Citigroup to cut 20,000 jobs by 2026 following latest financial losses
The cuts come shortly after Citi laid off 10% of its senior staff as part of a restructuring effort aimed at boosting its earnings.
Silicon Valley Bank
2023 a mixed bag for Wall Street, U.S. economy
It has been a blockbuster year for investors, with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all up with double-digit gains. However, the Federal Reserve battled the worst inflation in decades with several rate hikes, and 2023 marked the worst banking crisis since 2008, with three major institutions collapsing. Astrid Martinez reports.
Senate weighs bill to strip failed bank executives of pay
Bipartisan proposal would fine executives up to $3 million and claw back two years' worth of their compensation.
Regional bank stocks lead market decline
The Dow Jones fell more than 200 points Thursday as regional bank stocks plummeted. Wall Street Journal banking and finance reporter Ben Eisen spoke with CBS News' Lana Zak and Errol Barnett about what the development means for investors.
Bank woes mount as investors bail from regional lenders
On Wall Street, a string of banking industry failures is casting a cloud over midsize lenders such as PacWest and Western Alliance
Fed indicates pause after latest rate hike
Stocks fell Wednesday after the Federal Reserve raised U.S. interest rates by a quarter of a percentage point. Wall Street Journal economics reporter Harriet Torry spoke with CBS News about how the increase impacts investors and consumers.
What the First Republic Bank takeover means
JPMorgan Chase is taking over First Republic Bank after it was seized by federal regulators. It marks the third American bank failure in the past two months. Rachel Ensign, a reporter for The Wall Street Journal, joins CBS News with more.
JPMorgan Chase takeover of First Republic
California regulators have seized control of struggling First Republic Bank. The FDIC accepted a bid from JPMorgan Chase to assume First Republic's deposits and virtually all of its assets. Javier David, CBS News contributor and managing editor for business and markets at Axios, joined Anne-Marie Green and Vladimir Duthiers to discuss this latest major bank failure.
Jill Schlesinger on First Republic Bank
CBS News business analyst Jill Schlesinger discusses the decline and fate of First Republic Bank and the Federal Reserve's report of what went wrong with Silicon Valley Bank.
Gary Cohn on First Republic's likely sale
Gary Cohn, the former top economic adviser in the Trump White House and who is now vice chairman of IBM, tells "Face the Nation" that he believes the impending sale of troubled bank First Republic "will be a much faster process" than what happened with Silicon Valley Bank. But he says this is a "seismic moment" for the American people and whether they trust their banks.
Rep. Ro Khanna says there was "mismanagement" at SVB
Rep. Ro Khanna, who had received campaign contributions from Silicon Valley Bank CEO Greg Becker, who also served on the board of the San Francisco Fed, said "obviously there was mismanagement" at the failed bank. The California Democrat tells "Face the Nation" that in the future, bank executives should be barred from serving on the board of regional Federal Reserve Banks.
4/30: Face The Nation
This week on "Face the Nation," Republican Reps. Nancy Mace and Tony Gonazles and Democratic Rep. Ro Khanna join Margaret Brennan.
Feds poised to take control of First Republic Bank
The FDIC could soon seize control of First Republic Bank, which has seen its stock value plunge since the collapse of Silicon Valley Bank last month. Willie James Inman has the latest.
Federal Reserve releases SVB failure report
The Federal Reserve released a report on the circumstances surrounding the collapse of Silicon Valley Bank. CBS News' Nikki Battiste and Elaine Quijano speak with reporter Sarah Ewall-Wice about what investigators found.
Fed report blames SVB execs — and itself — for bank's failure
Autopsy says central bank didn't appreciate "seriousness of critical deficiencies" in SVB's governance, contributing to the failure.
Market concern on bank earnings, debt ceiling
The Dow Jones closed in the red Wednesday as investors reacted to earnings reports and falling shares of First Republic Bank. Axios markets correspondent Emily Peck joined CBS News to discuss what this means for investors and the economy.
Big banks report strong earnings in Q1
Several major banks are seeing growth with the release of their first quarter earnings. The positive news comes a month after the collapse of Silicon Valley bank and Signature Bank. Jacob Sonenshine is a markets reporter at Barron's. He joins CBS News for more.
