Bank of America's Merrill Lynch unit will pay $39 million to settle a class action claiming it paid brokerage customers near-zero interest ‌rates instead of market rates on idle cash in their retirement accounts.

The U.S. Federal Reserve announced Wednesday it had finalized changes to its annual "stress test" of ‌large bank finances to make the exams more transparent and less volatile.

China's services activity expanded at its fastest pace in three months in September, as stronger new orders, including from overseas, lifted output, a private-sector survey showed on ⁠Wednesday.

International cooperation among banking supervisors is becoming more difficult just as financial risks grow more interconnected, the chair of the global banking rulemaker said on Wednesday.

Australia's corporate regulator said on Wednesday it would formally review the country's banking sector's usage of AI in dealing with customers.

Too big a pullback in the US central bank's communications could lead to higher and more volatile interest rates and inflation if the public and businesses are left to guess ‌how it would react to different economic developments, St. Louis Federal Reserve President Alberto Musalem said on Tuesday.

The world's biggest sovereign bond markets are heading for their worst month in years as soaring energy costs fan inflation and the AI boom lifts economic growth, leaving investors positioning for an era where interest rates stay higher for longer.

Anthropic plans to caution potential investors in its IPO that advanced AI could pose "catastrophic or existential risks to humanity," an extraordinary warning by a company seeking to profit from the same ‌technology.

Anthropic is making a massive bet that AI will transform the global economy more profoundly than industrialization, electricity and the internet, according to its IPO prospectus seen by Reuters. But the cost to get there will be staggering.

Jefferies Financial beat third-quarter profit estimates on Monday, as higher fees from advising on deals and underwriting stock sales were complemented by a record haul in equities trading business.

American Express said on Monday its credit cards can now be used at over ‌190 million merchant locations worldwide, with acceptance outside the US having more than doubled over the past four years.

Many Bank of Japan policymakers saw the need to focus on mounting inflation risks, with some calling for faster interest rate increases, minutes of ‌their July meeting showed, cementing the case for further hikes to still-low borrowing costs.

A US appeals court on Friday ruled against the prediction markets operator Kalshi, ‌saying Ohio and Tennessee can regulate its so-called event contracts under their gambling laws.

Treasury Secretary Scott Bessent told reporters that the two sides discussed setting up a new US-China AI dialogue, with a particular emphasis on national security concerns.