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Financial Services

A second Great Depression? Unemployment crisis hits big cities hard

A second Great Depression? Unemployment crisis hits big cities hard

By: Greg Iacurci
Source: CNBC
Date of Publication: July 21st, 2020
The unemployment rate in New York rose to 20.4% in June, even as the broader country’s improved. Los Angeles had a 19.5% jobless rate. The unemployment rate is a measure of financial hardship for American families. There is no official definition of an economic “depression.” An unemployment rate near or above 20% is one good indicator, according to some economists.
U.S. bank deposits not worth what they were before COVID-19

U.S. bank deposits not worth what they were before COVID-19

By: David Henry
Source: Reuters
Date of Publication: July 20th, 2020
Big banks are making a lot less money from their deposits than they did before the coronavirus pandemic.
S&P 500, Dow futures turn positive on COVID-19 vaccine hopes

S&P 500, Dow futures turn positive on COVID-19 vaccine hopes

Source: Reuters
Date of Publication: July 20th, 2020
Futures tracking the S&P 500 and Dow indexes pared early declines to trade marginally higher, as hopes of a coronavirus vaccine offset concerns about the economic damage from a surge in domestic COVID-19 infections.
Bored bank customers flock to day-trading platforms during pandemic

Bored bank customers flock to day-trading platforms during pandemic

By: Imani Moise, Elizabeth Dilts Marshall
Source: Reuters
Date of Publication: July 17th, 2020
Retail investing is having a moment. Major U.S. brokerages that reported quarterly results this week cheered the self-directed day trading happening on their platforms as individuals with a bit of extra money and time on their hands during the coronavirus pandemic have been engaging more in markets.
As big U.S. banks let customers delay payments, loan losses remain unclear

As big U.S. banks let customers delay payments, loan losses remain unclear

By: Elizabeth Dilts Marshall, Imani Moise
Source: Reuters
Date of Publication: July 17th, 2020
Major U.S. bank executives this week said they extended forbearance programs to millions of credit card, auto loan and mortgage customers who were financially hard hit by the coronavirus pandemic.
US banks warn of much more economic pain ahead

US banks warn of much more economic pain ahead

By: Julia Horowitz
Source: CNN Business
Date of Publication: July 15th, 2020
The biggest US banks are setting aside billions of dollars to deal with toxic loans as support from the government falls off in the months ahead, a sign that some of the worst economic damage from the pandemic is still to come.
Wells Fargo swings to $2.4 billion loss as pandemic bites

Wells Fargo swings to $2.4 billion loss as pandemic bites

Source: Reuters
Date of Publication: July 14th, 2020
Wells Fargo & Co swung to a second-quarter loss as the coronavirus set back the bank’s progress in recovering after a series of misselling scandals, forcing it to set aside billions of dollars to cover potential loan losses and slash its dividend.
Coronavirus bringing record $1 trillion of new global corporate debt in 2020: report

Coronavirus bringing record $1 trillion of new global corporate debt in 2020: report

By: Marc Jones
Source: Reuters
Date of Publication: July 13th, 2020
Companies around the world will take on as much as $1 trillion of new debt in 2020, as they try to shore up their finances against the coronavirus, a new study of 900 top firms has estimated.
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Wall Street headed lower after five-day run on fears over virus surge

Wall Street headed lower after five-day run on fears over virus surge

By: C Nivedita
Source: Reuters
Date of Publication: July 7th, 2020
Wall Street’s main indexes looked set to open lower on Tuesday following the benchmark S&P 500’s longest streak of gains this year as investors weighed the risks to the economy from tens of thousands of new coronavirus cases nationwide.
Will office buildings ever be the same? Empire State Building offers clues

Will office buildings ever be the same? Empire State Building offers clues

By: Imani Moise and Echo Wang Reuters
Source: St Louis Post-Dispatch
Date of Publication: July 3rd, 2020
The Empire State Building has been a symbol of America's economic might for almost 90 years. Of late, it's also become a symbol of its struggle with the coronavirus.