Corporate America puts $2 trillion in bank in run-up to election
Reluctance to put money to work took hold when the pandemic struck and has shown few signs of easing.
Banking & Finance
Articles
Chase remains Indy’s biggest bank
PNC and Fifth Third rank as the second and third largest area bank by deposits.
Banks adding branches in Hamilton, Hendricks counties
State Bank will also move its Danville branch to 8589 Rockville Road in Avon, near the Hendricks Regional Health YMCA. That location is set to open Nov. 9.
Bank profits remain resilient despite lingering pandemic
The health of the banking sector is a proxy for the U.S. economy, since the banks’ fortunes largely rise or fall depending on whether borrowers are repaying their debts.
Strong gains for technology stocks send Wall Street higher
Big Tech stocks, including Apple and Microsoft, powered much of the gains. Their businesses have proven to be practically impervious to the pandemic, unlike companies that would benefit from a strengthening economy.
JPMorgan Chase puts $30B toward fixing banking’s ‘systemic racism’
JPMorgan Chase said Thursday it will extend billions in loans to Black and Latino homebuyers and small business owners in an expanded effort directed at “widespread economic inequality.”
Money: Try touchless payment to avoid dirty money
Since January, no-touch payments have increased at 69% of retailers surveyed by the research firm Forrester on behalf of the National Retail Federation. And two-thirds of retailers surveyed now accept some form of no-touch payment.
M&A activity roars back from early-pandemic slowdown
Companies are taking advantage of seemingly good conditions for deal-making, including historically low interest rates that allow for cheaper debt, along with money sitting on balance sheets and in the private equity markets.
Hearing officer recommends dismissal of Mackey discipline case
The discipline case accusing high-profile Barnes & Thornburg partner Larry Mackey of an improper relationship with the ex-wife of former Fishers money manager Keenan Hauke should be dismissed, the hearing officer in his case has recommended.
Accounting firm Katz Sapper & Miller prepping for leadership change
Tim Cook, an attorney who now leads the firm’s economic development consulting practice, will become the top executive at the city’s largest accounting firm on Jan. 1.
JPMorgan Chase to pay $920 million in illegal trading settlement
The settlement, the largest ever imposed for this type of fraudulent activity, known as spoofing, resolves investigations by the Justice Department, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
First Merchants CEO Rechin stepping down after 13 years
Mike Rechin, who has served as the bank’s president and CEO since 2007, plans to retire at the end of the year. His departure will trigger several promotions among the bank’s other executives.
First Merchants makes big moves after lending-bias settlements
First Merchants has begun constructing a $2 million branch that’s expected to open in the mostly Black Avondale Meadows neighborhood in late November. It’s he most visible sign yet of sweeping changes at the Muncie-based financial institution after it settled redlining investigations last year.
Chase to close three Indianapolis bank branches
The three branches, all of them in Indianapolis, will close on different dates in October and November. Even after the closures, though, Chase will still have three dozen or so locations around the city.
Powell faces lawmakers’ skepticism on some Fed aid programs
Chairman Jerome Powell on Wednesday defended the Federal Reserve’s efforts to support the economy during the pandemic-induced recession from assertions that its programs bungled aspects of its response.
Powell: Many small companies can borrow without Main Street
The central bank has faced criticism for not making the Main Street program easier to use for banks, which evaluate and issue the loans. The Fed buys 95% of the loan from the banks, reducing their credit risk.
Markets tumble worldwide over worries about the pandemic’s economic pain
Wall Street has been shaky this month, and the S&P 500 has dropped 8.4% since hitting a record Sept. 2 amid a long list of worries for investors.
Bank shares slide on report of rampant money laundering
The financial sector was hit hard Monday following a report alleging that a number of banks have continued to profit from illicit dealings with disreputable people and criminal networks
Fed aims to revamp laws ensuring access to credit for low, moderate income families
Changes to the CRA laws are considered long overdue among banking experts, especially given the rise of online banking.
IBJ Podcast: Pete the Planner urges immediate support for restaurants, plus answers to burning money questions
We all know that restaurants have been devastated by the pandemic. Some have closed, and Pete predicts more are about to. He suggests determining how much you can afford to help and then spending that cash at two or three restaurants that are meaningful to you.