expectations of the international community

By Michelle Toh, CNN Hong Kong (CNN) — Diversification away from China is increasing, and it doesn’t just affect foreign companies, according to HSBC CEO Noel Quinn. Speaking at the Bloomberg New Economy forum in Singapore on Wednesday, Quinn said the head of one of HSBC’s units had recently reported a 70% jump “in activity

By Krystal Hur, CNN New York (CNN) — Wall Street gained Tuesday as the continued slide in Treasury yields helped propel stocks higher. The S&P 500 index climbed for the seventh day in a row, its longest streak of gains since November 2021, when the benchmark index rose for eight straight sessions. The Nasdaq Composite

By Jordan Valinsky, CNN New York (CNN) — More than two dozen Republican members of Congress sent a letter to University of Pennsylvania President Liz Magill condemning the school’s “shocking lack of a prompt and unequivocal condemnation” of the October 7 attacks in Israel by Hamas. The letter, dated November 1, comes after the college

By Matt Egan, CNN New York (CNN) — The last time America’s housing market was this unaffordable, Ronald Reagan was in the White House. It now takes nearly 41% of the median household’s monthly income to cover the principal and interest payments on a median-priced home, according to research from Intercontinental Exchange. It comes at a time

By Brian Fung, CNN Washington (CNN) — Meta’s top executives, including CEO Mark Zuckerberg, ignored warnings for years about harms to teens on its platforms such as Instagram, a company whistleblower told a Senate subcommittee on Tuesday. Meta instead fosters a culture of “see no evil, hear no evil” that overlooks evidence of harm internally

By Nathaniel Meyersohn, CNN New York (CNN) — America has a glut of empty offices. Now, some offices face losing WeWork, which has more than 600 locations in major cities. WeWork filed for Chapter 11 bankruptcy Monday, throwing the future of the real estate company up in the air. WeWork said it would terminate some

By Matt Egan, CNN New York (CNN) — A growing number of cash-strapped Americans are cracking their nest eggs for emergency funds. The number of 401(k) plan participants taking hardship distributions increased by 13% between the second and third quarters, according to an analysis by Bank of America of its clients’ employee benefit programs. That figure now

By Alicia Wallace, CNN Minneapolis (CNN) — The resilient consumer has kept the US economic engine running, but it’s coming at a big cost: Americans are piling up record credit card balances, and more and more are falling behind on those payments. During the third quarter, credit card balances hit a fresh high of $1.08 trillion, rising $48