Jamie Dimon: Banking crisis "not yet over"
In a letter to shareholders, JPMorgan Chase CEO Jamie Dimon said the recent banking crisis is "not yet over." Axios senior business reporter Hope King joined CBS News' Vladimir Duthiers and Shanelle Kaul to discuss Dimon's remarks, if consumers should be concerned about their money and how the current banking concerns differ from 2008.
JPMorgan CEO Jamie Dimon says banking crisis is "not yet over"
Collapse of Silicon Valley Bank and other lenders will reverberate "for years to come," top banking executive says.
Silicon Valley Bank may have ignored warnings
Executives' decisions may have foreshadowed Silicon Valley Bank's downfall, new Washington Post reporting shows. Daniel Gilbert, who reports on the business of medicine for the Washington Post, joined Vladimir Duthiers and Anne-Marie Green to discuss the details.
Biden calls for more banking regulations
The stock market closed higher Thursday as President Biden called for increased oversight into banking regulations. New Constructs CEO David Trainer joined CBS News to break down investors' reactions.
Stocks close higher as banking fears ease
The stock market closed higher Wednesday, following the second day of congressional hearings on the Silicon Valley Bank collapse. Dory Wiley, the president and CEO of Commerce Street Holdings, joined CBS News to discuss what the hearings mean for investors.
Bill would require clawback of compensation from executives of failed banks
The legislation from a bipartisan group of senators would require regulators to claw back all or part of the compensation bank executives got in the five years leading up to a bank's failure.
Senators grill regulators on bank failures
In a hearing Tuesday, Senate lawmakers scrutinized top federal regulators on the downfalls of Silicon Valley Bank and Signature Bank, and concerns over a lack of oversight. CBS News congressional correspondent Scott MacFarlane joined John Dickerson to discuss the hearing.
Senate committee holds hearing on banking crisis
Key regulators testified before lawmakers Tuesday on the state of the U.S. banking system. CBS News congressional correspondent Scott MacFarlane discusses the hearing.
Biden signs government funding bill, averting a shutdown
The stopgap measure will fund the government and provide tens of billions in disaster relief.
Death toll in attack at German Christmas market rises to 5; 200 injured
Police say the driver is under arrest after plowing into the crowd at a Christmas market in Magdeburg, Germany, killing at least five people and injuring at least 200.
Senate approves bill to expand Social Security to millions of Americans
Senators approve a bill to expand Social Security benefits to millions of Americans, with President Biden expected to sign it into law.
What we know about suspect in Christmas market attack in Germany
The suspect, identified by local media as 50-year-old Taleb A., was arrested after plowing a black BMW into a Christmas market crowded with holiday shoppers in Magdeburg, Germany, killing at least five people and wounding more than 200 others.
Biden surpasses Trump with 235th federal judge confirmed
The Senate confirmed two more judges to the federal bench on Friday, giving President Biden a total of 235 since he took office.
NYPD chief resigns amid sexual misconduct claims
NYPD Chief of Department Jeffrey Maddrey has resigned following allegations of sexual misconduct, the department says.
What to know about the winter solstice, 2024's shortest day
The 2024 winter solstice, the shortest day of the year, happens on Saturday, Dec. 21, and is marked with traditions and celebrations around the world.
10 dead after stampede at a Christmas charity event in Nigeria
The stampede occurred in the early morning at a church in Nigeria, prompting evacuations at the church.
Rocket from Yemen strikes Tel Aviv, injuring 16 people
Inside Gaza, mourners held funerals for 19 people, 12 of them children, killed in Israeli strikes.
U.S.
More U.S.
An owl came down a chimney and perched on a Christmas tree: See the video
A Virginia family had an unexpected visitor come down their chimney this week.
Pope Francis tells Vatican staff to stop gossiping in Christmas speech
Pope Francis has told Vatican bureaucrats to stop speaking ill of one another, calling gossip "an evil that destroys social life."
Senate approves bill to expand Social Security to millions of Americans
Senators approve a bill to expand Social Security benefits to millions of Americans, with President Biden expected to sign it into law.
What to know about the winter solstice, 2024's shortest day
The 2024 winter solstice, the shortest day of the year, happens on Saturday, Dec. 21, and is marked with traditions and celebrations around the world.
How much more will it cost to heat your home this winter?
