“Haven worked best as an incubator of ideas, a place to pilot, test and learn — and a way to share best practices across our companies,” Mr. Dimon added. Business & Economy Updated Jan. 4, 2021, 3:39 p.m. ET Haven named Dr. Atul Gawande, a surgeon affiliated with Harvard Medical School and Boston’s Brigham and […]
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Bank of America is offering employees up to three hours of paid time to vote this year. The spirits company Diageo North America has declared a no-meeting day on Nov. 3. Best Buy is closing stores until noon that day, and PayPal is offering a half day, paid, to workers who volunteer at polling places. […]
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Hundreds of thousands of small businesses are closing for good. Temporary layoffs at larger companies are becoming permanent. But the country’s largest banks, which together serve a majority of Americans through loans, credit cards or deposit services, are not raising an alarm. In their third-quarter earnings reports this week, big banks have said they are […]
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One hundred years ago, as a deadly influenza gripped the world and the stock market dropped precipitously, our great-grandfather John D. Rockefeller Jr. began investing in New York banks to diversify the family’s business away from fossil fuels in the midst of the economic uncertainty. The result was the beginning of our family’s century-long association […]
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A new kind of fund has entered the marketplace. Whether it is better than its predecessors remains to be seen. The new entrant is known as a nontransparent actively managed exchange-traded fund. That mouthful sounds like a self-contradictory term — an oxymoron, really — but 16 nontransparent active E.T.F.s are already being sold, according to […]
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The suspense surrounding the next round of fiscal stimulus — will there or won’t there be a deal — has whipsawed markets this week. Investors first pushed stocks up on news of progress between Congress and the White House, only to pull back on Tuesday when President Trump said on Twitter that there would be […]
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Loath to be seen profiting from the economic disaster caused by the coronavirus, the nation’s biggest banks were quick to pledge that they would donate to charity any money earned from helping deliver the government’s signature small-business relief plan. That promise may be something of a mirage. The banks that were the largest lenders under […]
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A cache of thousands of reports that major banks filed with federal regulators shows that they helped suspected terrorists, drug dealers and corrupt foreign officials move trillions of dollars around the world, despite the banks’ concerns about the suspicious nature of the transactions. The documents, known as suspicious activity reports, were obtained by BuzzFeed News […]
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Want this delivered to your inbox each day? Sign up here. ‘Venture at scale’ In a crowded field of blank-check companies, Reid Hoffman and Mark Pincus think that their special purpose acquisition company, or SPAC, is particularly special. Their company, Reinvent Technology Partners, raised $600 million in an I.P.O. and started trading yesterday, posting one […]
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Want this delivered to your inbox each day? Sign up here. Some workers are already going back home JPMorgan Chase sent some of its workers home this week after an employee in its trading unit in Midtown Manhattan tested positive for the coronavirus, a person familiar with the matter told DealBook. The timing isn’t great. […]
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WASHINGTON — The Justice Department on Thursday said it had charged 57 people with trying to steal more than $175 million from the Paycheck Protection Program of emergency loans to help small businesses during the coronavirus pandemic as questions swirled about how its funds were disbursed. Some cases involved “individuals or small groups, acting on […]
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David M. Solomon started 2020 on his back foot. Mr. Solomon had been on the job as chief executive of Goldman Sachs, perhaps Wall Street’s most storied and vilified institution, for just over a year, working to broaden the bank’s offerings by pursuing lines of business that his predecessors had long avoided. But his Main […]
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As public school teachers, Tori Smith and her husband have careers that should survive the coronavirus economy, but their mortgage lender wasn’t taking any chances. It told them that they would have to put down more money to keep the interest rate they wanted, then dialed back what it was willing to lend them. And […]
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The Remington Arms Company, one of America’s oldest and largest gun manufacturers, filed for bankruptcy protection on Monday after years of litigation and a loss of investors took a heavy toll on its finances. The Chapter 11 filing in the U.S. Bankruptcy Court in Decatur, Ala., is the company’s second restructuring in two years. Remington […]
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Since the 2008 global financial crisis, American corporations have taken advantage of historically low interest rates to gorge themselves on debt. Then came the pandemic and the sharpest economic downturn in history, which resulted in an odd solution for the companies that did all that borrowing: more debt. Through late June, giant U.S. companies had […]
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Three of the nation’s biggest banks revealed Tuesday that they had set aside billions of dollars to cover potential losses on loans, signaling that they don’t expect consumers and corporations to be able to pay their debts in the coming months as the pandemic continues to gut employment and commerce. Collectively, JPMorgan Chase, Citigroup and […]
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