Bank of America's profit fell in the third quarter as it set aside $1.2 billion to cover fines ​by US regulators over widespread failures to detect potential ‌money laundering and other illicit activity.

The bank inadequately flagged transactions linked to potential Chinese money laundering networks, the Treasury said.

The Treasury Department and regulators say bank missed $5 billion of suspicious activity.

The fine comes days after American Express was also hit with a $350 million penalty for similar anti-money laundering shortcomings.

JPMorgan, Goldman, Wells Fargo and Citigroup reported third-quarter results, kicking off a mixed Wall Street earnings season.

Follow live bank earnings coverage for JPMorgan, Wells Fargo, Goldman Sachs and Citigroup, with third-quarter results, calls and stock moves.

The results came after a turbulent quarter marked by the conflict in Iran, elevated oil prices and a global bond-market selloff, which affected dealmaking and trading activity across financial markets

JPMorgan Chase, Wells Fargo, Goldman Sachs and Citigroup are all slated to report earnings for the third quarter, in that order, before Tuesday's opening bell. Investors will be looking closely for si

Seventy-six percent of Americans aged 50 and older believe a 3.5 percent increase in benefits will not adequately help with costs.

Social Security’s highly anticipated 2027 cost-of-living adjustment (COLA) reveal is less than 24 hours away.

Years with higher inflation, such as 2026, result in higher COLAs and 2027’s increase is expected to be the highest in four years and the fourth highest since 2008.

South Carolina retirees are awaiting the 2027 Social Security cost-of-living adjustment, expected on Wednesday, Oct. 14.

South Korea’s benchmark Kospi index has dropped more than 7% on Tuesday on a sell-off of chip shares and Asian shares mostly declined after U.S. stocks ended mixed

SK Hynix and Samsung stocks drop as chip fears go global, with investors worried the AI trade won’t endure earnings season.

The Kospi index was down 7.4 per cent to 5,914.35, its lowest level since late July. It reached an all-time high in June after crossing 9,000, supercharged by the global artificial intelligence boom.

South Korea’s Kospi plunged over 7% amid concerns about rising competition from Chinese semiconductor makers, triggering a temporary trading curb. Samsung Electronics and SK Hynix suffered sharp losses, while foreign investors sold equities heavily. Weak technology stocks, a softer won and falling bond yields reflected growing market uncertainty and investor anxiety.

The International Monetary Fund said global growth should pick up next year with a boost from AI investment, but warned the world economy is nearing the limits of its resilience as the energy squeeze persists and financial risks build.

The global economy has been remarkably resilient in the face of the worst energy shock in decades, but if borrowing costs and inflation go unchecked, a sharp slowdown looms, the International Monetary Fund said.

Economic Counsellor and Director of the Research Department at the International Monetary Fund Silvana Tenreyro at annual meeting of the IMF and the World Bank Group in Bangkok

The global economy's ability to withstand new shocks is coming under strain, the International Monetary Fund warned Monday night in its latest economic forecast. Why it matters: Worldwide growth has defied expectations, holding up despite the Middle East war and soaring oil prices. But some policymakers fear that dwindling energy reserves, mounting debt and growing reliance on the AI boom leave the world increasingly vulnerable. What they're...