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March 28, 2020
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CNBC Business

New Jersey Gov. Phil Murphy announces 90-day grace period on mortgages

CNBC
CNBC – For more and to sign up click here New Jersey Governor Phil Murphy speaks after taking the oath of office in Trenton, New Jersey, January 16, 2018. Lucas Jackson | Reuters New Jersey homeowners whose finances have been affected by the novel coronavirus will get a 90-day reprieve......
Reuters - Business

U.S. regulators give banks relief on accounting standard, derivatives rule

Reuters
FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo WASHINGTON (Reuters) – U.S. banking regulators told banks Friday they could ignore the capital implications of a new accounting standard for two years and adopt early a new, more sensitive......
Reuters - Business

ECB tells euro zone banks to skip payouts as virus hits economy

Reuters
LONDON/FRANKFURT (Reuters) – The European Central Bank told euro zone banks on Friday to skip dividend payments and share buybacks until October at the earliest and use their profits to support the economy as it is hit by the coronavirus pandemic. FILE PHOTO: The skyline with its financial district is......
Reuters - Business

U.S. banks borrow at discount window after Fed offers stigma relief

Reuters
NEW YORK (Reuters) – With encouragement from the Federal Reserve, U.S. banks have turned to a long-shunned lending facility known as the discount window to borrow $50.8 billion, according to data the central bank released on Thursday. FILE PHOTO: The Federal Reserve building pictured in Washington, U.S., July 16, 2018.......
CNBC Business

Morgan Stanley CEO Gorman tells employees: ‘Your jobs are secure’

CNBC
CNBC – For more and to sign up click here Morgan Stanley CEO James Gorman told his employees that despite the upheaval caused by the coronavirus pandemic, their jobs will be secure through this year. “I am sure some, if not many, of you are worried about your jobs,” Gorman......
CNBC Business

Senate set to vote on coronavirus stimulus bill Wednesday night

CNBC
CNBC – For more and to sign up click here The Senate is planning to vote on a massive $2 trillion relief bill late Wednesday or early Thursday, after a last-minute fight over a proposed unemployment provision delayed proceedings on Wednesday, people familiar with the situation told CNBC. The Senate......
CNBC Business

Congress gets closer to a deal on massive stimulus bill

CNBC
CNBC – For more and to sign up click here Democrats and Republicans are getting closer to a deal on the massive stimulus package to combat the economic impact of the coronavirus. Lawmakers and the Trump administration expect to reach an agreement Tuesday morning, Senate Minority Leader Chuck Schumer told......
Reuters - Business

Bank of England says coronavirus tougher than banks’ stress test

Reuters
LONDON (Reuters) – The shock from coronavirus to banks is set to be greater but less prolonged than lenders faced in last year’s stress test and the financial system remains resilient, the Bank of England said on Tuesday. A person wearing a mask walks past the Bank of England, as......
CNBC Business

Citigroup is giving some employees a $1000 bonus amid coronavirus

CNBC
CNBC – For more and to sign up click here Michael Corbat, CEO, Citigroup, speaking at the World Economic Forum in Davos, Switzerland, January 21, 2020. Adam Galica | CNBC Citigroup CEO Michael Corbat said the bank will send $1,000 awards to some employees to compensate them for the “financial......
CNBC - Real Estate

These banks are offering coronavirus financial aid

CNBC Real Estate
In the face of the coronavirus pandemic, the financial stability of millions of Americans is in jeopardy. In a statement, the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency encouraged banks to work with their customers affected by COVID-19. A growing number......
CNBC Business

Talks on Senate stimulus bill continue, vote pushed to noon

CNBC
CNBC – For more and to sign up click here Steven Mnuchin, U.S. Treasury secretary, center, walks through the U.S. Capitol in Washington, D.C., U.S., on Monday, March 23, 2020. Al Drago | Bloomberg | Getty Images Democrats and Republicans on Monday continued negotiations over a massive stimulus funding package......
CNBC Business

Goldman CEO David Solomon gets a 20% raise to $27.5 million for 2019

CNBC
CNBC – For more and to sign up click here David Solomon, CEO, Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020. Adam Galacia | CNBC Goldman Sachs CEO David Solomon got a 20% raise to $27.5 million for his work leading the bank in......
CNBC Business

Bank stocks ‘very cheap’ after sell-off

CNBC
CNBC – For more and to sign up click here The S&P financial sector is having its worst month in 30 years. The group has fallen about 27% this month, taking a harder hit than the broader S&P 500, which has shed nearly 18%. Year to date, S&P financials are......
CNBC Business

Bank of America says customers impacted by coronavirus may be able to defer mortgage payments

CNBC
CNBC – For more and to sign up click here US President Donald Trump gestures as CEO of Bank of America Brian Moynihan (L) speaks during a meeting with banking leaders to discuss how the financial services industry can meet the needs of customers affected by COVID-19 at the White......
CNBC Business

Senate GOP releases plan with up to $1,200 in cash payments

CNBC
CNBC – For more and to sign up click here Senate Majority Leader Mitch McConnell, a Republican from Kentucky, speaks during a news conference after a weekly caucus meeting at the U.S. Capitol in Washington, D.C., on Tuesday, Jan. 14, 2020. Al Drago | Bloomberg | Getty Images Senate Republicans......
Reuters - Business

British banks grapple with business demands for coronavirus lifelines

Reuters
LONDON (Reuters) – Some banks in Britain are struggling to provide financial support to homeowners and businesses battered by the coronavirus pandemic, with demand surging after the government announced a series of aid measures including an emergency lending scheme. FILE PHOTO: Chancellor of the Exchequer Rishi Sunak speaks during a......
CNBC Business

Banks nearly took down the economy in 2008. Now the industry

CNBC
CNBC – For more and to sign up click here Brendan McDermid | Reuters Investors glued to their screens as stocks tumble day after day. Central banks around the world injecting trillions of dollars into the financial system. Talk of bailing out out entire industries. For people who have been......
Reuters - Business

Some European banks shut branches to limit coronavirus spread

Reuters
FRANKFURT/LONDON (Reuters) – Two of Germany’s largest banks have temporarily shut hundreds of branches, while Italian lenders have shortened opening hours as they grapple with staff shortages and the spread of coronavirus. A company logo is pictured at the headquarters of Germany’s Commerzbank AG during the annual results news conference......
Reuters - Business

Global central banks pull out all stops as coronavirus paralyzes economies

Reuters
SYDNEY (Reuters) – The U.S. Federal Reserve and its global counterparts moved aggressively with sweeping emergency rate cuts and offers of cheap dollars to help combat the coronavirus pandemic that has jolted markets and paralyzed large parts of the world economy. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell arrives to......
Reuters - Business

Global central banks take sweeping action to fight coronavirus

Reuters
SYDNEY (Reuters) – The U.S. Federal Reserve and its global counterparts moved aggressively with sweeping emergency rate cuts and offers of cheap dollars in a bid to combat the coronavirus pandemic that has roiled markets and paralyzed large parts of the world economy. FILE PHOTO: U.S. Federal Reserve Chairman Jerome......

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