KEN SWEET

Ken is a national writer on banking and consumer issues.

A tram passes the European Central Bank in Frankfurt, Germany, Thursday, Dec. 14, 2023. The U.S. Federal Reserve and most other major central banks spent most of the year deploying their interest-rate weapons against the worst bout of inflation in four decades. (AP Photo/Michael Probst)

From AI and inflation to Elon Musk and Taylor Swift, the business stories that dominated 2023

The tide turned against inflation. Artificial intelligence went mainstream — for good or ill. Labor unions capitalized on their growing might to win more generous pay and benefits.

(AP Illustration/Peter Hamlin)

Klarna CEO Siemiatkowski says buy now, pay later is used by shoppers who otherwise avoid credit

Sebastian Siemiatkowski is a co-founder and CEO of Klarna, the Sweden-based company that’s one of the world’s biggest providers of buy now, pay later services to customers.

Charles W. Scharf, CEO and President, Wells Fargo & Company; Brian Thomas Moynihan, Chairman and CEO, Bank of America; Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co.; Jane Fraser, CEO, Citigroup; Ronald O'Hanley, CEO, State Street; Robin Vince, CEO, BNY Mellon; David Solomon, CEO, Goldman Sachs; and James P. Gorman, CEO, Morgan Stanley, testify during a Senate Banking, Housing, and Urban Affairs Committee oversight hearing to examine Wall Street firms on Capitol Hill, Wednesday, Dec. 6, 2023, in Washington. (AP Photo/Alex Brandon)

CEOs of the nation’s biggest banks warn that new regulations could harm the economy

The heads of Wall Street’s biggest banks used an appearance on Capitol Hill to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated, warning that the proposals could negatively impact the economy at a time of geopolitical turmoil and inflation.

Binance founder and CEO Changpeng Zhao, right, leaves federal court in Seattle, Tuesday, Nov. 21, 2023, after pleading guilty to violations of U.S. anti-money laundering laws. (Ken Lambert/The Seattle Times via AP)

Regulators and law enforcement crack down on crypto’s bad actors. Congress has yet to take action

While the scandals in the cryptocurrency industry seem to never end, Washington policymakers appear to have little interest in pushing through legislation to codify the structure of the industry.

FILE - In this March 16, 2017, file photo, a customer enters a Citibank branch, in New York. Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau said Wednesday, Nov. 8, 2023. (AP Photo/Mark Lennihan, File)

Citigroup discriminated against Armenian Americans, federal regulator says; bank fined $25.9 million

A federal regulator says Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards.

FILE - A man passes by a screen showing the prices of bitcoin at a virtual currency exchange office in Seoul, South Korea, Tuesday, Jan. 16, 2018. When cryptocurrencies collapsed and companies failed last year, Congress considered multiple approaches for how to regulate cryptocurrencies in the future. However, most of those efforts have gone nowhere, especially in this chaotic year that has been dominated by geopolitical tensions, inflation and the upcoming 2024 election. (AP Photo/Ahn Young-joon, File)

Bankman-Fried’s trial exposed crypto fraud but Congress has not been eager to regulate the industry

The conviction of former cryptocurrency mogul Sam Bankman-Fried for stealing at least $10 billion from customers and investors is the latest black mark for the crypto industry.

In this courtroom sketch, Sam Bankman-Fried testifies on the witness stand in Manhattan federal court, Friday, Oct. 27, 2023, in New York. (Elizabeth Williams via AP)

FTX founder Sam Bankman-Fried acknowledges in court customers were hurt

FTX founder Sam Bankman-Fried finished his first day of testimony at his fraud trial after saying the innovative business he had hoped would move the cryptocurrency ecosystem forward ended up hurting customers instead.