Here's what's driving up home heating costs, and how much families are expected to spend this winter.
MoneyWatch
More MoneyWatch
Senate approves bill to expand Social Security to millions of Americans
Senators approve a bill to expand Social Security benefits to millions of Americans, with President Biden expected to sign it into law.
How much more will it cost to heat your home this winter?
Here's what's driving up home heating costs, and how much families are expected to spend this winter.
IRS sending up to $1,400 to 1 million people. Here's who qualifies.
The IRS said it's sending out checks worth up to $1,400 to 1 million people. Here's what to know about the "special payments."
Feds sue Zelle, alleging nation's biggest banks failed to stop fraud
Government watchdog claims Americans lost hundreds of millions to fraud related to the bank-operated mobile payments network.
What would a government shutdown mean for flights and air travel?
Here's what the anticipated record number of holiday travelers should know about how a government shutdown could affect trips.
Politics
More Politics
Biden surpasses Trump with 235th federal judge confirmed
The Senate confirmed two more judges to the federal bench on Friday, giving President Biden a total of 235 since he took office.
Here's a fact check on Trump's recent comments about the history of U.S. tariffs
Historians say Trump falsely said he was the only president to collect revenue from tariffs on Chinese goods, among other claims.
Feds sue Zelle, alleging nation's biggest banks failed to stop fraud
Government watchdog claims Americans lost hundreds of millions to fraud related to the bank-operated mobile payments network.
Mayorkas warns of "serious" consequences for Homeland Security if government shuts down
The warning came before the House passed a last-minute stopgap funding bill with bipartisan support Friday night, sending it to the Senate.
Biden issues likely last round of student debt forgiveness before leaving office
The Biden administration is canceling federal student loans for another 55,000 workers to the tune of $4.28 billion in what's expected to be the last such round before he leaves office.
HealthWatch
More HealthWatch
A teen's misdiagnosis led to medication, but surgery led to a cure
Isaac Klapper was 10 years old when he started having episodes of what doctors initially thought was a movement disorder.
Why fish, birds and other animals yawn too, according to an expert
Humans aren't alone when it comes to yawning — all vertebrates do it. But why? An expert explains the likely reason behind this "evolutionarily ancient" act.
Stuffing stockings with skincare? Here's what kids should and shouldn't be using
Skin care is all the rage for teens and tweens these days, but be careful not to give products that could cause more harm than good.
He went in for a colonoscopy. The hospital charged $19,000 for two.
A Chicago man was stuck with a big medical bill after undergoing a colonoscopy that found no evidence of cancer. Here's why.
Frito-Lay recalls some Lay's chips over "life-threatening" allergy risk
Some 13 oz. bags of Lay's Classic Potato Chips may contain an undeclared allergen, according to the snack company.
World
More World
Pope Francis tells Vatican staff to stop gossiping in Christmas speech
Pope Francis has told Vatican bureaucrats to stop speaking ill of one another, calling gossip "an evil that destroys social life."
At least 37 dead after crash between a passenger bus and a truck in Brazil
In 2024, more than 10,000 people died in traffic accidents in Brazil, according to the Ministry of Transportation.
Rocket from Yemen strikes Tel Aviv, injuring 16 people
Inside Gaza, mourners held funerals for 19 people, 12 of them children, killed in Israeli strikes.
What we know about suspect in Christmas market attack in Germany
The suspect, identified by local media as 50-year-old Taleb A., was arrested after plowing a black BMW into a Christmas market crowded with holiday shoppers in Magdeburg, Germany, killing at least five people and wounding more than 200 others.
10 dead after stampede at a Christmas charity event in Nigeria
The stampede occurred in the early morning at a church in Nigeria, prompting evacuations at the church.
Entertainment
More Entertainment
Young dancers take on lead roles in Christmas classic "The Nutcracker"
The New York City Ballet has been performing "The Nutcracker" for decades. Each year, young dancers make their mark on the ballet.
How Robert Eggers revives "Nosferatu"
Director Robert Eggers' highly-anticipated horror film "Nosferatu" will hit theaters on Christmas Day. The acclaimed director sat down with CBS Saturday Morning to talk about bringing the classic vampire tale to a new audience.
