Federal Reserve Chair Jerome Powell last said U.S. regulators are close to agreeing to change their plan to force big banks to hold significantly more capital — a move that could mark a major victory for Wall Street banks.

Powell told senators that officials soon could release a revamped version of their proposal, which could have forced the biggest U.S. lenders to hold as much as 19% more capital to buffer against losses. Powell didn’t elaborate on specific adjustments but said regulators likely would seek fresh comment from the public.

Big banks have fiercely lobbied against the original plan, arguing that it could hamper lending. Although Powell previously has said changes were likely, on Tuesday the central bank chief said regulators could seek public comment for 60 days on the revisions.

The capital overhaul is tied to Basel III, an international accord that followed the 2008 financial crisis and is intended to prevent future bank failures and another crunch. Supporters of the U.S. proposal also have billed it as a fix for some of the issues exposed by the collapses of Silicon Valley Bank and Signature Bank in March 2023.

Big Lots closing up to 40 stores, considers filing for bankruptcy

Discount retail chain Big Lots said it will close up to 40 stores this year and may declare bankruptcy.

The Columbus, Ohio-based company wrote in a quarterly Securities and Exchange Commission filing it expected further operating losses and has “substantial doubt” it can continue as a functioning business.

Big Lots last month reported a net loss of $205 million in the quarter ending May 4. At the time, president and CEO Bruce Thorn said the company’s sales were slumping “due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items.”

The company operates more than 1,300 stores in 48 states but has not disclosed which stores will be shuttered.

Samsung unveils its latest wearable tech with AI twists

South Korean electronics giant Samsung on Wednesday revealed that both its first-ever premium smartwatch and a smart ring heralding its entry into a niche market will include AI features that are supposed to help people monitor and manage their health.

Both the Galaxy Watch Ultra, priced at $650, and the Galaxy Ring, priced at $400, are extensions of a push that Samsung launched six months ago when it introduced its first smartphones to feature AI technology as a main attraction. The high-end smartwatch costs nearly twice as much as Samsung’s latest standard model, the Galaxy Watch 7, which will sell for $350.

Both Samsung’s watch and ring are leaning on AI to do a better job of analyzing biometric data collected from the person wearing the devices to customize assessments of their well-being through an “energy score” that will deliver ratings on a 1 to 100 scale and also make recommendations like a virtual fitness coach.

Although it will come in nine different sizes, Samsung’s Galaxy Ring only fits with one kind of software — Google’s Android operating system.

Samsung’s next-generation folding phone, the Galaxy Z Fold 6, will sell for $1,899.99. It comes with two display screens that can be hinged together so the device can be turned into a pseudo-tablet.

List reveals which Albertsons stores in state will be divested

Kroger Co. released the full list of stores, distribution centers and plants — including 63 supermarkets in California — that it plans to divest to secure approval for the proposed merger with Albertsons Cos.

The companies have started notifying staff at affected locations, Chief Executive Officer Rodney McMullen wrote in a memo to employees Tuesday.

Workers, a majority of them in Southern California, will become employees of C&S Wholesale Grocers after the transaction closes, McMullen wrote, and will remain as Kroger and Albertsons staff until then. C&S has committed to transferring pay and health plans and assuming all collective bargaining agreements, he added.

The grocers, which announced their $25 billion merger in October 2022, are sharing the list ahead of a trial expected in August that will decide the outcome of their deal.

Compiled from New York Daily News, Associated Press and Bloomberg reports.