Hugh Son
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CNBC reporter , banks + payments . Served 12 years @business .
Articles by Hugh Son
Demand for this AI ability jumped 1,721% as banks embrace agents
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'The hottest skill on Wall Street’: Demand for this AI ability jumped 1,721% as banks embrace agents Original
A person walks around the JPMorgan Chase & Co. headquarters in New York, Feb. 17, 2026. Zamek | View Press | Corbis News | Getty Images Before artificial intelligence can take Wall Street jobs, it is first creating them. Posts for AI-related roles at banks including JPMorgan Chase, Citigroup and Capital One surged 49% this year compared with 2025 to 139,819 listings, according to an analysis by enterprise hiring data firm Draup that was provided exclusively to CNBC.
Goldman Sachs CEO succession planning faces one big problem Original
John Waldron, chief operating officer of Goldman Sachs Group Inc., and Goldman Sachs Chairman and CEO David Solomon. Jason Alden | Bloomberg | Angela Weiss | AFP | Getty Images Goldman Sachs is on top of Wall Street right now, advising on more than $1 trillion in merger deals and generating more than $12 billion in equities revenue in the first six months of the year alone.
‘It's awful’: How tariffs, soaring fuel costs and higher interest rates are squeezing American companies Original
Jim Nielsen puts the finishing touches on a radial arm saw at Original Saw Co. in Britt, Iowa. Photo: Jennifer Eden Fewer, pricier flights. Freight surcharges. Manufacturers hoarding inventory. Even bankruptcy. For American companies large and small, the combination of tariffs imposed under President Donald Trump's trade policies, surging fuel prices from the Iran war and, now, rising interest rates is forcing executives to make tough choices.
‘It's awful’: How tariffs, soaring fuel costs and higher interest rates are squeezing American companies
Liberal View 2 hours ago Desperate Trump handed Dems the key to destroy him with this 'Nuremberg' speech Raw Story - Sabrina Haake • 2h The New York Times described last week how foreign investors and allies are getting cold feet about the U.S. economy. Every other day, Trump imposes … Trump Administration 3 hours ago The Pinball President The Atlantic - By John Dickerson • 3h No commander in chief has been better at seizing public attention than Donald Trump.
Bank of America expects third-quarter investment banking fees to fall more than 10%; shares slide Original
Brian Moynihan, Chairman and CEO of Bank of America, testifies during a Senate Banking Committee hearing at the Hart Senate Office Building on December 06, 2023 in Washington, DC. Win Mcnamee | Getty Images Bank of America is seeing a far more subdued few months for its Wall Street advisory and trading businesses after a blockbuster second quarter, CEO Brian Moynihan told analysts Monday.
OpenAI targets work of Wall Street junior bankers with new ChatGPT for Financial Services
Nikolas Kokovlis | Nurphoto | Getty Images OpenAI is taking aim at some of Wall Street's most labor-intensive tasks with a new version of ChatGPT designed to research companies, analyze financial data and generate the presentations that investment bankers rely on.
OpenAI targets work of Wall Street junior bankers with new ChatGPT for financial services
OpenAI unveiled ChatGPT for Financial Services, a tailored version of its enterprise product made with "design partners" Morgan Stanley and Evercore. The new product is designed to research companies, analyze financial data and generate the presentations — work that has typically been the domain of Wall Street's entry-level bankers. The tool showcases the company's continued push into enterprise offerings as it gears up for what is widely expected to be a blockbuster IPO.
Goldman Sachs partner warns of 'huge danger' in letting AI replace bankers' reasoning skills Original
A screen displays the the company logo for Goldman Sachs on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., May 7, 2025. Brendan McDermid | Reuters A Goldman Sachs partner leading one of the bank's flagship artificial intelligence projects warned that AI's spread across Wall Street risks hobbling the thinking capabilities of the next generation of financiers.
Goldman Sachs partner warns of 'huge danger' in letting AI replace bankers' reasoning skills
Technology 3 hours ago The biggest question about AI is what humans will do next TNW - Monty McCoy • 3h When I had back surgery, I assumed recovery would be linear. I thought each week would bring a little less pain, a little more mobility, and another step toward normal. Then I hit a setback. I had assumed I was further along than I actually was.