The man behind method acting
50 years ago, "The Godfather Part II" was playing in theaters nationwide. The film catapulted Lee Strasberg, whose namesake form of acting preparation was used by some of the film's leads, to stardom. Dozens of the entertainment industry's biggest stars have trained at his institute, learning the techniques of method acting. Michelle Miller went behind the scenes to learn more about "The Method Man."
The young dancers behind a holiday classic
The New York City Ballet's production of "The Nutcracker" began in 1954 and has remained one of the most enduring shows at Lincoln Center. Two young dancers taking the stage this year opened up about living their dream and keeping a holiday classic alive.
The untold WWII story of "Six Triple Eight"
Tyler Perry and Kerry Washington team up on the film "Six Triple Eight," spotlighting the only all-Black women's battalion in Europe during WWII. Washington stars as Charity Adams, the highest-ranking Black female officer.
Technology
More Technology
Technology
Supreme Court agrees to hear case about TikTok ban
The Supreme Court said Wednesday it will hear an appeal from TikTok over a federal law that would ban the social media giant if it is not sold by its Chinese parent company. Jan Crawford has more.
Teen victim of deepfake porn urges Congress to pass "Take It Down Act"
Elliston Berry's life was turned upside down after a photo she posted on Instagram was digitally altered online to be pornographic.
How AI powered robots are helping small farms
From labor shortages to environmental impacts, farmers are looking to AI to help revolutionize the agriculture industry. One California startup, Farm-ng, is tapping into the power of AI and robotics to perform a wide range of tasks, including seeding, weeding and harvesting.
Supreme Court to decide on future of TikTok
The Supreme Court plans to hear arguments in January on a challenge to a new law that could lead to the popular social media app TikTok being banned in the U.S. The Biden administration and lawmakers say the Chinese government's ability to collect data from TikTok poses a significant national security risk, while the app and its Chinese parent company ByteDance argue that the law is unconstitutional. CBS News Supreme Court producer Catherine Cole has more.
FAA: Lithium battery fires on flights now occur nearly twice a week
FAA data shows that lithium battery fires on U.S. flights have risen 388% since 2015, now occurring nearly twice a week.
Science
More Science
What to know about the winter solstice, 2024's shortest day
The 2024 winter solstice, the shortest day of the year, happens on Saturday, Dec. 21, and is marked with traditions and celebrations around the world.
Class-action lawsuit over plastic recycling
This week a group of plaintiffs in Missouri, Kansas, California and Florida filed a class-action lawsuit against dozens of companies and organizations, claiming they've falsely promoted how easy it is to recycle plastics. CBS News Los Angeles climatologist Marina Jurica has the details.
Why fish, birds and other animals yawn too, according to an expert
Humans aren't alone when it comes to yawning — all vertebrates do it. But why? An expert explains the likely reason behind this "evolutionarily ancient" act.
Americans coexisted with 4-ton sloths for millennia, research shows
Early Americans may have spent millennia sharing prehistoric savannas and wetlands with enormous beasts, research shows.
EPA tackling pollution in at-risk communities
The Environmental Protection Agency under President Biden created a new Office of Environmental Justice that seeks to address pollution levels in disadvantaged and marginalized communities. However, there is concern that the incoming Trump administration could do away with the new department. David Schechter reports.
Crime
More Crime
Crime
CEO killing sparks concerns about extremism
Luigi Mangione, now held in a New York City lock-up, could face the death penalty if convicted of the shooting death of UnitedHealthcare CEO Brian Thompson. The killing is sparking new concerns about violent extremism bubbling across the country.
Dozens injured in Germany Christmas market attack
At least two people are dead and dozens more injured after a vehicle plowed into a crowd at a Christmas market in Magdeburg, Germany. Authorities say the driver of the car was arrested and that it appears to be a deliberate attack. Elaine Cobbe has details.
German Christmas market attack update
At least two people were killed and over 60 were injured after a car crashed into a Christmas market in eastern Germany. Authorities arrested a suspect, saying they believe he acted alone in the deliberate act. CBS News national security contributor Sam Vinograd has more details.
Toddler killed in German market attack, police say
At least two people, including a toddler, were killed, and at least 60 more hurt, after a car crashed into a Christmas market in Magdeburg, Germany, in what authorities said appeared to be a deliberate attack. German police said a Saudi man has been arrested, but a motive has not yet been determined. CBS News reporter Anna Noryskiewicz has more.
