Fed says more rate hikes needed to curb inflation
U.S. central bankers are waging their most aggressive action against high inflation in a generation.
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Stifel sues rival financial firm over mass exodus from Indianapolis office
Stifel is suing a newly-formed competitor firm, Sapient Capital, alleging that Sapient conducted an “orchestrated raid” of Stifel’s 96th Street office, convincing nearly all the employees to jump ship and attempting to bring their clients and their $10 billion in assets with them. Sapient characterizes the situation differently.
Speedway considering gap loan for $35M Wilshaw hotel project
The upscale hotel project across from Indianapolis Motor Speedway has gone through numerous delays since being announced in 2015. A new developer took over in late 2021 but has yet to restart construction.
All-cash home purchases on the increase nationwide
The share of homes bought without mortgages in the United States is now at levels not seen since 2014, when the housing market was on the rebound after the foreclosure crisis and the Great Recession.
Fed’s Powell: Strong hiring could force further rate hikes
Jerome Powell’s remarks followed the government’s blockbuster report last week that employers added 517,000 jobs in January, nearly double December’s gain. The unemployment rate fell to its lowest level in 53 years, 3.4%.
Analysis: Anti-ESG pension bill could shrink state pension returns $6.7B in next decade
An updated fiscal analysis for the legislation shows that over the next decade, the bill, if enacted, could reduce investment returns on defined-benefit funds by $6.4 billion and defined-contribution funds by $300 million.
Local accounting firm Somerset acquired by two out-of-state players
Somerset CPAs and Advisors, the fifth-largest accounting firm in Indianapolis, is now owned by CBIZ Inc., a financial firm based in Cleveland, and affiliated accounting firm Mayer Hoffman McCann PC.
Fed lifts rate by quarter-point and signals more hikes ahead
The Fed’s latest move, though smaller than its previous hike—and even larger rate increases before that—will likely further raise the costs of many consumer and business loans and the risk of a recession.
Indiana 250 spotlight: Juan Gonzalez
“I worry about how our society is becoming more divided and less willing to talk/compromise/work together. We need a society where we all work together for the betterment of all of us.”
First Internet Bank to exit consumer mortgage business
Fishers-based First Internet said the decline in the housing market and the sector’s negative outlook for the next few years prompted it to get out of the consumer mortgage business.
Crypto firms acted like banks, then collapsed like dominoes
Last week, Genesis filed Chapter 11, joining Voyager Digital, Celsius and BlockFi on the list of companies that have either filed for bankruptcy protection or gone out of business.
IBJ Podcast: Internet banking pioneer Becker has bucket list but isn’t going anywhere
The First Internet Bank of Indiana founder is 69 years old and says he has no plans to hand over the reins of CEO and chairman given that developing new products and services for the bank scratches his entrepreneurial itch.
Old National Bank sues over failed software
The Evansville-based bank is suing financial technology firm Backbase over what it calls Backbase’s “unmitigated failure” to fulfill $18 million in software contracts for a Chicago bank Old National acquired.
Indianapolis software firm Authenticx lands $20M in growth capital
Authenticx offers business communications software that allows health insurers and health care systems to analyze millions of client interactions such as phone calls and emails, helping customers improve their interactions with patients.
Indiana Republicans propose career scholarship accounts
A new bill in Indiana would establish accounts for students to pay for career training outside their schools, as part of House Republicans’ campaign to “reinvent” high school and align it more closely to the workforce.
Pennsylvania-based Northwest Bank to open regional office in Fishers
Pennsylvania-based Northwest Bank, which entered the Indiana market in 2020 with its acquisition of Muncie-based MutualFirst, has been beefing up its local workforce since then.
Inflation report could show another month of cooling price hikes
The U.S. inflation report for December being released Thursday morning could provide another welcome sign that the worst bout of spiking prices in four decades is slowly weakening.
Speedway official named chief of Indiana Bond Bank
Indiana State Treasurer Daniel Elliott has named Jacob Blasdel executive director of the Indiana Bond Bank, succeeding acting executive director Ron Mangus.
FTX recovers $5 billion in cash, crypto to repay customers
It is not yet clear how much of a shortfall FTX’s creditors will face as company advisers continue working to salvage what they can from the crypto giant’s shocking implosion in November.
SPACs lose their spark with deals hard to find
Around Indiana and the nation in recent weeks, special purpose acquisition companies, or SPACs, are shutting down and returning money to investors. In other cases, investors are taking a bath.