Coronavirus

Banks make emergency preparations as HSBC deals with confirmed case; the changes simplify regulations without posing additional systemic risks, the Fed says.

Some companies have begun canceling events as a result of the outbreak, but it remains to be seen whether industry groups will follow suit.

The global efforts to contain the coronavirus outbreak are leading to drastic actions that test the limits of what consumers will accept when governments and other entities use their payment data.

Fed makes emergency cut, JPMorgan tests contingency plan; the justices appeared divided on whether to give the president power to fire the agency’s director.

The Fed’s decision to cut its benchmark interest rate amid growing coronavirus concerns is bound to have an impact on banks, but just how broad and how deep remains to be seen.

In announcing the central bank’s emergency rate cut, Chairman Jerome Powell warned that the Fed can only do so much.

JPMorgan Chase is asking thousands of U.S. employees to work from home as it tests a contingency plan for closing domestic offices should the coronavirus spread, according to people with knowledge of the matter.

As India’s first billion-dollar share sale in more than two years and the only credit card firm in the nation to go public, SBI Cards and Payment Services Ltd.’s float may exceed the $1.4 billion target. The question is by how much in the face of the coronavirus outbreak.

The Federal Reserve has voted unanimously to cut the interest rate 50 basis points to 1.10% effective March 4, in the first emergency rate cut since 2008.

The company said that cardholders’ spending overseas has slowed sharply, especially for travel-related purchases, and that it won’t give a forecast for future quarters until next month.

The disease could lead to less lending business and more loan defaults; Sergio Ermotti will join the insurance company as chairman in 2021.

Something as simple as the sale of cheese can show how fear instantly affects the economy, disrupting trade and the transaction fees that processors rely on.

Policymakers could recommend banks establish backup facilities and the Federal Reserve could stand ready with emergency loans to limit economic shock waves.

Citigroup and Morgan Stanley told employees not to travel internationally for nonessential business, expanding earlier restrictions in Wall Street's latest responses to the spread of the coronavirus.

Coronavirus, also called Covid-19, is wreaking havoc on the stock market, with a heightened effect on the travel industry. It could also cause a drastic change in payment habits, as consumers shift to digital channels to reduce their risk of infection from handling cash.

The bank added Italy to the list of countries off-limits to employees after restricting travel to and from Asia for the last several weeks.

With health organizations warning of a global outbreak, banks are starting to assess the risks to their bottom lines.

The Massachusetts senator and presidential candidate sent a letter to CEOs of five of the largest U.S. banks asking about their response to the outbreak.

How New York became Wells Fargo's new center of power; banks walk fine line in preparing for a coronavirus outbreak in U.S.; bankers on Bernie's electoral chances and whether a Sanders presidency would pose a threat; and more from this week's most-read stories.

With the world gripped in panic over the rapid spread of the coronavirus — and the stock market falling in response — payments companies have been left to speculate on what it all means to their operations in an increasingly global economy.