In this courtroom sketch, FTX founder Sam Bankman-Fried, right, is questioned by his attorney, Mark Cohen, left, as Judge Lewis Kaplan listens on the bench, center, during his trial in Manhattan federal court, Thursday, Oct. 26, 2023, in New York. (Elizabeth Williams via AP)

FTX founder Sam Bankman-Fried testifies outside jury’s presence as judge decides what he can say

Sam Bankman-Fried got a test run at testifying at his New York criminal trial when a judge sent jurors home but let him demonstrate portions of his testimony before deciding what jurors will hear.

FILE - FTX founder Sam Bankman-Fried arrives at Manhattan federal court, Friday, Aug. 11, 2023, in New York. A lawyer for Bankman-Fried said Wednesday, Oct. 25, 2023, the FTX founder plans to testify at his fraud trial. (AP Photo/Bebeto Matthews, File)

Sam Bankman-Fried plans to testify at his New York fraud trial, his lawyer says

A lawyer for Sam Bankman-Fried says the FTX founder plans to testify at his fraud trial. Attorney Mark Cohen said during a conference call between lawyers and the Manhattan federal court judge on Wednesday that Bankman-Fried will take the stand after three other defense witnesses testify beginning T

Visa extends its profit growth though 4Q as digital payments become more commonplace worldwide

Payments processing giant Visa Inc. has posted an 18% rise in its fiscal fourth-quarter profits. The company continues to benefit from the growing use of credit and debit cards globally.

Goldman Sachs 3Q profits fall 33% as trading, investment banking remains stagnant

Goldman Sachs saw its third quarter earnings fall 33%, with the investment bank seeing muted market conditions that allowed fewer deals and market making opportunities for the firm.

FILE - In this Dec. 7, 2012 photo, a woman passes a Bank of America office branch, in New York. Bank of America reports earnings on Tuesday, Oct. 17, 2023. (AP Photo/Mark Lennihan, File)

Bank of America profits jump 10% but warns of slowing spending by Americans

Bank of America posted a 10% rise in third quarter profits, helped by higher interest rates that allowed the bank to charge more for loans while keeping the bank’s expenses under control.

Ex-FTX exec was ‘horrified’ last year when he learned of $13 billion shortfall

A former FTX executive and onetime billionaire has testified against the cryptocurrency exchange’s founder, Sam Bankman-Fried, at his New York City federal fraud trial.

FILE - JPMorgan Chase & Company Chairman and CEO Jamie Dimon testifies at a Senate Banking Committee annual Wall Street oversight hearing, Thursday, Sept. 22, 2022, on Capitol Hill in Washington. JPMorgan Chase’s third-quarter profit soared 35% from last year, fueled by a rapid rise in interest rates, but Dimon, issued a sobering statement about the current state of world affairs and economic instability, Friday, Oct. 13, 2023. (AP Photo/Jacquelyn Martin, File)

JPMorgan profit jumps 35%, but CEO says geopolitics and gov’t inaction have led to ‘dangerous time’

JPMorgan Chase’s third-quarter profit soared 35% from last year, fueled by a rapid rise in interest rates, but the bank’s CEO, Jamie Dimon, issued a sobering statement about the current state of world affairs and economic instability.

Caroline Ellison former CEO of Alameda Research founded by Sam Bankman-Fried exits the Manhattan federal court after testifying on Tuesday, Oct. 10, 2023, in New York. (AP Photo/Eduardo Munoz Alvarez)

Sam Bankman-Fried’s lawyer fails to hurt credibility of the government’s star witness at fraud trial

Sam Bankman-Fried’s lawyer did little to dent the credibility of the government’s key witness in the former crypto mogul’s fraud trial Thursday, meandering through a cross-examination of Caroline Ellison that at times left even the judge puzzled and impatient.

Caroline Ellison, former CEO of Alameda Research founded by Sam Bankman-Fried, exits Manhattan federal court after testifying, Tuesday, Oct. 10, 2023, in New York. (AP Photo/Eduardo Munoz Alvarez)

Caroline Ellison, saying Sam Bankman-Fried corrupted her values, found relief when truth came out

Sam Bankman-Fried’s former top executive has blamed the FTX founder of corrupting her values so that she could lie and steal and create false balance sheets.

