Banking

The new Paycheck Protection Program rules, which created a review process and timeline for paying lenders, did not extend the time borrowers have to comply or increase how much money can be spent nonpayroll expenses.

The changes follow new leadership of the bank’s recently unified wealth management operations.

“The world has become more digital, less global and more local,” says Amy Lo, co-head of the firm’s Asia Pacific wealth division.

The digital advice firm is hoping its 500,000 customers will want to consolidate more of their finances under one roof.

Both men started their careers as financial advisors before moving into leadership.

About 5,500 large customers of the commercial banking business applied for funding. Nearly all of them got loans.

Asset managers are targeting massive amounts of capital to benefit from credit market stress as the coronavirus leaves many companies in need of support.

The firm expects a second wave of opportunities, particularly in commercial mortgage-backed securities and collateralized loan obligations.

The Small Business Administration stopped approving loans when the Paycheck Protection Program hit its cap.