Crisis Management

JPMorgan Chase and Citigroup told employees if they can work from home to begin doing so this week, escalating efforts to prevent the deadly coronavirus from spreading among staff.

The actions include cutting the federal funds rate to between 0% and 0.25% and other steps to ease economic stress from the spread of the coronavirus.

The banks — including JPMorgan Chase, Bank of America, Wells Fargo and Citigroup — agreed to stop buying back their own shares through the second quarter, saying they will focus on supporting clients and the nation during the coronavirus pandemic.

The actions include cutting the federal funds rate to between 0% and 0.25% and other steps to ease economic stress from the spread of the coronavirus.

The agency will be tasked with providing $50 billion in loans to small businesses harmed by the pandemic. It is unclear whether the SBA will need help from banks and CUs.

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

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.

Given the possibility of a nationwide outbreak, the time is now for credit unions to take steps to protect themselves and their members.

There's much bank executives can learn from the 737 Max and Deepwater Horizon catastrophes, which could have been averted if regulators had been notified sooner.

The timing couldn’t be worse for ag and energy lenders as well as global banks, which were all counting on the Chinese market to help bolster commercial lending and fee income.