Capital One

“We do not yet know when we’ll return to a more traditional operating model,” a company spokesperson said.

Delinquencies have been ticking up since the start of the coronavirus pandemic and Capital One is warning of more pain unless the government provides additional relief to tenants and landlords.

Since March, issuers have tightened their criteria for opening new accounts and closed millions of existing ones in hopes of avoiding waves of defaults.

The lender’s offices in the U.S., Canada and the U.K. will remain shut to all nonessential staff at least through the Labor Day holiday on Sept. 7, CEO Richard Fairbank wrote in an internal memo.

Many banks are slashing their spending. Others are changing their messaging strategies. And those banks that partner with pro sports teams are stuck in limbo, since it remains unclear when games will resume.

The ratings firm also took negative action with respect to Ally, Synchrony, Discover, Sallie Mae and Navient, citing the impact that the coronavirus crisis is having on their revenues and profits.

The company reported a loss of $1.3 billion in the first quarter after setting aside more than $5.4 billion for potential loan losses.

Reluctant to cancel what have become pipelines for developing talent, banks are delaying start dates or moving programs entirely online.

Closed showrooms, temporary bans on repossessions and a sudden spike in unemployment have dimmed the prospects of a sector that has boomed since the last recession.

About 1,000 interns were notified of the change this week. They will still receive the pay and housing funds outlined in their original offer letters.