Three Rockefellers Say Banks Must Stop Financing Fossil Fuels

JPMorgan Chase and other big banks should use their lending power to force cuts in greenhouse gas emissions.

#banking-and-financial-institutions, #corporate-social-responsibility, #dimon-james, #global-warming, #greenhouse-gas-emissions, #jpmorgan-chasecompany, #rockefeller-family, #rockefeller-david, #rockefeller-john-d, #united-states

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Wait, Wall Street Is Pro-Biden Now?

Investors are warming to the possibility of a “blue wave” as Joseph R. Biden Jr. rises in the polls and the chances of a contested election diminish.

#biden-joseph-r-jr, #coronavirus-2019-ncov, #democratic-party, #house-of-representatives, #jpmorgan-chasecompany, #powell-jerome-h, #presidential-election-of-2020, #standardpoors-500-stock-index, #stimulus-economic, #stocks-and-bonds, #trump-donald-j, #united-states-economy

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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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Reid Hoffman and Mark Pincus On What Makes Their SPAC Different

Silicon Valley stars Reid Hoffman and Mark Pincus explain what makes their blank-check company different.

#airlines-and-airplanes, #beijing-bytedance-technology-co-ltd, #coronavirus-2019-ncov, #goldman-sachs-group-inc, #jpmorgan-chasecompany, #mergers-acquisitions-and-divestitures, #oracle-corporation, #tiktok-bytedance, #walmart-stores-inc

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JPMorgan Sends Workers Home After Coronavirus Case

Sending workers home after a colleague tests positive for the coronavirus will be a fact of life for months to come.

#antitrust-laws-and-competition-issues, #apple-inc, #coronavirus-2019-ncov, #gates-bill, #gates-bill-and-melinda-foundation, #house-of-representatives, #jpmorgan-chasecompany, #race-and-ethnicity, #schultz-howard-d

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Justice Dept. Announces Dozens of Fraud Charges in Small-Business Aid Program

Fifty-seven people were charged with trying to steal more than $175 million from the Paycheck Protection Program, law enforcement officials said.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #frauds-and-swindling, #jpmorgan-chasecompany, #justice-department, #small-business, #small-business-administration, #stimulus-economic, #united-states-politics-and-government

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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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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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One of America’s Oldest Gun Makers Files for Bankruptcy for 2nd Time

The move by the 204-year-old Remington Arms Company came after years of litigation and declining sales.

#bankruptcies, #cerberus-capital-management, #cloud-peak-energy-inc, #firearms, #gun-control, #jpmorgan-chasecompany, #mergers-acquisitions-and-divestitures, #navajo-indians, #newtown-conn-shooting-2012, #parkland-fla-shooting-2018, #remington-arms-co

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Businesses Are Supposed to Cut Debt in a Downturn. Why Not Now?

The Federal Reserve’s efforts to stabilize markets have touched off an even bigger borrowing binge than corporate America was already on.

#abercrombiefitch-co, #banking-and-financial-institutions, #citigroup-inc, #credit-and-debt, #expedia-inc, #federal-reserve-system, #jpmorgan-chasecompany, #live-nation-entertainment-inc, #recession-and-depression, #stocks-and-bonds, #united-states-economy

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Banks Stockpile Billions as They Prepare for Things to Get Worse

JPMorgan Chase, Citigroup and Wells Fargo said that as long as the economy behaved according to their forecasts, they were braced for more pandemic-induced pain.

#banking-and-financial-institutions, #citigroup-inc, #company-reports, #coronavirus-2019-ncov, #credit-and-debt, #jpmorgan-chasecompany, #piepszak-jennifer, #scharf-charles-w, #united-states-economy, #wells-fargocompany

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I’m Not Ready to Go Back to Restaurants. Is Anyone?

Restaurateurs have become de facto public-health officials as Covid-19 cases spike all over the country, and it’s a problem.

#abbott-gregory-w-1957, #bars-and-nightclubs, #coronavirus-2019-ncov, #coronavirus-reopenings, #desantis-ron, #garcetti-eric-m, #instagram-inc, #jpmorgan-chasecompany, #lee-william-byron-1959, #masks, #quarantines, #restaurants

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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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Manhattan Faces a Reckoning if Working From Home Becomes the Norm

Even after the crisis eases, companies may let workers stay home. That would affect an entire ecosystem, from transit to restaurants to shops. Not to mention the tax base.

#barclays-plc, #economic-conditions-and-trends, #gorman-james-p, #jpmorgan-chasecompany, #lm-development-partners, #landlords, #madison-square-garden, #malkin-anthony-e, #new-york-city, #property-taxes, #ramirez-diane-m, #real-estate-commercial, #two-trees-management, #workplace-environment

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Former Exxon Chief Lee Raymond Shouldn’t Be on JP Morgan Chase’s Board

Shareholders at JP Morgan Chase should block a former Exxon chief from another term on the bank’s board.

#banking-and-financial-institutions, #blackrock-inc, #dimon-james, #dinapoli-thomas-p, #exxon-mobil-corp, #global-warming, #jpmorgan-chasecompany, #new-york-city, #office-of-the-comptroller-nys, #oil-petroleum-and-gasoline, #raymond-lee-r-1938, #stringer-scott-m

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Banks Gave Richest Clients ‘Concierge Treatment’ for Pandemic Aid

Some businesses seeking coronavirus loans got to avoid flaky online portals or backed-up queues. Many other small businesses couldn’t get their loan requests submitted before the money dried up.

#banking-and-financial-institutions, #citigroup-inc, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #customer-relations, #high-net-worth-individuals, #jpmorgan-chasecompany, #small-business, #small-business-administration, #us-bancorp

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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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Big Banks, Readying for a Recession, Set Aside Billions

First-quarter earnings reports from JPMorgan Chase and Wells Fargo showed the country’s largest banks were preparing for customer pain.

#banking-and-financial-institutions, #company-reports, #coronavirus-2019-ncov, #dimon-james, #jpmorgan-chasecompany, #scharf-charles-w, #united-states-economy, #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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