Industry News
Bigger Office Properties’ Higher Vacancy Rates Persist in Fairfield County
By James Sanna | March 6, 2024 | Reprints | Unlock LinkA new analysis of occupancy data by commercial brokerage Avison Young finds that the bigger an office building is in Fairfield County, the more empty it continues to be.
Powell: Rate Cuts Still Likely, but More Evidence Needed that Inflation’s Tamed
By Christopher Rugaber | The Associated Press | March 6, 2024 | Reprints | Unlock LinkChair Jerome Powell reinforced his belief Wednesday that the Federal Reserve will cut its key interest rate this year but that it first wants to see more evidence that inflation is falling sustainably back to the Fed’s 2 percent target.
Pandemic Boosted Hartford Homebuyer Income by $52K
By James Sanna | March 5, 2024 | Reprints | Unlock LinkA new analysis by economists at Zillow say the income a Greater Hartford homebuyer needs to afford the median home in the region rose by over $52,000 over the last four years.
CFPB Seeks $8 Credit Card Late Fee Cap
By Ken Sweet and Josh BOak | The Associated Press | March 5, 2024 | Reprints | Unlock LinkThe Biden administration announced a rule Tuesday to cap all credit card late fees, the latest effort in the White House push to end what it has called “junk fees” and a move that regulators say will save Americans up to $10 billion a year.
State Makes ‘Progress’ in Rewriting Contamination Rules that Stymie Development
By James Sanna | March 4, 2024 | Reprints | Unlock LinkA much-hated state law that’s helped hobble reuse of industrial properties in cities across Connecticut is headed for significant changes.
Wells Fargo Plans Two More CT Branch Closings
By James Sanna | March 4, 2024 | Reprints | Unlock LinkAdd New Haven and Bethel to the communities in line to lose a Wells Fargo branch this year.
One Year After Buying a Failed Bank, New York Community Bancorp Is Struggling
By Michelle Chapman | The Associated Press | March 1, 2024 | Reprints | Unlock LinkA 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
By Nika Cataldo | March 1, 2024 | Reprints | Unlock LinkComing 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.
Report: Spinnaker Buys Final Parcel for Big Hartford Redevelopment
February 29, 2024 | Reprints | Unlock LinkDowntown Hartford’s Bushnell South project just passed a major hurdle as Norwalk-based Spinnaker Real Estate Partners completed site assembly for the redevelopment.
Fewer Banks Tightening Lending Standards, Raising Hopes
By Damian J. Troise | The Associated Press | February 29, 2024 | Reprints | Unlock LinkFewer banks tightened lending standards as 2023 came to a close, a hopeful sign for businesses that broader loan access is on the horizon.
Inside New Haven Wealth Firm’s New High-Rise Offices
By James Sanna | February 28, 2024 | Reprints | Unlock LinkNew Haven architecture firm Svigals + Partners is showcasing the work it did designing a new headquarters office for local wealth management company Kreitler Financial on the fifth floor of downtown New Haven’s One Century Tower.
Boston Fed Appoints New First VP, COO
By Nika Cataldo | February 28, 2024 | Reprints | Unlock LinkThe 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
February 27, 2024 | Reprints | Unlock LinkNBT Bank celebrated its newly relocated West Hartford branch with a ribbon-cutting ceremony on Feb. 21 and donations to a pair of local charities.
Macy’s to Close 150 Stores as Sales Slip and It Pivots to Luxury
By Anne D'Innocenzio | The Associated Press | February 27, 2024 | Reprints | Unlock LinkMacy’s will close 150 stores over the next three years and 50 by the end of 2024, the department store said Tuesday after posting a fourth quarter loss and declining sales.
CT’s Largest CU to Merge With Wellness Federal Credit Union
February 26, 2024 | Reprints | Unlock LinkAmerican 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
By The Associated Press | February 26, 2024 | Reprints | Unlock LinkThis 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.
137-Unit, Mixed-Use Rehab Planned for Bridgeport Ex-AT&T Block
February 23, 2024 | Reprints | Unlock LinkA long-underutilized block in downtown Bridgeport is getting a new life with a housing-heavy, mixed-use redevelopment plan.
Fed Officials Caution Against Cutting Interest Rates Too Soon or Too Much
By Christopher Rugaber | The Associated Press | February 23, 2024 | Reprints | Unlock LinkSeveral 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.
New York AG: I’ll Seize Trump’s Towers If He Can’t Pay $454M Fraud Debt
By Michael Sisak | The Associated Press | February 22, 2024 | Reprints | Unlock LinkDonald Trump could be at risk of losing some of his prized properties if he can’t pay his staggering New York civil fraud penalty. With interest, he owes the state nearly $454 million — and the amount is going up $87,502 each day until he pays.
Bank Economists Grow More Optimistic on Credit Conditions in Q1
By Nika Cataldo | February 22, 2024 | Reprints | Unlock LinkWhile 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.