Despite Billions in Fees, Banks Predict Meager Profits on P.P.P. Loans

Banks collected at least $13 billion in fees on Paycheck Protection Program loans, according to a New York Times analysis. But the largest lenders say costs wiped out most of what they took in.

#bank-of-america-corporation, #banking-and-financial-institutions, #citigroup-inc, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #jpmorgan-chasecompany, #philanthropy, #wells-fargocompany

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Banks Suspected Illegal Activity, but Processed Big Transactions Anyway

A leak of thousands of “suspicious activity reports” that banks filed with regulators shows the widespread nature of illicit money flows.

#bank-of-america-corporation, #bank-of-new-york-mellon-corporation, #banking-and-financial-institutions, #buzzfeed-inc, #deutsche-bank-ag, #financial-crimes-enforcement-network-treasury-department, #frauds-and-swindling, #international-consortium-of-investigative-journalists, #jpmorgan-chasecompany, #money-laundering, #regulation-and-deregulation-of-industry, #standard-chartered-bank-plc

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The Black Lives Next Door

A new generation of activists is trying to figure out where to concentrate its efforts. Residential desegregation is the final frontier.

#affordable-housing, #bank-of-america-corporation, #black-lives-matter-movement, #black-people, #california, #civil-rights-and-liberties, #coldwell-banker, #discrimination, #george-floyd-protests-2020, #milpitas-calif, #national-assn-of-home-builders, #national-assn-of-realtors, #race-and-ethnicity, #real-estate-and-housing-residential, #san-mateo-calif, #segregation-and-desegregation

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Coronavirus Tests the Leadership Style of Goldman Sachs’s C.E.O.

The pandemic has given David Solomon a chance to try out a more open-minded approach in tune with the bank’s young work force.

#bank-of-america-corporation, #banking-and-financial-institutions, #bear-stearns-cos, #black-people, #coronavirus-2019-ncov, #drexel-burnham-lambert-inc, #financial-brokers, #george-floyd-protests-2020, #goldman-sachs-group-inc, #jpmorgan-chasecompany, #morgan-stanley, #new-york-city, #telecommuting, #videophones-and-videoconferencing

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Profits Rebound at Warren Buffett’s Berkshire Hathaway

Berkshire reported earnings of $26.4 billion in the second quarter, a turnaround from its $49.7 billion loss in the first quarter, when the pandemic caused a plunge in the stock market.

#apple-inc, #automobile-insurance-and-liability, #bank-of-america-corporation, #berkshire-hathaway-inc, #buffett-warren-e, #company-reports, #coronavirus-2019-ncov, #geico-government-employees-insurance-co, #stocks-and-bonds, #united-states-economy

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Interest Rates Are Low, but Loans Are Harder to Get. Here’s Why.

Banks have tightened standards, becoming more choosy about their borrowers and asking a lot of questions.

#automobile-financing, #bank-of-america-corporation, #banking-and-financial-institutions, #coronavirus-2019-ncov, #credit-and-debt, #ford-motor-co, #jpmorgan-chasecompany, #mortgages, #personal-finances, #wells-fargocompany

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‘Banking While Black’: How Cashing a Check Can Be a Minefield

Black customers risk being racially profiled on everyday visits to bank branches. Under federal laws, there is little recourse as long as the banks ultimately complete their transactions.

#bank-of-america-corporation, #banking-and-financial-institutions, #black-lives-matter-movement, #black-people, #citigroup-inc, #civil-rights-and-liberties, #customer-relations, #discrimination, #george-floyd-protests-2020, #jpmorgan-chasecompany, #law-and-legislation, #race-and-ethnicity, #racial-profiling, #suits-and-litigation-civil, #wells-fargocompany

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Boxed Lunches and Plexiglass Will Welcome Back Wall Street’s Workers

The finance industry will return to its offices this month, but the landscape is likely to be altered for many months to come.

#bank-of-america-corporation, #banking-and-financial-institutions, #bathrooms-and-toilets, #citigroup-inc, #coronavirus-2019-ncov, #coronavirus-reopenings, #goldman-sachs-group-inc, #neuberger-berman-llc, #shutdowns-institutional

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As Banks Stumble in Delivering Aid, Congress Weighs Other Options

Accounts provided by the Federal Reserve and distributions handled by payroll processors are among the ideas floating around Capitol Hill.

#bank-of-america-corporation, #banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #house-of-representatives, #internal-revenue-service, #law-and-legislation, #shutdowns-institutional, #small-business, #small-business-administration, #unemployment, #unemployment-insurance, #united-states-economy, #united-states-politics-and-government, #wages-and-salaries

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Businesses Say Big Banks Flouted ‘First Come First Served’ for Aid

Small-business owners are suing, claiming that applications for stimulus loans weren’t processed in the order they were received.

#bank-of-america-corporation, #coronavirus-aid-relief-and-economic-security-act-2020, #jpmorgan-chasecompany, #small-business, #small-business-administration, #wells-fargocompany

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SBA Loan Program Starts As Small Businesses Make Urgent Applications

A $349 billion program to throw them a financial lifeline got off to a rocky start on Friday as the U.S. economy continued to seize up.

#bank-of-america-corporation, #banking-and-financial-institutions, #citigroup-inc, #coronavirus-2019-ncov, #jpmorgan-chasecompany, #layoffs-and-job-reductions, #small-business, #small-business-administration, #wells-fargocompany

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As Virus Hobbles Economy, Companies Race to Tap Credit and Raise Cash

The clamor for corporate funding is raising concerns about a financial reckoning reminiscent of 2008.

#bank-of-america-corporation, #banking-and-financial-institutions, #corporations, #credit-and-debt, #credit-ratings-and-credit-rating-agencies, #jpmorgan-chasecompany, #layoffs-and-job-reductions, #united-states-economy, #yum-brands-inc

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