banks

Stocks plunged Wednesday as fresh concerns about the coronavirus’s economic toll dampened optimism on Wall Street. The Dow Jones industrial average tumbled as much as 716.44 points, or nearly 3 percent, giving back the prior day’s 2.7 percent jump on hopes that virus-battered economies could reopen before too long. The S&P 500 also slid as …

Wells Fargo’s sprawling back offices in India, struggling to process residential mortgage deals amid a coronavirus lockdown, may be the next black eye for America’s beleaguered third-largest bank, mortgage lenders familiar with the matter told The Post. At stake, they claim, is a frozen pipeline of funding, potentially as much as billions of dollars destined …

Morgan Stanley boss James Gorman surprised his staff by disclosing in an internal video that he has won his own battle with the coronavirus. According to sources close to the banking giant, employees were notified via email at 8 a.m. Thursday that their 61-year-old chief executive had posted a 10-minute video to Morgan Stanley’s intranet …

Bank of America said on Friday it has already received about 35,000 applications for federally backed small-business loans within hours of starting to accept them. The second largest US bank by assets became the first major bank to accept applications for the massive small-business rescue program approved by Congress last week. But the bank was …

Saved by the Fed. Federal Reserve programs, estimated at $6 trillion after some $2 trillion in promised fiscal stimulus last week, have averted a Depression-era crisis for US banks, some analysts say. But the enormous Fed sums may not be enough to fully cushion banks from a financial shock that was already building before the …

Banks are wobbling from the economic wallop being delivered by the coronavirus, but experts say they are unlikely to fall down. According to data from S&P Global Market Intelligence, the US banking industry will likely see its profits plunge 25 percent this year as locked-down consumers curtail their spending. That, in turn, will make it …

Citigroup will temporarily close up to 15 percent of its US branches in light of reduced foot traffic amid the coronavirus outbreak, a spokesman told Reuters. The third-largest US lender said it would also temporarily reduce branch hours and redeploy staff to open branches to ensure access to essential services. Citigroup has roughly 700 branches. …

Some US banks on Monday offered employees one-time bonuses to help ease the financial burden of the coronavirus pandemic and as a reward for working through the crisis. Banks have largely been excluded from government-mandated shutdowns across the country because they are considered an essential industry by the federal government, meaning most bank branches, call …

Goldman Sachs said on Monday it had injected more than $1.8 billion into two of its own money-market funds last week, updating a previously disclosed figure of about $1 billion. The transactions were spread over two days last week to keep the funds’ weekly liquidity levels above the US regulatory threshold of 30 percent. Goldman …

Further to my ideas to help stabilize the economy in last week’s column — some of which came to be implemented, and are now in the proposed bill — I have a few more suggestions. I propose that the Treasury and the Federal Reserve use banks — at little-to-no profit — as conduits to expedite …