Money

By Nicole Goodkind, CNN New York (CNN) — Citigroup will lay off 20,000 employees over the next two years, CFO Mark Mason said Friday. The reduction comes after the company reported a $1.8 billion net loss for the fourth quarter of 2023, its worst quarter in 15 years. The bank expects the reduction in headcount

By Jordan Valinsky, CNN New York (CNN) — Bud Light brewer Anheuser-Busch InBev is becoming the first-ever beer sponsor for the next three Olympics and Paralympic Games — with a non-alcoholic brand taking the torch. Rather than using the sponsorship to advertise an established beer, AB InBev announced Friday that non-alcoholic Corona Cero beer will

By Krystal Hur, CNN New York (CNN) — Markets were anything but predictable last year. Investors aren’t looking to get caught flat-footed again. Stocks ended on a high note last year, but were tested by the Federal Reserve’s interest rate hikes, banking turmoil, debt ceiling worries and war in the Middle East. Many early-year consensus

By Alicia Wallace, CNN New York (CNN) — US producer prices fell in December for the third consecutive month, bringing a closely watched gauge of inflation to a rate more in line with pre-pandemic times. Wholesale inflation as measured by the Producer Price Index rose 1% annually in December, up slightly from November’s revised 0.8%

By Pete Muntean, CNN (CNN) — The Federal Aviation Administration said on Friday that after reviewing Boeing’s instructions for inspecting grounded 737 Max 9 planes, it has decided to seek more information before allowing the plan to proceed. In a statement, FAA also said it would keep the Boeing 737 Max 9 “grounded until extensive

By Oliver Darcy, CNN New York (CNN) — Not too long ago, on the 25th and 26th floors of the One State Street tower in lower Manhattan, a vibrant newsroom existed. Each morning, hundreds of employees strolled into the offices of Cheddar News, breathing life into the prime real estate that housed studios and the

By Elisabeth Buchwald, CNN New York (CNN) — Throughout much of last year, the question of whether interest rates were high enough to rein in inflation dominated Federal Reserve officials’ policy meetings. Continuing to raise rates would help bring inflation closer to the Fed’s 2% target — but could cost people their jobs. On the

By Nicole Goodkind and Krystal Hur, CNN New York (CNN) — JPMorgan Chase kicked off earnings season Friday with a big miss. But that’s because of some strange accounting. The bank’s fourth-quarter profit fell by 15% from the year before, to $9.3 billion, way less than analysts surveyed by FactSet had expected. Earnings per share

By Matt Egan, CNN New York (CNN) — US-led airstrikes on Houthi targets in Yemen rattled energy markets on Friday, sending oil prices sharply higher. US crude climbed as much as 4.5% to $75.25 a barrel Friday morning. Brent crude, the world benchmark, jumped 4% and briefly crossed over the $80-a-barrel level. However, both oil

By Ramishah Maruf, Ross Levitt and Pete Muntean, CNN New York (CNN) — Winter weather, combined with the grounding of Boeing 737 Max 9 aircraft, is causing major disruptions for air travel. There have been more than more than 2000 flight cancellations Friday, the highest number since July 2023, data from the tracking site FlightAware

By Anna Bahney, CNN Washington, DC (CNN) — Renters and homeowners experience inflation differently, and right now renters are taking a much more painful hit. Consumer Price Index data released Thursday showed that inflation was at 3.4% in December. It was the highest level since September and a jump from November’s 3.1% reading. “The December

By Anna Cooban, CNN London (CNN) — Tesla plans to pause most production at its only European factory due to supply chain problems caused by attacks in the Red Sea. The carmaker said it would halt output at its huge factory near Berlin for two weeks from January 29 because assaults on container ships along

By Laura He, CNN Hong Kong (CNN) — China’s economy had a bad 2023 and the outlook isn’t much better. Exports for the year as a whole fell for the first time since 2016 as global demand for Chinese-made goods (other than cars) slowed, according to customs data released on Friday. Officials said the slump

By Joe Sutton and Pete Muntean, CNN (CNN) — A class action lawsuit was filed on Thursday in Washington state against Boeing on behalf of the passengers aboard last week’s Alaska Airlines flight 1282. According to the lawsuit’s allegations, “the event physically injured some passengers and emotionally traumatized most if not all aboard. The violence

By Nicole Goodkind, CNN New York (CNN) — CVS will close dozens of pharmacies located inside of Target stores in early 2024, a company spokesperson said on Thursday. The closures come as retail pharmacy chains in the US face increasing difficulties with their prescriptions business, workforces and more. CVS will shutter the pharmacies between February

By Ramishah Maruf, CNN New York (CNN) — Al Gore is stepping down from Apple’s Board of Directors – but only because he’s too old to be renominated. Apple has a longstanding policy that its directors cannot stand for reelection after reaching the age of 75. That means it’s time for Gore, who is now

By Samantha Delouya, CNN New York (CNN) — eBay will pay a $3 million criminal penalty for a harassment campaign, including sending live cockroaches, of a Massachusetts-based couple who ran a newsletter that was sometimes critical of the company. eBay was charged with six criminal offenses, including stalking, witness tampering and obstruction of justice, after

By Alicia Wallace, CNN New York (CNN) — More Americans are buckling under the weight of mounting credit card debt. All stages of credit card delinquency (30, 60 and 90 days past due) jumped higher during the third quarter of last year, surpassing pre-pandemic levels for the first time, according to a report released Thursday

CNN By Alicia Wallace, CNN New York (CNN) — More Americans are buckling under the weight of mounting credit card debt. All stages of credit card delinquency (30, 60 and 90 days past due) jumped higher during the third quarter of last year, surpassing pre-pandemic levels for the first time, according to a report released

By Oliver Darcy and Liam Reilly, CNN New York (CNN) — ESPN returned dozens of Emmy statues and “disciplined” employees after an investigation disclosed Thursday found that the sports network had submitted fake names to the awards organization in a bid to secure trophies for on-air personalities who had been ineligible to receive them. The