Wells Fargo and Citigroup have room to buy a big bank. These 5 regionals fit the bill Original
Charles Scharf, chief executive officer of Wells Fargo & Co., and Jane Fraser, chief executive officer of Citigroup Inc. Caroline Brehman | Qilai Shen | Bloomberg | Getty Images Walk the halls of any major banking conference or listen in on a quarterly earnings call, and one topic keeps coming up: With the window for mergers wide open under the Trump administration, who will take a swing?
Trump admin taps former JPMorgan Chase exec Matt Zames to advise Social Security agency Original
Matt Zames, then-chief operating officer of JPMorgan Chase, center, in New York, Feb. 27, 2017. Kholood Eid | Bloomberg | Getty Images Former JPMorgan Chase executive Matt Zames will join the Trump administration as an advisor to the Social Security agency, CNBC has learned. Zames is taking an unpaid position to help his former JPMorgan colleague Frank Bisignano, who became Social Security Commissioner last year, tackle modernization of the agency, said people with knowledge of the move.
Credit card issuer Synchrony announces partnership with OpenAI Original
In this photo illustration, the stock market information of Synchrony Financial displayed on a smartphone while the logo of Synchrony Financial seen in the background. Igor Golovniov | Lightrocket | Getty Images Editor's note: A previous version of this story, based on information provided by a Synchrony Financial executive, mischaracterized the collaboration between Synchrony and OpenAI. Details, quotes and characterizations attributed to Synchrony and the executive have been removed.
Credit card issuer Synchrony partners with OpenAI for ChatGPT shopping
Synchrony Financial is partnering with OpenAI to allow shoppers buy products directly inside ChatGPT using store-branded cards. The company issues credit cards for brands including Amazon, Walmart and Lowe's. Maran Nalluswami, Synchrony's chief strategy officer, told CNBC it will probably take six to 12 months to get payments fully integrated into ChatGPT.
Synchrony, credit card issuer to Amazon and Walmart, partners with OpenAI for ChatGPT shopping
Celebrity 8 hours ago Prince Harry Diverts Princess Diana Donations to Elephant Charity with a Special Connection to Meghan Markle and Their Kids People - Meredith Kile • 8h Prince Harry has made a major decision regarding a charity founded in honor of his late mother, Princess Diana. In 2012, the Diana, Princess of Wales Memorial Fund — which was established following her death in 1997 — was officially closed, and The Diana Fund was established the following year in …
Why Jensen Huang’s $500 billion AI financing plan faces a big risk from China Original
Nvidia CEO Jensen Huang speaks to members of media outside a restaurant in the Hongdae district of Seoul, South Korea, June 5, 2026. SeongJoon Cho | Bloomberg | Getty Images Jensen Huang built the world's most valuable company by pioneering the specialized computer chips behind the artificial intelligence boom.
Nvidia lines up $500 billion in financing as CEO Jensen Huang tells CNBC his chips are 'investable asset'
Nvidia is partnering with Apollo Global Management, Blackstone, BlackRock's Global Infrastructure Partners unit, Brookfield Asset Management, Goldman Sachs and KKR on a $500 billion AI financing effort. The move highlights the growing role of private capital in financing the costs of the artificial intelligence boom.
Nvidia teams up with Wall Street asset managers on $500 billion AI infrastructure push Original
NVIDIA Corp. CEO Jensen Huang speaks during a joint press conference with representatives of Fujitsu Ltd., FANUC Corp. YASKAWA Electric Corp. and Kawasaki Heavy Industries Ltd. on July 16, 2026, in Tokyo, Japan. Tomohiro Ohsumi | Getty Images Nvidia is working with some of Wall Street's largest asset management firms on a $500 billion effort to finance artificial intelligence infrastructure, a person familiar with the matter told CNBC Monday.
Bank of America spends $250 million a year on GLP-1 drugs for its employees, CEO says Original
Brian Moynihan, CEO of Bank of America, speaking to CNBC from Aspen, Co. on Aug. 5th, 2026. CNBC Bank of America spends more than $250 million a year covering GLP-1 weight loss drugs for its employees, CEO Brian Moynihan told CNBC on Wednesday, saying the rapidly rising cost is a worthwhile investment in his workforce.
