Sixty percent of households that contributed online to a presidential campaign supported a Democratic presidential candidate, according to Synergistics Research Corp. More than one-fifth of the respondents, or 22%, made online donations to a Republican candidate this election year, 2% made online contributions to an independent candidate, and the remainder refused to specify the candidate's party affiliation, says Genie Driskill, chief operating officer of the Atlanta-based research group. The survey also revealed 9% of households with Internet access overall made political contributions online, households earning less than $30,000 per year and households earning more than $100,000 leading middle income groups with 13% each. "It seems to be what you would expect of the groups that contribute in terms of household income with the more-affluent … and the younger consumers who would fall into the [lower] income group," Driskill tells CardLine. The survey of 1,001 households with Internet access concluded in April.
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The Federal Reserve's April financial stability report found that asset valuations remain elevated, even as investors are beginning to demand more compensation for risk amid rising uncertainty around monetary policy.
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Banking groups that sued the state of Illinois over its law barring banks from charging interchange fees on taxes and tips cheered an appeals court ruling remanding the law to a lower court and vowed to keep the law going into effect, which is slated for July 1.
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Stephan Feldgoise and Joshua Schiffrin will join Goldman Sachs' management committee; Fidelity Investments is dismissing about 800 personnel as it restructures its technology and product-delivery teams; Citi has hired JPMorgan's André Ross as its country officer and banking head for South Africa; and more in this week's banking news roundup.
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Affirm CEO Max Levchin said that the company did not have any plans for AI-spurred layoffs despite the fact that it was using the technology more for software engineering.
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Leaders from Wells Fargo, JPMorganChase and more talked about how banks can respond to the fast-moving changes in money movement, new forms of artificial intelligence, fraud, digital assets and more.
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The payments company posted strong adjusted earnings following a dramatic downsizing, which management attributed to the influence of artificial intelligence.
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