Jobless claims: Initial filings for unemployment benefits in Louisiana dropped last week compared with the week prior, the U.S. Department of Labor said Thursday. New jobless claims, a proxy for layoffs, fell to 1,464 in the week ending Feb. 3, down from 1,722 the week before. Read the full story from USA Today Network.
Overdraft revenue: The three biggest American retail banks collected 25% less overdraft revenue last year as the companies, under pressure from regulators to cap the fees, 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. Read the full story from CNBC.
More layoffs: Network giant Cisco is planning to restructure its business which will include laying off thousands of employees, Reuters reports. The California-based company, which employs more than 80,000 people, is still deciding on the total number of employees to be affected by the layoffs. Read the full story.