Bank of America spends $250 million a year on GLP-1 drugs for its employees, CEO says
Business 4 hours ago Bank of America CEO on the consumer: Starting to see more convergence in spending patterns CNBC • 4h Bank of America CEO Brian Moynihan joins 'Squawk Box' to discuss the state of the economy, state of the consumer, the Fed's interest rate outlook, … College & University 1 day ago Brown University president to end term early, step down after 14 years masslive.com - Juliet Schulman-Hall • 1d Brown University President Christina Paxson announced on Monday that she will be...
Situational Awareness hedge fund meltdown was a warning shot for leveraged markets, BofA CEO says Original
Leopold Aschenbrenner (L) and Bank of America CEO Brian Moynihan. Photo: Josh Edelson (L) | Oscar Molina (R) Bank of America CEO Brian Moynihan on Wednesday called the recent near-collapse of high-flying AI hedge fund Situational Awareness a warning shot for financial markets that are being fueled by elevated valuations and borrowed money.
Visa to buy cybersecurity firm BioCatch for $2.4 billion amid surge in AI-powered scams
Visa is acquiring Tel Aviv-based fraud detection startup BioCatch for $2.4 billion in cash from private equity firm Permira and other investors. The deal centers on BioCatch's "behavioral biometrics" technology, which analyzes typing cadence, touchscreen swipes and device handling to catch scams before payments occur. The transaction will bolster Visa's value-added services division as the payments giant expands beyond traditional transaction fees.
Visa to buy cybersecurity firm BioCatch for $2.4 billion amid surge in AI-powered scams
Artificial Intelligence 6 hours ago AI is starting to rewrite the software that made Nvidia untouchable Business Insider - Geoff Weiss • 6h Nvidia's biggest competitive advantage is no longer as untouchable as it once seemed. For two decades, Nvidia's crown jewel wasn't just chips; it was the software that turned them into the building blocks of AI, known as CUDA.
Fintech broker Clear Street offers investors pre-IPO access to $188 billion AI giant Databricks Original
Close-up of Databricks company logo on building facade, Rincon Hill, San Francisco, June 7, 2024. Smith Collection/ gado | Archive Photos | Getty Images Clear Street, the prime brokerage startup that recently shelved plans for its own IPO, is now aiming to give investors access to some of Silicon Valley's hottest private companies before they go public.
How Leopold Aschenbrenner built a $45 billion AI hedge fund — and lost most of it in days Original
Leopold Aschenbrenner Photo: Josh Edelson Two years ago, Leopold Aschenbrenner argued he was one of few people in the world who saw the future clearly. In a sprawling, 165-page essay that became required reading in Silicon Valley, the former OpenAI researcher positioned himself as a kind of prophet for the coming age of artificial super intelligence.
How Leopold Aschenbrenner built a $45 billion AI hedge fund — and lost most of it in days
1 hour ago The flashy part of AI is the models. The expensive, unglamorous part is feeding them the right enterprise data without drowning in cost. DataBahn has raised $40m, led by Insight Partners, to sell an “agentic data control plane” that governs what data AI agents can reach. The catch: it is a crowded …
Nexus Data Centers in advanced talks to secure $15B for Google-backed Anthropic data center Original
Dario Amodei, co-founder and chief executive officer of Anthropic, during an interview on "The Circuit with Emily Chang" at Anthropic's headquarters in San Francisco, California, US, on Thursday, April 30, 2026. Jason Henry | Bloomberg | Getty Images Morgan Stanley is the lead banker engaging in advanced talks to lend $15 billion to Nexus Data Centers to build out a large artificial intelligence infrastructure project for Anthropic, CNBC confirmed on Thursday.
Visa is cutting 7% of employees in efficiency push as AI reshapes work Original
President of Visa Inc. Ryan McInerney delivers a keynote address at the Transact 15 conference in San Francisco, California April 1, 2015. Noah Berger | Reuters Visa, which runs the world's largest payments network, plans to cut about 7% of its workforce as CEO Ryan McInerney moves to streamline the company and invest more in growth areas, according to a memo confirmed by CNBC.
