bank

WeWork has sued SoftBank after the Japanese conglomerate said last week that it’s backing out of a $3 billion offer for shares in the struggling office-sharing startup. In the lawsuit, which was widely expected after the tender was yanked last week, a special committee on the board of WeWork’s parent We Co. alleged that SoftBank …

RavnAir Group, the largest regional carrier in Alaska, filed for bankruptcy Sunday and grounded all of its 72 planes as it waits on a decision from US Treasury for government assistance. The Trump administration is weighing applications from numerous airlines as it considers how to disburse $25 billion in passenger airline grants, $4 billion for …

JPMorgan pressured its traders to come into work despite a coronavirus outbreak on its Midtown trading floor, a new report alleges — and now nearly two dozen traders are sick and another 65 are in quarantine. In just three weeks some 20 employees on one floor in the investment bank’s Madison Avenue headquarters have tested …

Bank of America said on Friday it has already received about 35,000 applications for federally backed small-business loans within hours of starting to accept them. The second largest US bank by assets became the first major bank to accept applications for the massive small-business rescue program approved by Congress last week. But the bank was …

The company behind the Logan’s Roadhouse and Old Chicago restaurant chains has reportedly fired thousands of workers as the coronavirus keeps its restaurants closed. CraftWorks Holdings — which filed for bankruptcy last month — axed almost all of its 18,000 employees this week after putting them on furlough in early March, the Wall Street Journal …

Dean & DeLuca, a pioneer fine-foods retailer in New York City for decades, has filed for Chapter 11 bankruptcy protection. The coronavirus pandemic pushed the 43-year-old grocer over the edge, according to court documents, but it hopes to sell its brand name — known for such luxury items as $165 tins of Siberian caviar — …

Bankrupt home-furnishings chain Pier 1 Imports has canceled plans to auction off its stores and other assets this week, according to court documents. The Fort Worth, Texas-based retailer pulled the plug on an auction that was slated for Tuesday “in light of the COVID-19 pandemic, increasing government shut-downs and overall unstable market conditions,” according to …

Saved by the Fed. Federal Reserve programs, estimated at $6 trillion after some $2 trillion in promised fiscal stimulus last week, have averted a Depression-era crisis for US banks, some analysts say. But the enormous Fed sums may not be enough to fully cushion banks from a financial shock that was already building before the …

Banks are wobbling from the economic wallop being delivered by the coronavirus, but experts say they are unlikely to fall down. According to data from S&P Global Market Intelligence, the US banking industry will likely see its profits plunge 25 percent this year as locked-down consumers curtail their spending. That, in turn, will make it …

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 …