Tag: coronavirus

June 15, 2020

Manufacturing activity snapped back to life in the New York area this month as optimism for future activity hit its highest in almost 11 years. The Empire State Manufacturing Survey posted a reading of -0.2 in June after hitting record […]

June 11, 2020

The debt burden on the U.S. economy surged in the first quarter as the coronavirus pandemic struck, according to a report from the Federal Reserve released Thursday. Total domestic nonfinancial debt rose at a seasonally adjusted annual rate of 11.7% […]

June 11, 2020

The easy access savings service closed its competitive 1.05% account to new customers on Wednesday, following a surge in deposits which to £21 billion from 500,000 savers since it launched in 2018. Its 12-month fixed-rate account is still open to […]

June 9, 2020

One 26-year-old Robinhood trader made $1,500 in less than 24 hours betting on a beaten-down airline stock, while many so-called experts on Wall Street warned about buying into an overvalued stock market that was bound to tumble again amid the […]

June 5, 2020

The U.S. regained 2.5 million jobs in May and the unemployment rate fell to 13.3%, confounding Wall Street expectations for another big wave of layoffs and signaling the economy began to revive last month after probably the worst economic crisis […]

June 4, 2020

The coronavirus pandemic compounds an already dire financial situation for millions of Americans. One-third of homeowners have less than $500 or, worse, nothing set aside for an emergency home repair, according to a report released Wednesday, and that includes 50% […]

May 29, 2020

Businesses across the country surveyed by the Federal Reserve don’t appear to share the Trump administration’s optimism about a rapid economic recovery starting this summer. The Federal Reserve released a report Wednesday that draws on business contacts from the central […]

May 28, 2020

The U.S. economy is beginning to recover from shutdowns tied to the coronavirus pandemic, Bank of America CEO Brian Moynihan told CNBC on Thursday. Moynihan cited consumer spending figures from the millions of households using his lender’s credit and debit […]

May 27, 2020

Wall Street is heading back to work. Goldman Sachs is planning on having some of its traders and other markets personnel return to offices in the U.S. and London in the next few weeks, executive John Waldron said Wednesday in […]

May 27, 2020

Digital banking isn’t new, but with the coronavirus pandemic, young and old Americans suddenly flocked to online and mobile banking en masse. The sudden uptick in online and mobile traffic even created outages. Among those affected: online platforms for U.S. […]

May 22, 2020

WASHINGTON — The beaten-down banking sector will remain under pressure through 2025 even as the economy recovers, the International Monetary Fund said Friday. In its latest “Global Financial Stability Report,” the IMF found banks across nine advanced economies will struggle […]

May 20, 2020

U.S. stocks have rallied sharply since the March tumble, while bond yields are deeply depressed, hovering near all-time lows, but, in a recent analysis, Peter Berezin, chief global strategist for BCA Research, lays out a straightforward — if bleak — […]

May 19, 2020

The Financial Times reports that lenders including Barclays, Deutsche Bank, HSBC and Santander are conducting internal reviews to find out whether any of their investment bankers tried to link emergency financing to more lucrative services, according to people familiar with […]

May 14, 2020

New filings for unemployment claims totaled just shy of 3 million for the most recent reporting period, a number that while still high declined for the sixth straight week, according to Labor Department figures Thursday. The total 2.981 million new […]

May 11, 2020

National governments must help provide insurance cover for future lockdowns, the industry’s European Union regulator said on Monday, as the private sector cannot afford to provide such broad coverage on its own. Countries have introduced lockdowns to fight the coronavirus […]

May 11, 2020

The Boston-based start-up has laid off 60 of its employees and is putting a further 16 workers on part-time contracts which run until the end of this year. Flywire, which was founded in 2009 and has a total 540 employees […]

May 7, 2020

Forcing retroactive payouts to cover business disruption losses resulting from the coronavirus pandemic could ultimately put financial stability at risk, global insurance regulators said. Disputes over cover for businesses struggling to stay afloat during coronavirus lockdowns have erupted in countries […]

May 6, 2020

States enduring the brunt of the coronavirus crisis are receiving a smaller proportion of emergency small business loans than some Mountain and Midwest states, according to analysis conducted by the Federal Reserve. “In New York, the epicenter of the coronavirus […]

May 5, 2020

Insurers are normally great with numbers. But the coronavirus pandemic has them struggling to estimate how many billions of dollars in losses they face, and what the fallout will be for their massive investment portfolios. Executives, lawyers and analysts say […]

May 5, 2020

S&P Global Ratings revised its outlook on the ratings of 13 U.S. banks to negative from stable and said the coronavirus pandemic will hit hardest those lenders that are most exposed to industries such as commercial real estate and consumer […]