Moody's says 'unprecedented' AI spending threatens credit quality of Amazon, Meta, Alphabet and others Original
Sundar Pichai, CEO of Alphabet, Satya Nadella, CEO of Microsoft, Andy Jassy, CEO of Amazon and Mark Zuckerberg, CEO of Meta. Damian Lemanski | David Ryder | Bloomberg | Getty Images | CNBC | Manuel Orbegozo | Reuters The race to build artificial intelligence infrastructure at a trillion-dollar annual clip is eroding the free cash flow and increasing balance-sheet risk at so-called hyperscalers, warned Moody's Ratings.
Goldman Sachs creates private markets platform as rich investors seek the next SpaceX and Stripe Original
A Spacex Flacon 9 rocket lifts off from Space Launch Complex 40 on June 08, 2026 in Cape Canaveral Space Force Station, Florida. Joe Raedle | Getty Images Goldman Sachs has created a new platform to expand its offerings for wealthy clients and family offices who increasingly want direct stakes in fast-growing private companies, CNBC has learned.
Jamie Dimon says markets underestimate risks and he wouldn't buy stocks or Treasurys at current prices Original
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during the 2025 Institute of International Finance annual membership meeting in Washington, Oct. 16, 2025. Samuel Corum | Bloomberg | Getty Images JPMorgan Chase CEO Jamie Dimon said investors are underestimating the risks facing the global economy and that he wouldn't buy either equities or long-dated U.S. Treasurys at their current prices.
Jamie Dimon says markets underestimate risks and he wouldn't buy stocks or Treasurys at current prices
World News 2 hours ago Trump imposes 50% tariffs on Canadian goods, citing disputes over autos, alcohol and cheese Associated Press - By JOSH BOAK • 2h WASHINGTON (AP) — President Donald Trump on Monday imposed 50% tariffs on most Canadian goods, declaring that Canada has unfairly discriminated against American autos, alcohol and dairy products.
Sen. Warren says Trump's CFPB overhaul has cost Americans $26.5 billion
Hugh Son Sen. Elizabeth Warren's report, shared first with CNBC, says scrapping CFPB limits on credit card late fees and overdraft charges accounts for $22.5 billion of the estimated $26.5 billion in consumer costs. The remaining roughly $4 billion stems from dropped enforcement actions and abandoned settlements that Democrats say would have provided consumer relief.
Morgan Stanley posts record quarterly revenue and profit as equities trading surges 69%
Morgan Stanley reported earnings per share of $3.46 vs. $2.94 LSEG estimate The company also reported $21.35 billion vs. $19.64 billion estimate. Morgan Stanley on Wednesday posted record revenue and profit for the second quarter, driven by a 69% surge in equities trading revenue. Here's what the company reported: Earnings per share: $3.46 vs. $2.94 LSEG estimate Revenue: $21.35 billion vs. $19.64 billion estimate The company said profit jumped 58% from a year earlier to $5.58 billion.
Sen. Warren says Trump's CFPB overhaul has cost Americans $26.5 billion Original
President Donald Trump (L) and Sen. Elizabeth Warren (D-MA). Reuters | Getty Images Sen. Elizabeth Warren, D-Mass., said Thursday that the Trump administration's overhaul of the Consumer Financial Protection Bureau has cost Americans up to $26.5 billion so far, the latest Democratic critique of sweeping changes made to the agency.
Sen. Warren says Trump's CFPB overhaul has cost Americans $26.5 billion
6 hours ago Editor’s note: Morning Money is a free version of POLITICO Pro Financial Services morning newsletter, which is delivered to our subscribers each morning at 5:15 a.m. The POLITICO Pro platform combines the news you need with tools you can use to take action on the day’s biggest stories. Act on the …
Anthropic moves closer to mega-IPO as bankers line up investor meetings Original
Dario Amodei, co-founder and CEO of Anthropic, during the company's Builder Summit in Bengaluru, India, Feb. 16, 2026. Samyukta Lakshmi | Bloomberg | Getty Images Anthropic is lining up meetings with investors ahead of a potential initial public offering later this year, a person with knowledge of the plans told CNBC.
