Timothy Sumer

David Solomon, Chairman & CEO at Goldman Sachs, joins Forbes COO Randall Lane at the Forbes Iconoclast Summit to discuss the odds of a recession, capitalism, and more; Read the full story on Forbes: Subscribe to FORBES: Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more: Stay Connected Forbes newsletters: Forbes on Facebook: Forbes Video on Twitter: Forbes Video on Instagram: More From Forbes: Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.... ( read more ) BREAKING: Recession News LEARN MORE ABOUT: Bank Failures REV

The failures of Silicon Valley Bank and Signature Bank rattled investors’ confidence in bank stocks. The combined market capitalization of the 10 largest US banks plunged by $76 billion as of the market close Monday. Follow us on social media: Instagram: Twitter: Facebook: LinkedIn: Link to website: / About Us Forbes Middle East is a licensed edition of Forbes for the Arab world, championing inspiring business journalism and entrepreneurial capitalism. Our online and social platforms break news covering billionaires, business, investment, technology, economy, entrepreneurship, leadership, and luxury lifestyles. Our monthly magazine, featuring in-depth interviews with the Middle East’s most influential and innovative leaders, is published in print in English and Arabic with digital versions available to both regional and global audiences on our website. Forbes Middle East extends the Forbes brand of journalism across the Arab world, conducting its own comprehensive

Steve Forbes explains why more trouble is coming following the collapse of SVB and Signature Bank, and who's actually at fault for the bad times now roiling the banking sector. Read the full story on Forbes: Subscribe to FORBES: Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more: Stay Connected Forbes newsletters: Forbes on Facebook: Forbes Video on Twitter: Forbes Video on Instagram: More From Forbes: Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.... ( read more ) LEARN MORE ABOUT: Bank Failures REVEALED: Best Investment D

If you “love” your 401(k) plan at work, you’ll be pleased with today’s IRS announcement about contribution limits. The amount that you can contribute to your 401(k) will be higher in 2022, increasing to $20,500 from 2021’s limit of $19,500. This new limit also applies to 403(b) plans, most 457 plans and Thrift Savings Plans. The IRS defines 403(b) plans as being for “certain employees of public schools, employees of certain Code Section 501(c)(3) tax-exempt organizations and certain ministers,” while 457 plans are deferred-compensation retirement plans available for government and non-government employers. Thrift Savings Plans are retirement and savings plans for federal employees and those in the uniformed services. Note that people who are age 50 and up can contribute a “catch-up contribution” to the retirement plans listed above in 2022 of $6,500, which has not increased from 2021. By adding the overall increase to the catch-up contribution, a 50-year-old (or older) partic