Caroline Ellison, former CEO of Alameda Research founded by Sam Bankman-Fried, exits Manhattan federal court after testifying, Tuesday, Oct. 10, 2023, in New York. (AP Photo/Eduardo Munoz Alvarez)

Star witness Caroline Ellison says FTX founder Sam Bankman-Fried hoped to be US president someday

FTX founder Sam Bankman-Fried’s trial has taken a star turn. His former fellow top executive and ex-girlfriend Caroline Ellison testified against him on Tuesday in Manhattan federal court.

FILE - FTX founder Sam Bankman-Fried leaves Manhattan federal court, June 15, 2023, in New York. Bankman-Fried authorized the illegal use of FTX customers' funds and assets to plug financial gaps at an affiliated hedge fund from the exchange's earliest days, FTX's co-founder Gary Wang told a New York jury on Friday, Oct. 6, 2023, as prosecutors pressed their case that Bankman-Fried was the mastermind behind one of the biggest frauds in U.S. history. (AP Photo/Bebeto Matthews, File)

Sam Bankman-Fried stole customer funds from the beginning of FTX, exchange’s co-founder tells jury

Sam Bankman-Fried authorized the illegal use of FTX customers’ funds and assets to plug financial gaps at an affiliated hedge fund from the exchange’s earliest days, FTX’s co-founder Gary Wang told a New York jury on Friday, as prosecutors pressed their case that Bankman-Fried was the mastermind beh

FILE - FTX founder Sam Bankman-Fried leaves Federal court, July 26, 2023, in New York. Jury selection begins Tuesday, Oct. 3 in a case in which the 31-year-old crypto mogul faces the possibility of a long prison term if convicted. Prosecutors say he cheated thousands of people who deposited cryptocurrency on the FTX exchange by illegally diverting massive sums of their money for his personal use, including making risky trades at his cryptocurrency hedge fund. (AP Photo/Mary Altaffer, File)

Jury sees FTX ads with Tom Brady, Larry David, as fraud case is rolled out against Sam Bankman-Fried

Splashy advertising featuring football star Tom Brady and comedian Larry David was shown to jurors as prosecutors launched a historic fraud case against cryptocurrency maven Sam Bankman-Fried.

File - Sam Bankman-Fried leaves Manhattan federal court in New York on Feb. 16, 2023. The fraud trial of Bankman-Fried, the founder of failed cryptocurrency brokerage FTX, begins Tuesday with jury selection. (AP Photo/Seth Wenig, File)

Sam Bankman-Fried must now convince a jury that the former crypto king was not a crook

For a while, Sam Bankman-Fried tried to convince politicians and the public that he was the next J.P. Morgan.

JPMorgan will pay $75 million on claims that it enabled Jeffrey Epstein’s sex trafficking operations

JPMorgan Chase has agreed to pay $75 million to the U.S. Virgin Islands to settle claims that the bank enabled the sex trafficking acts committed by financier Jeffrey Epstein.

FILE - A cottage belonging to the Ellison family teeters over a canal, alongside the remnants of the family's destroyed business, Ed's Baithouse and Marina, in Horseshoe Beach, Fla., Aug. 31, 2023, one day after the passage of Hurricane Idalia. Americans nationwide face hefty increases in their homeowner’s insurance premiums in the coming years, a report by the First Street Foundation said on Wednesday, Sept. 20, as climate change intensifies floods, wildfires and storms in ways insurance companies are simply unable to keep up with. (AP Photo/Rebecca Blackwell, File)

Homeowners face rising insurance rates as climate change makes wildfires, storms more common

A growing number of Americans are finding it difficult to afford insurance on their homes, a problem only expected to worsen because insurers and lawmakers have underestimated the impact of climate change, a new report says.