‘Arsenal of democracy’: Jamie Dimon announces $24 million effort to boost American shipbuilding Original
watch now JPMorgan Chase CEO Jamie Dimon on Wednesday announced a $24 million effort to help revive American shipbuilding, his latest move under the bank's $1.5 trillion security project aimed at bolstering industries critical to U.S. economic and national security.
Morgan Stanley is set to report second-quarter earnings — here's what the Street expects Original
Ted Pick, CEO Morgan Stanley, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 18th, 2024. Adam Galici | CNBC Morgan Stanley is set to report second-quarter earnings before the opening bell Wednesday.
The AI boom just found two new winners: Goldman Sachs and JPMorgan Chase Original
Chairman and CEO of JPMorgan Chase & Co. Jamie Dimon and Goldman Sachs Chairman and CEO David Solomon. Angela Weiss | AFP | Getty Images American megabanks on Tuesday gave evidence that the global artificial intelligence boom isn't just benefiting tech giants and chip makers. Goldman Sachs and JPMorgan Chase each posted record quarterly revenue hauls, fueled by massive gains in equities trading and investment banking.
Bank earnings live updates: JPMorgan, BofA, Goldman, Citi and Wells Fargo are set to report
JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs are set to report earnings before the markets open Tuesday. Investors are expecting that the five big banks saw strong revenue from trading equities and fixed income during the second quarter. The SpaceX IPO drove surging fees for Goldman Sachs and Morgan Stanley, while commercial lending is showing signs of a turnaround and consumer credit is expected to remain resilient.
Big banks poised to report booming revenue propelled by SpaceX IPO, Iran war volatility
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Big banks poised to report booming revenue propelled by SpaceX IPO, Iran war volatility Original
(L-R) Brian Moynihan, Chairman and CEO of Bank of America; Jamie Dimon, Chairman and CEO of JPMorgan Chase; and Jane Fraser, CEO of Citigroup; testify during a Senate Banking Committee hearing at the Hart Senate Office Building on December 06, 2023 in Washington, DC.
Goldman Sachs wins $70 billion in asset management deals with Verizon, Lockheed Martin Original
Marc Nachmann, Goldman Sachs global head of asset and wealth management. CNBC Goldman Sachs said Thursday it won deals to manage a combined $70 billion in retirement assets for Verizon Communications and Lockheed Martin, one of the larger recent announcements in the fast-growing market for outsourced corporate investing.
Klarna seeks US bank charter in latest push beyond buy now, pay later
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Klarna seeks U.S. bank charter in latest push beyond buy now, pay later Original
Sebastian Siemiatkowski, CEO and Co-Founder of Swedish fintech Klarna, gives an interview with CNBC during the company’s IPO at the New York Stock Exchange (NYSE) in New York City, U.S., September 10, 2025. Brendan Mcdermid | Reuters Klarna, the Swedish fintech firm best known for its buy now, pay later offerings, said Monday it applied to federal and state regulators to establish a U.S. bank subsidiary.
JPMorgan names Doug Petno and Troy Rohrbaugh co-presidents as longtime exec Marianne Lake exits
Co-CEOs of Commercial & Investment Bank at JPMorganChase, Troy Rohrbaugh and Douglas Petno. Courtesy: JPMorganChase JPMorgan Chase on Thursday promoted two of its top executives into newly created co-president roles, marking the latest step in CEO Jamie Dimon's long-running succession planning while announcing the retirement of one of Dimon''s most prominent potential successors.
JPMorgan Chase unveils $50 billion buyback, Goldman Sachs raises dividend after Fed stress test
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during the America Business Forum in Miami, Florida, US, on Thursday, Nov. 6, 2025. Eva Marie Uzcategui | Bloomberg | Getty Images JPMorgan Chase on Wednesday unveiled a new $50 billion share repurchase program and raised its quarterly dividend after the Federal Reserve found the nation's biggest banks remained well capitalized under its annual stress test.
Federal Reserve says U.S. banks can withstand $708 billion in losses amid overhaul of capital rules Original
Federal Reserve Board Governor Michelle Bowman, U.S. President Donald Trump's nominee to be Federal Reserve vice chair for supervision, testifies before a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., April 10, 2025.
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