Banks look to pay more to retain employees
A survey found bank employees are changing jobs at the fastest pace in a decade, with non-officer turnover at 18.7 percent and officer turnover at nearly 7 percent.
Banking & Finance
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PNC survey finds business owners are optimistic
Small and midsize business owners in Indiana expect the state’s economy will continue to grow at a slow and steady pace, even though they are dissatisfied with the economic plans of both presidential candidates, according to newly released data.
Software-as-a-service firm Zylo lands $3.3M in funding
Zylo, launched by Indianapolis-based High Alpha Studio earlier this year, received funding from three well-known names in the local tech community.
Smulyan extends his Emmis buyout offer yet again
The additional extension might be a sign Smulyan and the board are at odds over price. In a letter to directors evaluating the deal, Smulyan offered no details, stating, “Our entire team looks forward to further discussions … to complete a mutually acceptable transaction.”
Justices seem wary of limiting insider trading prosecutions
The Supreme Court on Wednesday seemed likely to preserve the government's broad power to crack down on insider trading on Wall Street.
Smulyan extends deadline for Emmis buyout offer again
In a letter to a special committee of the board of directors, Smulyan said he looks forward “to further discussions with the committee and its financial advisor and legal counsel to complete a mutually acceptable transaction.”
Risk-averse CNO caught up in hedge fund nightmare
A deal struck two years ago aimed at offloading the risks associated with a big block of long-term care insurance has come back to haunt the Carmel-based company in a big way.
Shareholders of Republic Airways flex muscle in bankruptcy
Two hedge funds that own a quarter of the stock argue the Indianapolis-based carrier, which flies commuter routes on contract for the nation’s biggest airlines, really wasn’t insolvent when the company filed for bankruptcy—a move that gave it the leverage to negotiate much more favorable pacts with Delta, United and American. And with those deals now sealed, the outlook is even brighter.
Federal Reserve keeps key rate unchanged but hints of coming hike
The Fed made clear in updated forecasts it issued Wednesday that it expects growth to remain tepid for at least three years.
I-69 construction woes lead to another bond downgrade
Standard & Poor’s has issued its second ratings downgrade as delays plague construction of the interstate between Bloomington and Martinsville.
Confluence Pharmaceuticals lands $1.3M in venture capital
Indianapolis-based Elevate Ventures said it made the investment through the 21st Century Research & Technology Fund, which is reserved for Indiana companies.
Vertellus pension plan to get $36M bailout from federal agency
A federal agency has stepped in to pay almost all of a $36 million shortfall in pension benefits for current and future retirees of Vertellus Specialties Inc., an Indianapolis-based manufacturer that is working its way through a Chapter 11 bankruptcy.
Local legal-tech firm secures $2.2 million for seed round
Doxly, a High Alpha Studio company, grabbed the cash in its first fundraising round and signed on the world’s largest law firm as a customer.
ITT Educational Services files for bankruptcy after shutdown
The Carmel-based, for-profit educator began liquidation proceedings Friday after closing 136 technical schools, leaving over 35,000 students stranded in one of the largest college shutdowns in U.S. history.
Smulyan extends offer to take Emmis private
CEO Jeff Smulyan, who had given the board until Friday to decide whether to accept his $4.10-per-share offer to take the company private, has extended the offer to Sept. 30.
Golfsmith bankruptcy brings fresh woes to Under Armour, Nike
Golfsmith, which has 109 stores in the U.S. and 55 in Canada, filed for Chapter 11 bankruptcy on Wednesday. The retailer has one store in Indianapolis.
Fifth Third Bank to shed 44 branches system-wide
Cincinnati-based Fifth Third has about 44 branches and about 490 employees in the Indianapolis area.
Former ITT Tech students launch federal debt strike
More than 100 former students of now-closed ITT Technical Institutes announced Wednesday they'll no longer make payments on their federal student loans, part of a revolt against what they call the Obama administration's negligence in policing for-profit colleges.
Dow drops almost 400 points on Federal Reserve rate concerns
U.S. stocks fell sharply Friday, pulling the Dow Jones industrial average down almost 400 points, giving the market its worst day since June 24 and worst week since January.
Wells Fargo fined $185 million for improper account openings
Regulators fined Wells Fargo a combined $185 million on Thursday, alleging the bank's employees illegally opened millions of unauthorized accounts for their customers in order to meet aggressive sales goals. More than 5,000 employees were fired in connection with the behavior.