AGP Executive Report
Last update: 7 hours agoBanking Enforcement: U.S. regulators fined American Express $350 million over anti-money-laundering failures, saying about $13 billion in suspected transactions went undetected from 2014 to 2025. The bank must overhaul controls and hire an independent reviewer. Bank Earnings: JPMorgan, Citi, Wells Fargo and Goldman reported higher quarterly profits, but warned that sticky inflation and rising rates could squeeze consumers and weigh on business. JPMorgan earned $15.3 billion, though it missed analyst expectations. Rates and Housing: Fed Governor Christopher Waller said rising Treasury yields are already cooling rate-sensitive sectors. Existing-home sales rose 1.5% in September, but were down 2.2% from a year earlier as 30-year mortgage rates averaged 7.4%. Household Wealth: A Fed survey found median family net worth rose 2% from 2022 to 2025, adjusted for inflation, while wealth declined among adults under 35. Consumer Finance: A federal court vacated the CFPB director’s bid to eliminate the bureau’s funding, keeping its financing structure in dispute. Financial Crime: Treasury sanctioned people and businesses tied to Cartel del Noreste, targeting a horse-racing network it says helped launder proceeds and fund cartel operations.
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