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Signage outside Western Alliance Bank headquarters in Phoenix, Arizona, March 13, 2023.Caitlin O’Hara | Bloomberg | Getty ImagesBig banks including JPMorgan Chase and Goldman Sachs had just finished taking victory laps after a blockbuster quarter when concerns emerged from an obscure corner of Wall Street, sending a collective shiver through global finance.Regional bank Zions late Wednesday disclosed a near total wipeout on $60 million in loans after finding “apparent misrepresentations” from the borrowers. The next day, peer Western Alliance said that it had sued the same borrower, a commercial real estate firm called the Cantor Group, for alleged fraud.The result…

In May, after 14 years at Microsoft, Deborah Hendersen began to sense her time at the tech giant might be running out.Several colleagues on partner teams were among the roughly 6,000 employees laid off that month. The news made Hendersen, a user researcher in the company’s Xbox division, worry that her group would be next. She said it eventually became the “worst-kept secret” that additional layoffs were coming, and that her team was likely to be affected. All she could do was hope to come out unscathed.”It wasn’t so much like watching a car wreck,” said the 45-year-old, who lives…

Updated 2025-10-17T18:03:37Z Share Facebook Email X LinkedIn Reddit Bluesky WhatsApp Copy link lighning bolt icon An icon in the shape of a lightning bolt. Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. I was born and raised in New York City and moved to Los Angeles over a year ago. I’ve been surprised by a few things, like how people in LA seem to drink less than people in NYC. In my opinion, hustle culture doesn’t feel as glamorized in…

As the government shutdown drags into late October, SNAP funding is in jeopardy.As the nation’s largest food safety net, the Supplemental Nutrition Assistance Program helps 42 million low-income Americans afford groceries. While a pre-shutdown memo from the US Department of Agriculture says the program has enough in the bank to fully distribute this month’s checks, a longer shutdown could mean beneficiaries could see smaller benefit amounts next month.”If the current lapse in appropriations continues, there will be insufficient funds to pay full November SNAP benefits,” Acting SNAP Head Ronald Ward said in a letter to regional program directors. The letter,…

The world’s wealthiest individuals are getting richer — and younger — and they’re changing the rules of wealth itself.According to Altrata’s World Ultra Wealth Report 2025, at the end of June, 510,810 ultra-high-net-worth individuals (UHNWIs) — each worth over $30 million — controlled $59.8 trillion in combined wealth. That’s double the size of the entire US GDP.Their portfolios, industries, and even philanthropy are shifting fast, driven by tech, geopolitics, and a massive generational wealth transfer. A generational shift is reshaping global wealth — as the world’s richest rewrite the $60 trillion playbook. Leon Neal/Getty Images The $60 trillion elite keep…

This as-told-to essay is based on a conversation with Janelle Jones, founder of 4Kiddos. It has been edited for length and clarity.I have always known that I wanted to homeschool my children. I planned for it before they were even born. I had a rental property that I would list on Airbnb, allowing me more flexibility to dedicate my days to schooling.Unfortunately, my plan was upended when my condo association changed its rules about short-term rentals. I continued my longtime work as a marketing consultant while homeschooling. Earlier this year, I also started a company focused on kids’ events.Being a…

Illinois Governor JB Pritzker, who’s made no secret of his wealth even as he’s raised his national profile within the Democratic party, disclosed that he won $1.4 million while playing blackjack. “It was in Las Vegas and I like to play cards,” Pritzker told reporters on Thursday after disclosing his 2024 tax returns. “I went on vacation with my wife, with some friends, I was incredibly lucky. You have to be to end up ahead frankly going to a casino anywhere.”Pritzker, who is often cited as a potential presidential candidate in 2028, is an heir to the Hyatt Hotels fortune and…

Max Verstappen of the Netherlands driving the (1) Oracle Red Bull Racing RB20 leads Carlos Sainz of Spain driving (55) the Ferrari SF-24 and Lando Norris of Great Britain driving the (4) McLaren MCL38 Mercedes into turn 1 at the start during the F1 Grand Prix of Mexico at Autodromo Hermanos RodriguezPeter Fox – Formula 1 | Formula 1 | Getty ImagesApple and Formula 1 announced a five-year media rights deal Friday that will bring every F1 race to Apple TV beginning in 2026.Apple TV will provide coverage of all Formula 1 events, including practice, qualifying and Sprint sessions, as…

When fall weather hits, there’s nothing I reach for more often than a cozy sweater. To me, the perfect option is versatile enough to wear with jeans, skirts, or layered under a coat.Since it was about time for a restock, I turned to the Gap Inc. umbrella of stores to search for the perfect fall closet staple. I ordered similar sweaters from Gap, Banana Republic, and Old Navy to see which brand strikes the right balance of style, comfort, and quality (for a reasonable price).I wore each option for a full day to test how they held up. Here’s how…

President Donald Trump listens during a Cabinet meeting at the White House on April 30, 2025 in Washington, DC. Andrew Harnik | Getty ImagesViresh Varma can’t sleep. The CEO of AV Universal Corp., a small footwear company that sells through retailers like Macy’s, Nordstrom and DSW, said he needed to take out a $250,000 loan to pay his tariff bill on a container of shoes he imported from India for the holiday shopping season. Varma didn’t have the cash on hand to pay the duties, which he said used to be around $7,500 for a similar-sized container before President Donald Trump’s new…