Banking

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.

BofA joins rival banks in setting aside billions for loan losses

Its prediction that business conditions will remain weak this year — and into next year — stands in stark contrast to forecasts from political leaders that the economy will rebound quickly from the coronavirus pandemic.

Though hopeful for a second-half bounceback in the economy, JPMorgan Chase is prepared for 20% unemployment, lackluster GDP and losses in its loan portfolio that could reach tens of billions of dollars.

Just days after the Fed lifted Wells Fargo's asset cap so it could make more Paycheck Protection Program loans, it warned customers its queue is long and they may want to go elsewhere before program funds are exhausted.

“Traditionally, 401(k)s generally have some really good investment options that you wouldn’t be able to do on your own,” an expert says.

By extending their working years, seniors can see an increase in their Social Security payouts.

“We have to have a roadmap for how to deploy capital in this environment,” says the global head of alternatives for the firm’s asset management arm.

The major issuers of leveraged products, which trade under the ProShares and Direxion trademarks, have each posted inflows of over $2.8 billion this month.

In some cases, workers who have received severance pay have the option of investing the money for retirement and other long-term goals.

No online lenders are approved for the agency's traditional programs, but they could make loans under the COVID-19 stimulus package if they get special approval.

Older clients are advised to take extra steps to protect their finances as the current crisis may leave them prone to making poor financial decisions.

“[By extending the tax deadline], they automatically extended the deadline to make an IRA contribution last year,” an expert says.

Job listings for roles that don’t need to be filled immediately will be pulled.

Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.