Judge blocks JetBlue-Spirit merger plan, Goldman Sachs beats expectations with wealth-management boost, and more [View this email in your browser]( [Interested in handpicked post-baccalaureate courses at Penn? Apply now!]( [The Week]( Daily business briefing 1. [Judge blocks JetBlue-Spirit Airlines merger]( A judge on Tuesday blocked Spirit Airlines' proposed merger with JetBlue, sending Spirit's stock plummeting 47%. A federal judge in Boston ruled against JetBlue's planned $3.8 billion acquisition of the discount carrier over concerns that the deal would increase fares for passengers, especially Spirit's customers, and saddle JetBlue with big debts. The two airlines said they disagreed with the decision. "We continue to believe that our combination is the best opportunity to increase much-needed competition and choice by bringing low fares and great service to more customers in more markets while enhancing our ability to compete with the dominant U.S. carriers," they said in a joint statement. [CNN]( 2. [Goldman Sachs beats expectations with a lift from wealth management]( Goldman Sachs reported quarterly earnings Tuesday that blew past expectations. The investment bank said its fourth-quarter profit jumped by 51% from a year earlier â to $2 billion â after eight quarters of declines. The firm got a boost from a 23% jump in revenue from its asset and wealth management operations, while revenue fell for investment banking and trading, typically Goldman's strongest divisions. Goldman CEO David Solomon has been simplifying the company's strategy and investing in growing the asset and wealth management businesses to make Goldman less reliant on up-and-down investment banking and trading. "This was a year of execution for Goldman Sachs,â Solomon said in a call with analysts. [The Wall Street Journal]( [Reuters]( 3. [Woman accuses James Dolan, Harvey Weinstein of sexual abuse]( A woman who worked as a masseuse on an Eagles rock tour in 2013 filed a lawsuit Tuesday accusing Madison Square Garden CEO James Dolan and [convicted rapist Harvey Weinstein]( of sexual assault and trafficking. The woman, Kellye Croft, said Dolan pressured her into unwanted sex, then hired her for the tour. Croft accuses Weinstein of sexually assaulting her during the tour and says Dolan dismissed the allegation when she told him about it. Croft said in a statement she "suffered so profoundly," and "to truly address my trauma, I need to seek accountability." Dolan lawyer E. Danya Perry said there was "absolutely no merit to any of the allegations against Mr. Dolan." [Rolling Stone]( [The New York Times]( Sponsored by Wise Bread [One Of A Kind Credit Card Offer With Huge Rewards]( 4. [Stock futures fall on shifting rate-cut expectations]( U.S. stock futures fell early Wednesday after Tuesday's losses as investors continued to show concerns about when the Federal Reserve would start cutting interest rates now that inflation is cooling. Futures tied to the Dow Jones Industrial Average and the S&P 500 were down about 0.4% at 7 a.m. ET. Nasdaq futures were down 0.5%. The Dow and the S&P 500 fell 0.6% and 0.4%, respectively, on Tuesday. The tech-heavy Nasdaq fell 0.2%. The losses came after Federal Reserve Governor Christopher Waller warned that the central bank might ease monetary policy more slowly than expected, sending the benchmark 10-year Treasury yield climbing back above 4%. [CNBC]( [Morningstar]( 5. [Biden administration proposes cutting bank overdraft fees]( The Biden administration on Wednesday proposed cutting bank overdraft fees by more than half, part of President Joe Biden's effort to reduce so-called junk fees. The Consumer Financial Protection Bureau rule seeks to close a regulatory loophole in the federal Truth in Lending Act of 1968. Banks using the loophole have collected billions by charging a fee, typically $35, when customers make debit card transactions that give them a negative balance. Under the new rule, banks could still offer overdraft loans but would have to disclose information such as interest rates and fees, the way they do for credit cards and other loans, USA Today reported. Banks could also only impose fees that would cover their losses. The CFPB is considering overdraft fees of $14 or less. [USA Today]( [Share to Facebook]( [Share to Twitter]( [Share via email](mailto:?Subject= Biden administration proposes cutting bank overdraft fees &body=Read the story here utm_campaign=business_briefing_newsletter_20240117&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com](
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