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Shared-office operator WeWork told investors on Thursday the $4.4 billion in cash and cash commitments it had at year-end 2019 is enough to execute its five-year plan and manage the challenges posed by the coronavirus crisis. WeWork, whose losses more than doubled to $1.25 billion as of the third quarter of 2019, told bond investors …

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. …

Neiman Marcus is reportedly considering bankruptcy as the luxury retailer wrestles with massive debts and coronavirus-related store closures. The Dallas-based company is in discussions with lenders about filing for bankruptcy, which could allow it to keep operating and reduce its debts while it works to cut costs, Bloomberg News reported Monday. Neiman Marcus has not …

The rapid spread of the coronavirus since it was first reported in China has dealt an unprecedented shock to the global economy. Following are business developments Monday related to the outbreak as governments attempt to stabilize their economies, companies struggle to cope and millions of people face job losses and disruptions in supplies of goods …

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 …

Forty years ago, on the morning of March 20, 1980, Morty Gilbert was sitting in his Midtown office at Elektra Asylum Records when a stranger arrived in his doorway. The man was wearing a down jacket and jeans. He carried a briefcase. “He looked very average,” Gilbert, the record company’s then-sales manager, recalled. “He seemed to …

SoftBank Group is looking to raise an additional $10 billion to help its first Vision Fund support portfolio companies hit by the Chinese virus pandemic, Bloomberg reported here on Thursday, citing people with knowledge of the matter. The Japanese technology conglomerate has reached out to outside investors for $5 billion in funds, which will be …

Paolo Banchero is a consensus top five player in the 2021 class with one of the most versatile skill sets of any player in the country, regardless of class. Last season, he led O’Dea (Seattle) to its first state title since 2007, won MVP of the NBPA Top 100 Camp last summer and won Underclassmen …