bank

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 …

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 …

The US economy has fallen into a recession because of the Chinese virus pandemic that will make for a “brutal” three months ahead, Bank of America warned Thursday. The bank expects the nation’s gross domestic product to plunge a record 12 percent in the second quarter of this year after meager growth of 0.5 percent …

Several employees at Goldman Sachs’ New York headquarters are believed to have contracted the novel coronavirus, according to two sources, making it the latest Wall Street bank whose staff have been affected by the pandemic. Over the past two weeks, employees at JPMorgan Chase, Morgan Stanley, Barclays and BlackRock have all reported confirmed cases among …

JPMorgan Chase is closing about a fifth of its bank branches to help contain the spread of COVID-19. The finance giant will shutter about 1,000 Chase bank locations temporarily, according to a memo sent to employees Wednesday. The roughly 4,000 other branches will reduce their operating hours starting Thursday. The bank is trying to balance …