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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. The company sets aside more than $2 billion a year on healthcare overall for BofA’s roughly 211,000 employees, meaning that GLP-1 medications alone now account for roughly 13% of all healthcare spending, per figures provided by Moynihan. “We …

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. Last week, Situational Awareness, led by Leopold Aschenbrenner, was forced to offload most of its public equities to Citadel in a fire sale as its bets on artificial intelligence soured. Bank of America was among the firm’s prime brokers, executing …

Ken Griffin’s Citadel posted strong gains across its major hedge funds in July, helped by a recovery in risk assets and a discounted purchase of assets from the collapse of Leopold Aschenbrenner’s Situational Awareness to end the month, according to a person familiar with the firm’s performance. Citadel’s flagship multistrategy Wellington fund, the firm’s largest, returned 5.9% in July, marking its best monthly performance since 2022 and pushing 2026 gains to 12%, the person said. …

Michael Burry of “The Big Short” fame is sticking with his bearish wagers even as the S&P 500 surges to a record high, warning that the rally could still end in a sharp sell-off reminiscent of the 1987 stock-market crash. “I continue to believe it is possible we are near a major top, and possible a 1987-type fall, but the S&P 500 making new highs likely will bring new money into the market,” Burry said …

Prediction market platform Polymarket is in talks for a fundraising round that would value the company at north of $20 billion, a person familiar with the matter confirmed to CNBC.  The talks and valuation come after the company told CNBC in late June that its annualized revenue was well above $1 billion, following the launch of its regulated U.S. exchange in May. Bloomberg first reported on Tuesday about the new talks and valuation. Polymarket declined …

Philadelphia Federal Reserve President Anna Paulson said Tuesday that she thinks the current level of interest rates is sufficient to keep inflation moving towards the central bank’s goal. In her first CNBC interview, the policymaker insisted she has an open mind about where monetary policy should go, but was confident in her vote last week to keep the Fed’s benchmark borrowing rate anchored at its current target level of 3.5%-3.75%. “I think we need … …

Jeff Bezos filed plans to sell about 15 million Amazon shares worth roughly $4.1 billion, after the dominant e-commerce platform’s stronger-than-expected earnings sent the stock to a record high, pushing its market value above $3 trillion. Amazon fell more than 2% in early trading Tuesday following the filing, which disclosed the planned sale under a Rule 10b5-1 trading plan adopted on Nov. 14, 2025. The sales occurred on Monday through Morgan Stanley, according to the …

Prediction market platform Kalshi is announcing Tuesday a new partnership with compliance technology company Comply as its push into institutional trading continues, the company told CNBC exclusively.  Comply — which works with more than 5,000, primarily financial, firms — is adding Kalshi’s prediction markets trade data to its regulatory software.  The platform gives companies who use Comply’s technology, for traditional securities and digital assets, the ability to see employees’ trades on event contracts, to make …

The surge in IPOs and valuations for private tech companies is creating a secondary boom in donations of shares to donor-advised funds, or DAFs, according to a new study. Three quarters of the gifts to DAFgiving360 over the past 12 months were non-cash assets, according to the donor-advised fund, which is affiliated with Charles Schwab. Non-cash assets include everything from shares in public and private companies to real estate, art and collectibles, crypto and other …

The Bureau of Labor Statistics is set to release the employment picture for July on Friday, and economists are expecting a gain of 85,000 jobs in the month, according to Dow Jones consensus estimates.  However, traders on prediction market platform Kalshi think those figures may come in lower.  Speculators place just a 47% chance that employers added more than 80,000 jobs in July, but they also give a 60% chance that they added more than …