One Year After Buying a Failed Bank, New York Community Bancorp Is Struggling
A New York bank is under severe pressure Friday close to one year after absorbing a large chunk of another bank 30 miles away that had failed.
Localizing Philanthropy for a Global Bank
Coming from the world of government administration, Rafia Zahir-Uddin has helped JPMorgan Chase to provide $1 million in community investments in Connecticut in 2023 as its vice president for corporate responsibility.
Fewer Banks Tightening Lending Standards, Raising Hopes
Fewer banks tightened lending standards as 2023 came to a close, a hopeful sign for businesses that broader loan access is on the horizon.
Boston Fed Appoints New First VP, COO
The Federal Reserve Bank of Boston has named Karen A. Pennell its new first vice president and chief operating officer. She will replace Kenneth C. Montgomery, who will retire this spring.
NBT Cuts Ribbon on New West Hartford Branch
NBT Bank celebrated its newly relocated West Hartford branch with a ribbon-cutting ceremony on Feb. 21 and donations to a pair of local charities.
CT’s Largest CU to Merge With Wellness Federal Credit Union
American Eagle Financial Credit Union, the state’s largest credit union, and Hartford-based Wellness Federal Credit Union have filed papers to merge, following votes by their respective boards of directors to combine forces.
What Recession? Professional Forecasters Raise Expectations for 2024
This year looks to be a much better one for the U.S. economy than business economists were forecasting just a few months ago, according to a survey released Monday.
Fed Officials Caution Against Cutting Interest Rates Too Soon or Too Much
Several Federal Reserve policymakers warned Thursday against cutting U.S. interest rates too soon or by too much in the wake of recent data showing inflation stayed unexpectedly high in January.
Bank Economists Grow More Optimistic on Credit Conditions in Q1
While credit conditions are still expected to weaken compared to their strong position in the last few years, bank economists have come to view the situation with more optimism due to better economic growth.
Robots and Happy Workers: Productivity Surge Helps Explain Economy’s Surprising Resilience
Chronic worker shortages have led many companies to invest in machines to do some of the work they can’t find people to do. They’ve also been training the workers they do have to use advanced technology so they can produce more with less. The result has been an unexpected productivity boom.
Credit Union Acquires Historic Building in Cheshire
Norwalk-based Sound Federal Credit Union has acquired a new location in Cheshire, where it intends to open a full-service lending subsidiary.
Regional Banks Report Troubled Office Loans
The fourth quarter earnings calls of regional banks with branches in Connecticut revealed an increasing share of troubled office loans, a trend that may continue in the next few quarters.
M&T Marks Progress in Donations, Mostly to CT Nonprofits, Tied to Merger
M&T Bank’s charitable foundation has now distributed 80 percent of the bank’s $25 million Amplify Fund to 173 nonprofits in its New England markets, most of them in Connecticut.
Treasury Proposes New Anti-Money Laundering Rules for Investment Advisers
The Biden administration is rolling out new recordkeeping rules for U.S. investment advisers in its continued effort to clamp down on money laundering, illicit finance and fraud in the American financial system.
Inflation Is Nearly Back to 2 Percent. So Why Isn’t the Fed Ready to Cut Rates?
From Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers. Central bankers? Not so much.
NYCB Tries to Reassure Investors, but Its Stock Falls Again
Shares of New York Community Bancorp fell another 10.5 percent Wednesday after the bank’s credit rating got downgraded to “junk” and investors worried the regional lender could suffer the same fate Silicon Valley Bank did last year.
JPMorgan Chase to Open Five CT Branches Over the Next Three Years
JPMorgan Chase is set to open five branches in Connecticut over the next three years as a part of its greater nationwide expansion plan until 2027. Briana Curran, Chase’s vice president for US regional communications, said that the five branches will be in new...
In Interview, Powell Confirms Three Rate Cuts Likely
The Fed chair also reiterated that the central bank’s next meeting in March was likely too soon for a rate cut. Most economists think the first cut is likely to come in May or June.
CT Bank Executives Gear Up for 2024
Deposits are stabilizing and interest rate cuts are in the offing. That could spell opportunity, local bankers say.
Powell: Fed On Track to Cut Rates, Though Not for Months
Investors and some economists had been holding out the possibility that the Fed might cut as early as its next meeting in March. That now appears off the table.
