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Weekend Update: Big Banks, PepsiCo, Disney-Warner, Amazon, and Sam Altman.

  • Writer: Mathieu Desfosses
    Mathieu Desfosses
  • Feb 10, 2024
  • 2 min read

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Big banks have drastically cut overdraft fees, but customers still paid $2.2 billion last year


  • The three biggest American retail banks collected 25% less overdraft revenue last year as the companies created new ways for customers to avoid the penalties.

  • JPMorgan Chase, Wells Fargo and Bank of America reported a combined $2.2 billion in overdraft fees in 2023, roughly $700 million less than in 2022, according to regulatory filings.

  • The industry is girding itself for a battle over overdraft fees after the Consumer Financial Protection Bureau proposed to limit charges to as little as $3 per transaction.


PepsiCo earnings top estimates, but quarterly revenue slides for the first time in nearly four years


  • PepsiCo reported quarterly earnings that topped Wall Street’s expectations, but its revenue missed estimates.

  • The company’s net sales fell 0.5% in the fourth quarter.

  • PepsiCo executives said high borrowing costs and lower personal savings have squeezed consumers’ budgets.


Wall Street is overreacting to new sports joint venture, says EW Scripps CEO


  • Local broadcast station groups plummeted in value this week after Disney, Warner Bros. Discovery and Fox announced they will be launching a new joint venture focused on sports fans.

  • The CEO of EW Scripps told CNBC that Wall Street is overestimating the new product’s popularity.

  • Local stations will be a part of the new product, Adam Symson told CNBC.


Amazon’s Prime Video lands exclusive NFL playoff game next season


  • Amazon has won the exclusive rights to stream an NFL playoff game on Prime Video next season, a source familiar with the matter told CNBC.

  • The company has been expanding its reach in sports, agreeing in 2021 to pay about $1 billion a year for the exclusive rights to Thursday Night Football.


OpenAI CEO Sam Altman seeks as much as $7 trillion for new AI chip project: Report


  • OpenAI CEO Sam Altman wants to overhaul the global semiconductor industry with trillions of dollars in investment, The Wall Street Journal reported.

  • Altman has said AI chip limitations hinder OpenAI’s growth, and as this project would increase chip-building capacity globally, he is in talks with investors, including the United Arab Emirates government, per the Journal.

  • Altman could need to raise between $5 trillion and $7 trillion for the endeavor, the Journal reported, citing one source. CNBC could not confirm the number.


 
 
 

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