Tag: coronavirus

September 27, 2022

Top U.S. insurance companies and associations say California is risking a crisis in the nation’s largest automobile insurance market by refusing to approve any rate increases for more than two years, since the start of the coronavirus pandemic. The companies […]

November 15, 2021

Don’t blame inflation on Washington’s multi-trillion spending spree: “I think it’s important to realize that the cause of this inflation is the pandemic,” Treasury Secretary Janet Yellen told CBS’s “Face the Nation.” “The pandemic has been calling the shots for […]

August 23, 2021

Canada’s five biggest banks are mandating that employees working from their offices must be fully vaccinated against COVID-19 this fall, taking a firmer stance than some of their U.S. counterparts and some other Canadian companies. Royal Bank of Canada (RBC), […]

August 19, 2021

The coronavirus pandemic has had a notable impact on financial institutions, creating a more-urgent need to embrace digital-first banking. However, shifting to digital doesn’t just mean adopting new digital banking tools — a common misconception. Rather, it requires that banks […]

May 27, 2021

For the first time since 2019, a panel of the nation’s most powerful bank CEOs testified at a congressional hearing Wednesday. The virtual hearing started off with the CEOs of the nation’s six largest banks touting their pro-social efforts to […]

April 15, 2021

Not only did the coronavirus pandemic and economic contaction in 2020 change the way the banking industy identifies problem loans, it changed the way it approaches them. As 2020 unfolded, CLA continued to encourage institutions to evaluate policies and procedures, […]

April 14, 2021

JPMorgan Chase on Wednesday reported profit and revenue that exceeded analysts’ expectations on robust trading results and a $5.2 billion benefit from releasing money it had previously set aside for loan losses that didn’t develop. The bank posted first-quarter profit […]

April 7, 2021

Jamie Dimon is bullish on the U.S. economy – at least for the next few years. In his annual shareholder letter, the long-time JPMorgan Chase chairman and CEO said he sees strong growth for the world’s biggest economy, thanks to […]

March 30, 2021

Usage of appointments in banking has increased significantly since the outbreak of the coronavirus, and is expected to continue in a post-pandemic world. Appointments increased nearly 50% in the second half of 2020, according to customer usage data, allowing banks […]

March 8, 2021

The Senate on Saturday passed the Democrats’ $1.9 trillion stimulus bill without a single Republican vote. This week, the House plans to take up the Senate bill, to avoid further negotiations. White House Communications Director Kate Bedingfield, speaking to CNN’s […]

January 18, 2021

Performance of investment banking (“IB”) business, one of the key revenue sources of Bank of America BAC, is likely to have been impressive in fourth-quarter 2020. Hence, this is expected to provide much needed support to the bank’s results, scheduled […]

December 22, 2020

Ransomware is on the rise across all sectors. Sophos reports that half of all companies it surveyed had been hit by a ransomware attack and 48% of financial services firms reported being targeted. As fraudsters get more sophisticated, we will […]

December 4, 2020

The U.S. economy added back the smallest number of jobs in seven months in November, as the labor market endured mounting pressure from the coronavirus pandemic while businesses wait for a vaccine to be distributed next year. The U.S. Department […]

November 25, 2020

Drones have arrived on Wall Street. Goldman Sachs, the world’s top mergers advisor, is among investment banks using drone technology to give its clients a bird’s-eye view of the companies they are bidding on, according to Stephan Feldgoise, the firm’s […]

November 19, 2020

Global insurance losses from the COVID-19 pandemic will be higher this year than the $107 billion Lloyd’s of London had previously estimated, its Chairman Bruce Carnegie-Brown said on Wednesday. Carnegie-Brown told the Reuters Events Future of Insurance USA conference that […]

November 10, 2020

The COVID-19 pandemic comes with one bright spot for workers’ compensation insurers: Fewer workers are being injured in motor vehicle accidents. A research brief issued by the National Council on Compensation Insurance projects that workers’ compensation claims caused by motor […]

November 6, 2020

October marked the sixth straight month of post-pandemic employment gains, as the economy added 638,000 jobs and the nation’s unemployment rate dropped to 6.9 percent, a point below September’s 7.9 percent and far lower than the record-shattering, COVID-induced 14.7 percent […]

November 6, 2020

The roles lost are grouped around the bank’s technology and retail operations. Lloyds says that this fresh round of cuts is offset by the creation of 340 new roles elsewhere. The bank says the changes reflect its “ongoing plans to […]

November 4, 2020

As the question remains over who will capture the hotly contested presidential race, one casualty quickly emerging from fallout is the massive stimulus package Democrats were hoping to get to boost the economy. A blue-wave victory in Tuesday’s elections was […]

October 29, 2020

BRUSSELS – A vaccine scheme co-led by the World Health Organization is setting up a compensation fund for people in poor nations who might suffer any side-effects from COVID-19 vaccines, aiming to allay fears that could hamper a global rollout […]