Users of Apple’s new Apple Savings service, launched in April in partnership with Goldman Sachs, are reporting severe delays in withdrawing or moving their deposits. Customers have struggled for weeks to retrieve amounts as high as $100,000 stranded in Apple Savings accounts, according to the Wall Street Journal. The explanation for the delays is reasonable – at least, by the bizarre standards of the traditional finance system. In many cases the frozen funds were under “security review” –...

We’ve become used to being disappointed by corporate diversity, such as the fact that only 1% of Fortune 500 CEOs are black. Even further down the org chart, the numbers get only slightly less bleak: About 9% of law firm partners belong to racial or ethnic minorities. About 33% of Apple staffers are women. Etcetera. But in one industry, diversity numbers seem like they're straight out of the 19th century: Firms owned by white men manage a stunning 98.7% of the $69 trillion managed by the U.S....

The coronavirus stimulus package was supposed to give fintech companies a historic vote of confidence. Announcing the Paycheck Protection Program—forgivable loans for small businesses—in March, Treasury Secretary Steve Mnuchin promised that “any fintech lender will be authorized to make these loans.” Until now, the Small Business Administration had never authorized anyone but traditional banks to offer its government-guaranteed loans. But like so many other aspects of the PPP program—starting...

About two weeks ago, as we at Fortune and many others elsewhere prepared to work from home indefinitely, I noticed something unsettling on my last commute back from the office. It wasn’t just the grocery stores with lines out the door, but also the ATMs, with queues of people filling small vestibules, waiting to withdraw cash. Of course, cash—as in paper money—has been one of the least useful commodities stockpiled at a time when most of us are confined to our homes. Indeed, McKinsey & Co.,...

Here’s a riddle—what do the following all have in common?: Intuit buying Credit Karma for $7.1 billion. Morgan Stanley buying E*Trade for $13 billion. Visa buying Plaid for $5.3 billion. Charles Schwab buying TD Ameritrade for $26 billion. PayPal buying Honey for $4 billion. Answer: All those dealmakers were in the same room (well, technically, tent) in Montauk, NY last June at Fortune Brainstorm Finance. (And yes, they’re also finance deals that happened in the last 100 days.) Watch our...