In the next two to three decades, it is estimated that aging baby boomers and older generations will pass down a staggering $84 trillion in wealth to charity and family members. This phenomenon, termed the “horizontal wealth transfer,” is set to redistribute up to $9 trillion between spouses and partners. The UBS Global Wealth Report
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Wells Fargo recently reported a 9% decline in net interest income for the second quarter, a disappointing figure that fell short of Wall Street expectations. The San Francisco-based lender recorded $11.92 billion in net interest income, missing analysts’ expectations of $12.12 billion. This decrease was attributed to the impact of higher interest rates on funding
China is currently facing significant challenges in its real estate sector, with high local government debt levels putting pressure on the fiscal system. Analysts anticipate that the upcoming Third Plenum meeting will address these issues, along with a push for advanced manufacturing and other structural policies. The focus is expected to be on finding alternative
Delta Air Lines recently announced a forecast of record revenue for the third quarter, attributing this to the high demand for summer travel. However, this projection was lower than what analysts had estimated due to fare discounts resulting from an increase in flights. In the current quarter, Delta anticipates a sales growth of up to
Thursday saw a shift in the market as the S & P 500 and Nasdaq pulled back from their previous record highs. This was triggered by a lower-than-expected inflation report, causing investors to move out of Big Tech stocks and towards smaller-cap names. The consumer price index (CPI) for June dropped to its lowest levels
PepsiCo recently reported its quarterly results, which showed a mixed performance particularly in North America. The company faced challenges due to declining demand for its drinks and snacks in the region. Despite this, PepsiCo narrowed its revenue outlook for the full year, expecting organic revenue growth of approximately 4%, which is lower than its previous
The U.S. Department of the Treasury and the IRS have proudly announced a significant achievement in collecting over $1 billion in tax debt from high-income individuals in the past year. This accomplishment marks a major milestone for the IRS, showcasing its ability to target and recover debts from those who owe substantial amounts of taxes.
China’s endeavor to develop robotaxis has gained momentum, prompting concerns among taxi drivers about their job security in a competitive market. While major players like GM’s Cruise and Alphabet’s Waymo have introduced driverless taxis in the U.S., Chinese cities such as Beijing and Guangzhou have embraced local robotaxi services. The recent surge in popularity of
The financial challenges faced by Generation Z are becoming increasingly apparent in today’s society. According to a recent report from Bank of America, nearly half of Gen Zers between 18 and 27 are relying on financial assistance from their families. This reliance is driven by the high cost of living, with 52% of young adults
One popular method for reducing future tax liabilities on pretax retirement account withdrawals is through Roth individual retirement account (IRA) conversions. This process involves transferring pretax or nondeductible IRA funds into a Roth IRA, which allows for tax-free growth in the future. While this can result in immediate income taxes on the converted balance, financial