bank

Some Americans’ coronavirus stimulus checks are reportedly disappearing because their banks are pocketing the money. Some banks are putting customers’ deposits from the federal government toward negative balances in their accounts — leaving those unfortunate taxpayers with nothing, The New York Times reported Thursday. USAA — a financial-services company that serves people in the military …

Goldman Sachs chief executive David Solomon signaled on Wednesday he’s working on the “assumption” that the coronavirus-driven recession will continue at least through the end of this year. After seeing the $80 billion bank’s first-quarter profit nearly cut in half by the pandemic, CEO Solomon kicked off Goldman’s earnings call on a somber tone, making …

Stocks plunged Wednesday as fresh concerns about the coronavirus’s economic toll dampened optimism on Wall Street. The Dow Jones industrial average tumbled as much as 716.44 points, or nearly 3 percent, giving back the prior day’s 2.7 percent jump on hopes that virus-battered economies could reopen before too long. The S&P 500 also slid as …

Bank of America chief Brian Moynihan has spent a decade preparing his megabank for the next financial crisis, but he still wasn’t fully prepared for the coronavirus pandemic. On a Tuesday morning call with reporters discussing first-quarter results, the chief executive said his $2.3 trillion bank is ready to weather the unprecedented COVID-19 outbreak, but …

J.C. Penney is exploring filing for bankruptcy protection after the coronavirus pandemic forced the US retailer to temporarily shut its 850 department stores, upending its turnaround plans, according to people familiar with the matter. The Plano, Texas-based company has access to enough cash to survive in the months ahead, even as revenue dries up because …

SoftBank warned investors that it expects to report a massive loss this year, thanks in part to the coronavirus wreaking havoc on already-struggling investments like WeWork. The Japanese conglomerate said in a statement that its famed $100 billion Vision Fund will see an operating loss of $12.5 billion for the fiscal year, its third consecutive …

Wells Fargo’s sprawling back offices in India, struggling to process residential mortgage deals amid a coronavirus lockdown, may be the next black eye for America’s beleaguered third-largest bank, mortgage lenders familiar with the matter told The Post. At stake, they claim, is a frozen pipeline of funding, potentially as much as billions of dollars destined …

AMC Entertainment is inching closer to a possible bankruptcy. The nation’s largest movie theater chain, whose cinema houses have been shuttered nationwide since mid-March because of the coronavirus, is in talks to hire law firm Weil Gotshal & Manges to explore a potential Chapter 11 filing, The Post has learned. Weil Gotshal’s team is headed …

Economists expect coronavirus shutdowns will cause bankruptcies to surge in the coming months, a new report says. Federal Reserve researchers predict the number of virus-related bankruptcies could jump by 200,000 to nearly 1 million unless government programs help stem the tide, Bloomberg Law reported Friday. Bankruptcy expert Edward Altman reportedly expects the dollar value of …

Morgan Stanley boss James Gorman surprised his staff by disclosing in an internal video that he has won his own battle with the coronavirus. According to sources close to the banking giant, employees were notified via email at 8 a.m. Thursday that their 61-year-old chief executive had posted a 10-minute video to Morgan Stanley’s intranet …