Pandemic spurs consumers to flock to digital banking
But bankers say bricks-and-mortar branches are still important for a variety of reasons.
Banking & Finance
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Banks brace for bad-loan barrage by socking away millions
Amid the economic uncertainty—even though some banks express reasons for optimism—Indiana-based financial institutions are preparing themselves now for the losses that likely lie ahead.
Wall Street rallies as Federal Reserve keeps rates pinned at record low
Besides keeping short-term rates pinned at nearly zero, the Federal Reserve also said it will continue to buy about $120 billion in Treasury and mortgage bonds each month to support the economy.
Fed extends lending programs as pandemic’s impact lengthens
The extension of seven emergency lending programs through the end of the year is an acknowledgement that the programs might be necessary for longer than was first thought as the nation struggles to control the coronavirus.
More twists, turns in CNO’s surreal hedge fund odyssey
The Carmel-based insurer for years has been managing the fallout of a deal it cut in 2013 that was supposed to reduce risk but instead blew up in spectacular fashion.
Tech drives stocks to new heights on Wall Street after choppy start
The rally, which gained strength in the final hour of trading, nudged the benchmark S&P 500 index to a slight gain for the year and drove the Nasdaq composite to an all-time high.
Indiana-based banks didn’t cede PPP loans to big rivals
Of the 20 banks issuing the most PPP loans to Indiana borrowers, 11 were headquartered in the state—many of which went to extraordinary lengths to extend as many loans as they could.
Venture firm opening Indy office to target the overlooked
Cincinnati-based Lightship Capital is opening an Indianapolis-area office within three months to provide underrepresented entrepreneurs here access to a $50 million investment fund.
Federal Reserve expands lending program to not-for-profit groups
The Fed said Friday that its Main Street Lending Program, which is targeted to mid-sized businesses, will now extend credit to not-for-profits with at least 10 employees and endowments of less than $3 billion.
Wall Street rebounds after another yo-yo day of trading
The market’s latest moves came as earnings reporting season kicked off. Like the broader market, financial stocks drifted between gains and losses for much of the day before turning higher in the afternoon.
Banks set aside billions, bracing for more economic pain
The results from JPMorgan Chase, Wells Fargo and Citigroup on Tuesday offer perhaps the broadest glimpse yet into how badly the pandemic is affecting the financial health of American consumers and businesses.
Millennial Money: 4 expert tips to get hired from home
The interview process could be mostly, or entirely, virtual—even if the job itself isn’t slated to be. Standard interview advice still applies: Dress professionally, ask smart questions and so on. But you should also adopt a few new best practices.
Fed buys more corporate bonds, but might soon end purchases
The Federal Reserve said Friday that it purchased $1.3 billion in corporate bonds in late June as part of its effort to keep U.S. interest rates low and ensure large companies can borrow by selling bonds.
U.S. consumers reduced borrowing by $18.3B in May
May’s decline marked the first time in a decade that overall consumer borrowing has fallen for three straight months.
Search the PPP list: Indiana colleges, not-for-profits, small and big firms receive loans
In Indiana, more than 90% of federal loans topping $150,000 went to companies, according to the Treasury Department data. About 6% of the loans went to not-for-profit organizations.
Nasdaq hits record as U.S. stocks join global rally
The S&P 500 index posted its fifth straight increase, its longest winning streak since December, as Amazon.com Inc. shares rose past $3,000 for the first time.
Two dozen Indianapolis companies received PPP loans of at least $5M
In all, the list includes 2,499 Indianapolis entities and 11,853 entities statewide that received Paycheck Protection Program loans of $150,000 or more. The list includes the Indianapolis Business Journal, which received a loan of between $350,000 and $1 million.
Senate reaches deal to extend Paycheck Protection Program
Prospects for the legislation in the House, however, were uncertain. Both chambers are set to adjourn for a two-week recess by week’s end.
Billions of dollars in aid for small businesses go unclaimed
Business owners and advocacy groups complain that the money in the Paycheck Protection Program has not fully put to work because the program created obstacles that stopped countless small businesses from applying.
Fed’s program for loaning to Main Street off to slow start
Fed officials say more than 200 banks have signed up to participate since the program began two weeks ago, but that’s a small slice of the nation’s roughly 5,000 lenders. None have made any loans yet.