Banking and Lending
Boston Fed President Says Low Unemployment Not Signal of ‘Full Employment’
“No one statistic can adequately characterize the labor market, since aggregate numbers do not show the wide range of experiences across people, sectors and places,” Susan Collins said.
Amid Competition, J.P. Morgan Launches Private Equity Banking Team
Boston will be one of the five hubs for J.P. Morgan Private Bank’s new, private equity fund banking group, being launched with the help of bankers acquired from JPMorgan Chase’s purchase of First Republic Bank.
CMG Mortgage Buys South Shore Mortgage Lender
California-based home lender CMG Mortgage is expanding its Massachusetts footprint with the purchase of Rhode Island-based Shamrock Home Loans.
Bay State Savings Reboots C-Suite Team
Worcester-based community bank Bay State Savings Bank is looking to strengthen its operations and gear up for long-term growth aspirations by appointing five C-suite executives, some coming from big banks and financial institutions.
Citizens to Wind Down Wholesale Lending Business
Rhode Island-based bank Citizens is exiting the wholesale mortgage lending business, five months after exiting the indirect auto lending business, as well.
First Citizens Pledges $6.5B to MA, CA Community Investments
Silicon Valley Bank’s buyer announced the grants and lending set-asides after community groups and housing advocates raised fears investments SVB promised before its failure would be lost.
Citizens, Eastern Donate to Train Boston Preschool Teachers
The Greater Boston YMCA is launching an early educator apprenticeship program with a $1 million donation from Rhode Island-based Citizens and additional money from the Eastern Bank foundation.
Cooperative Bank of Cape Cod Launches Debit Rewards
The Cooperative Bank of Cape Cod has unveiled a new program that offers rewards to debit card users.
Personnel File – No. 351
Who’s on the move? From new VPs to fresh project managers, see who’s been hired, promoted and honored: It’s The Personnel File.
Climate Change Hits Indebted Businesses Hardest, New Research Suggests
Climate change delivers a one-two punch to highly leveraged firms by intensifying the costs that stakeholders impose on them, and it’s harder for a company that’s deep in debt to adapt.
Community Good Works
Bristol County Savings Bank gave a $10,000 grant to support a local micro-lending program for businesses that can’t ordinarily qualify for bank credit. See who else gave back.
In Speech, Powell Reinforces Fed’s Cautious Approach
Federal Reserve Chair Jerome Powell suggested Thursday that the Fed is in no hurry to further raise its benchmark interest rate, given evidence that inflation pressures are continuing to ease at a gradual pace.
Citibank Fined $26M for Discrimination Against Armenian Immigrants
Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau said Wednesday.
SVB Banker, Three CRE Figures Named ‘Outstanding Young Leaders’
Three figures in the local commercial real estate scene and one local banker were honored by the Greater Boston Chamber of Commerce.
Dozens of Banks Hit by TCH Payment Processing Delay
A processing glitch in the network that processes electronic transfers between nearly all U.S. bank accounts led to delays in settling deposits, some of which remain stalled, according to the private company that operates the system.
Personnel File – No. 350
Who’s on the move? From new VPs to fresh project managers, see who’s been hired, promoted and honored: It’s The Personnel File.
Mass. Biz Confidence Pulled in Different Directions
Confidence among Massachusetts businesses tipped from ever so slightly pessimistic in September to ever so slightly optimistic in October, with market forces pulling firms in opposite directions.
Local Banks Seek Strides in Closing Racial Lending Disparities
Lending to minority-owned small businesses is increasing rapidly in Massachusetts, as some local bankers and federal officials work to level the playing field.
Community Good Works
Lawrence-based Merrimack Valley Credit Union donated $30,000 to Emmaus Inc. in Haverhill, a nonprofit that provides emergency shelter and affordable housing to families and individuals facing homelessness. See who else gave back
Leader Bank Hires Second Banker for Startup/VC Team
Leader Bank has added a second former First Republic Bank employee to its team focused on banking Greater Boston’s tech sector.
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