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JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other major U.S. banks are planning to launch a tokenized deposit network in the first half of 2027, aiming to modernize payments infrastructure and compete with growing threats from stablecoins and cryptocurrency firms. The new platform, to be operated by The Clearing House, will connect traditional banking systems with blockchain technology, allowing tokenized bank deposits to move instantly with 24/7 settlement capabilities. The network is expected to support applications such as real-time liquidity management, programmable treasury operations, and cross-border payments. The initiative comes as banks face increasing competition from crypto firms and stablecoin issuers, particularly amid regulatory changes that could encourage wider adoption of digital payment assets. While banks have explored issuing stablecoins themselves, many executives see tokenized deposits as a more natural extension of existing banking services.

 

Wall Street Journal

Kathy Ruemmler, Goldman Sachs’ general counsel, is staying with the bank after David Solomon, Goldman’s chief executive, asked her to remain as an adviser to clients. The unexpected move comes after Ruemmler resigned in February following revelations about her ties to the late convicted paedophile Jeffrey Epstein. At the time, Solomon described Ruemmler as an “extraordinary general counsel” who “will be missed.” Solomon has been steadfast in his support for Ruemmler and has privately maintained that he didn’t think she did anything wrong or inappropriate amid scrutiny over her interactions with Epstein.

 

Bloomberg

Financial Times

Workers at SoFi Stadium in Los Angeles have voted overwhelmingly to authorize a potential strike during the upcoming World Cup. The Unite Here Local 11 union, representing about 2,000 food and beverage workers, reported that 96% of voters supported the strike call. The union is calling for better pay and protections against federal immigration agents entering the venue. Union co-president Kurt Petersen said: "If we're forced to strike, those $100,000 FIFA suites will have nothing but bottled water and Doritos."

 

France 24

NPR / National Public Radio

The Thailand Consumers Council is set to file a landmark lawsuit against Facebook and its parent company Meta for failing to protect users from fraudulent content. The civil suit, representing 10 victims who lost 230m baht ($7.04m), will be lodged with the Civil Court. Council secretary-general Saree Aongsomwang stated that Facebook's response to previous recommendations for improving fraud prevention was inadequate. She accused the platform of allowing harmful content and scams to proliferate, leading to significant financial losses for users. Statistics show that Thais lost 7.48bn baht to online scams in early 2026, with Facebook being the primary platform.

 

Bangkok Post

Western Asset Management Company (Wamco), a subsidiary of Franklin Resources, has agreed to pay a $100m civil penalty to settle SEC allegations related to a purported trade allocation, or “cherry-picking,” scheme involving former co-chief investment officer Kenneth Leech. The settlement resolves investigations by both the SEC and the U.S. Department of Justice, according to Franklin Resources. Wamco did not admit wrongdoing and said it agreed to the settlement as a business decision to avoid prolonged litigation. Leech has pleaded not guilty to related criminal charges filed in New York and continues to contest the allegations.

 

Financial Times

Reuters

Reuters reports that U.S. states including New York and California are preparing a lawsuit to block Paramount Skydance's $110bn acquisition of Warner Bros, in what it says would mark the boldest move yet by the states in their effort to be at the forefront ​of U.S. antitrust enforcement. Not all lawsuits seeking to block mergers succeed, but they can delay the consummation of deals by months if a judge issues an order pausing the merger while ​the case plays out, Reuters observes.

 

Reuters

Johnson & Johnson has beaten a lawsuit which alleged that its talc caused three women's cancer. A Los Angeles jury sided with the company in a lawsuit ‌by the families of three women - Mary Owens, Bonnie Tienken and Geneva Williams - who each died of ovarian cancer after using talc-based baby powder. The jury found that J&J was not negligent when ​selling cosmetic talc products. J&J vice president of litigation Erik ​Haas said the case ​was based on "junk science."

 

Reuters

Family-controlled personal injury law firm Morgan & Morgan has hired JPMorgan to explore a minority stake sale that could pave the way for a public listing in the distant future. The firm is mulling a deal that could raise more than $1bn and ​bring in an outside partner with experience in preparing businesses for the public markets, particularly private ​equity investors with a track record of executing initial public offerings, Reuters reports. "Like many firms in America, we are being approached constantly, and we listen," ​Morgan & Morgan co-founder John Morgan told Reuters in response to questions, observing that the discussions are early and that any capital raise remains uncertain. "We are fortunate that ​we are a highly ⁠profitable firm that really doesn’t need money to invest in growth," he said.

 

Reuters

OpenAI is preparing the biggest overhaul of ChatGPT since its launch ahead of a planned listing, intending to transform the chatbot into a “superapp” that combines coding tools and AI agents.

 

Financial Times

Saks Global has won court approval for its Chapter 11 restructuring plan, paving the way for the luxury retailer to emerge from bankruptcy with significantly lower debt and a much smaller store estate. The restructuring will eliminate most of the company’s pre-bankruptcy debt and transfer ownership to senior lenders, who have provided $1bn of funding during the bankruptcy process and committed a further $500m following its emergence. Existing equity will be wiped out. Following the restructuring, Saks Global will operate 49 luxury retail locations, comprising 33 Neiman Marcus stores, 15 Saks Fifth Avenue stores and Bergdorf Goodman, down from 33 Saks Fifth Avenue locations before the bankruptcy filing. Saks Global filed for bankruptcy protection in January with $3.4bn of debt after its merger with Neiman Marcus led to inventory shortages and strained vendor relationships. The retailer expects to exit Chapter 11 within weeks.

 

Reuters

OECD head Mathias Cormann has warned governments around the world not to go it alone in taxing large multinationals, including US tech giants, as more countries eye digital services duties.

 

Financial Times