File - A man waits for a Delta Airlines flight at Hartsfield-Jackson International Airport in Atlanta on Jan. 7, 2022. Delta said it plans to cap the number of entries to its Sky Clubs starting Feb. 1, 2025 for holders of the American Express Platinum Card as well as the Delta Reserve American Express Card.(AP Photo/Charlie Riedel)

Delta Air Lines will restrict access to its Sky Club airport lounges as it faces overcrowding

Delta Air Lines passengers who have long enjoyed access to free meals, alcohol and a quiet place to relax before their flight are in for some major cutbacks in coming years.

(AP Illustration/Peter Hamlin)

How PayPal is using AI to combat fraud, and make it easier to pay

Artificial intelligence has been the buzzword of 2023 ever since ChatGPT made its public debut earlier this year, with businesses, schools, universities and even non-profits looking for ways to integrate AI in their operations.

FILE - Hawaii Gov. Josh Green, center, points to damage as he speaks with Federal Emergency Management Agency Administrator Deanne Criswell during a tour of wildfire damage, Saturday, Aug. 12, 2023, in Lahaina, Hawaii. On Friday, Aug. 18, FEMA said it approved $2.3 million in assistance to roughly 1,300 households in Maui so far, as the federal government tries to help survivors of the devastating wildfires. (AP Photo/Rick Bowmer, File)

FEMA has paid out more than $5.6 million to Maui survivors, a figure expected to grow significantly

The Federal Emergency Management Agency said Friday it has approved more than $5.6 million in assistance to nearly 2,000 households in Maui so far as the federal government tries to help survivors of the devastating wildfires.

FILE - The logos of the Swiss banks Credit Suisse and UBS are pictured in Zurich, Switzerland, June 12, 2023. In an announcement made on Monday, Aug. 14, 2023, UBS will pay U.S. authorities $1.44 billion to settle the last lingering legal case over Wall Street's role in the housing bubble of the early 2000s, which ultimately led to the 2008 financial crisis and Great Recession. (Ennio Leanza/Keystone via AP, File)

UBS to pay $1.44 billion to settle 2007 financial crisis-era mortgage fraud case, last of such cases

UBS will pay U.S. authorities $1.44 billion to settle the last lingering legal case over Wall Street’s role in the housing bubble of the early 2000s, which ultimately led to the 2008 financial crisis and Great Recession.

Carlos Jose, 21, has his eyes scanned by an orb, at a Worldcoin registration point in Barcelona, Spain, on Friday, Aug. 4, 2023. Weeks after its international launch, Worldcoin is drawing the attention of privacy regulators around the world. The international ID startup is now having to defend itself in investigations over whether the biometric data that the company is collecting is truly secure. (AP Photo/Emilio Morenatti)

Worldcoin scans eyeballs and offers crypto. What to know about the project from OpenAI’s CEO

Weeks after its international launch, Worldcoin is drawing the attention of privacy regulators around the world.

CFPB sues auto dealer for illegally locking cars, re-possessing vehicles, other shady activities

The Consumer Financial Protection Bureau has sued USASF Servicing, the financial arm of a chain of auto dealerships found mostly in the South.

FILE - A Citibank office is seen in New York on Jan. 13, 2021. Some of the companies that formed what is now Citigroup likely benefitted financially from slavery in the 1800s, the financial giant acknowledged Thursday, July 27, 2023, an admission that comes at a time when numerous institutions are re-examining their historic roots and the roles they played in slavery in the U.S. (AP Photo/Mark Lennihan, File)

Citigroup says some predecessor companies likely saw indirect financial benefits from slavery

Some of the companies that formed what is now Citigroup likely benefitted financially from slavery in the 1800’s, the financial giant acknowledged Thursday, an admission that comes at a time when numerous institutions are re-examining their historic roots and the roles they played in slavery in the

Big banks will need to hold more capital to guard against risk under new Fed proposal

The nation’s biggest and most complex banks will need to hold additional capital on their balance sheets under an initial proposal by the Federal Reserve designed to help banks better withstand risks to their businesses that go beyond a recession or financial crisis.