Details on suspect in crash at German market
More than 60 people were injured and at least two killed Friday after a driver rammed into a crowded Christmas market in Magdeburg, Germany. The driver is in custody and local government officials say they suspect the crash was deliberate. CBS News reporter Haley Ott has the latest details.
Space
More Space
Discovery of "tipped over" black hole surprises NASA scientists
New analysis techniques and decades-old research helped NASA scientists identify an unusual black hole in a distant galaxy.
Why are the Boeing Starliner astronauts stuck in space?
Here's why NASA astronauts Suni Williams and Butch Wilmore are stuck, but not stranded, at the International Space Station after launching into space in June.
NASA delayes return date for astronauts
NASA has delayed the return date for Boeing's Starliner astronauts Butch Wilmore and Suni Williams. CBS News' Manuel Bojorquez reports on the decision to keep the two in space.
NASA leader weighs in on Elon Musk, SpaceX and plans for moon rocket
NASA Administrator Bill Nelson says he's optimistic the Trump administration will support the space agency's agenda.
Boeing Starliner crew's return delayed again
Two astronauts who have been stuck in space since June will have to wait until at least the end of March to come home after NASA on Wednesday again pushed back their return date. Derrick Pitts, chief astronomer for the Franklin Institute, joined CBS News to discuss what's causing the delays.
Latest Galleries
More Latest Galleries
Notable Deaths in 2024
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
The Scott Peterson case: New evidence?
Peterson's death sentence for the murder of his pregnant wife Laci has been overturned. Now his supporters are pushing for a complete retrial.
The troubled marriage of Ashley and Doug Benefield
The seesaw marriage between the former ballerina and her much older husband only lasted four years, until she shot him on Sept. 27, 2020.
Texas couple investigates teen daughter's unusual death
Cayley Mandadi's mother and stepfather go to extreme lengths to prove her death was no accident.
Summer music heats up 2024
Live performances are in full swing this summer. Scroll through our concert gallery, featuring pictures by CBS News photojournalist Jake Barlow and photographers Ed Spinelli and Kirstine Walton.
Latest CBS News Videos
More Latest CBS News Videos
Latest CBS News Videos
The Dish: Rick Bayless
Chicago-based chef Rick Bayless has spent decades traveling to Mexico, bringing the flavors and traditions back to the United States. He's written nine cookbooks and hosted a PBS cooking show, while his restaurants have earned culinary honors, including Michelin stars. Now, on a special holiday edition of the Dish, Bayless opens up about his annual tradition of spending Christmas in Mexico.
Ben Folds performs "We Could Have This"
Legendary singer-songwriter Ben Folds rose to fame with his band, "Ben Folds Five," before launching a solo career in the early 200s. Since then, he's recorded multiple studio albums and established himself as one of the most ambitious and versatile performers of his generation. This past October, he released his first Christmas collection, "Sleigher," featuring a mix of original songs and reimagined classics. Now from "Sleigher," here is Ben Folds with "We Could Have This."
Ben Folds performs "The Christmas Song"
Legendary singer-songwriter Ben Folds rose to fame with his band, "Ben Folds Five," before launching a solo career in the early 200s. Since then, he's recorded multiple studio albums and established himself as one of the most ambitious and versatile performers of his generation. This past October, he released his first Christmas collection, "Sleigher," featuring a mix of original songs and reimagined classics. Now from "Sleigher," here is Ben Folds with "The Christmas Song."
Ben Folds performs "Me And Maurice"
Legendary singer-songwriter Ben Folds rose to fame with his band, "Ben Folds Five," before launching a solo career in the early 200s. Since then, he's recorded multiple studio albums and established himself as one of the most ambitious and versatile performers of his generation. This past October, he released his first Christmas collection, "Sleigher," featuring a mix of original songs and reimagined classics. Now from "Sleigher," here is Ben Folds with "Me And Maurice."
How Robert Eggers revives "Nosferatu"
Director Robert Eggers' highly-anticipated horror film "Nosferatu" will hit theaters on Christmas Day. The acclaimed director sat down with CBS Saturday Morning to talk about bringing the classic vampire tale to a new audience.