Banking and Lending
Federal Reserve Declines to Cut Interest Rates, Cites Continued Inflation
As expected, the Federal Reserve did not reduce the benchmark lending rate at its meeting yesterday, maintaining the rate at a 23-year high.
Berkshire Bank to Close 3 CT Branches
Boston-based Berkshire Bank has filed a notice with the Connecticut Department of Banking to close three of its branches in the Nutmeg State.
Funding Secured for Multifamily Development in Wakefield
JLL Capital Markets has arranged capitalization for a new, 440-unit development to be built on the shore of Lake Quannapowitt in Wakefield.
Powell Likely to Signal Lower Inflation Is Needed Before Fed Will Cut Rates
After three straight hotter-than-expected inflation reports, Federal Reserve officials have turned more cautious about the prospect of interest rate cuts this year.
Reclassification of Marijuana Could Build Momentum for Cannabis Banking Reform
The U.S. Drug Enforcement Administration will move to reclassify marijuana as a less dangerous drug, a historic shift to generations of American drug policy that could have wide ripple effects across the country.
Mass. Climate Bank Launches First Homeowner Loan Product
The product will make $20 million in loans available over the next two years to help homeowners cover the costs of things like heat pumps, electric vehicle charging stations, weatherization, and more.
Personnel File – No. 365
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.
JPMorgan’s Dimon Says Stagflation Possible
JPMorgan Chase CEO Jamie Dimon says he’s hopeful the Federal Reserve can bring down inflation without causing a recession but wouldn’t rule out more troubling possibilities, such as stagflation.
Eastern Bank Predicts Cambridge Merger Will Close in Q3
Eastern Bank executive said they are highly confident the bank’s merger with Cambridge Trust won’t be delayed much longer.
Massachusetts’ Biggest Black-Owned Bank to Relocate HQ
OneUnited Bank plans to relocate its headquarters out of Boston’s Financial District and into the traditional heart of Boston’s Black community.
Rockland, Eastern Earn Top Marks for Customer Satisfaction
A new analysis by J.D. Power has found that Rockland Trust and Eastern Bank are the two top large, Massachusetts-based banks operating in New England in terms of customer service.
Poll: 2 in 5 Black Mass. Biz Leaders Rejected for Loans
A new poll finds that Black small business leaders in Massachusetts disproportionately report being rejected when applying for financing.
Cape Cod 5, MVCU Building Branches in Plymouth
Two financial institutions are in the process of setting up shop in Plymouth.
Does ‘Virtue Signaling’ Pay Off for Entrepreneurs?
Our research suggests consumers view a little bit of virtue language as reasonable and trustworthy. Higher levels of virtue signaling, however, can come across as dishonest.
Citizens Reports Private Bank Deposits Up $1.2B in Q1
Citizens Financial Group’s move to seize market share among the Northeast’s rich is gathering pace, executives said during the bank’s first-quarter earnings call Wednesday.
Powell: Elevated Inflation Will Likely Delay Rate Cuts
“If higher inflation does persist,” he said, “we can maintain the current level of [interest rates] for as long as needed.”
M&T Keeps Cutting Exposure to CRE Lending
In its first earnings call after a major credit ratings agency downgraded its out look for the lender, M&T Bank announced progress in reducing its book of commercial real estate loans.
Top Fed Official Opens Door to Keeping Rates High for Longer
Federal Reserve Vice Chair Philip Jefferson suggested Tuesday that the central bank’s key rate may have to remain at its peak for a while to bring down persistently elevated inflation.
Competitive Workplaces Don’t Work for Gender Equality
Firms where employees battle against each other for rank, bonuses and promotions are common in law and finance. But while, on its face, they are gender-neutral, they actually worsen gender inequality.
Will Boston Multifamily Hit Its Own ‘Wall of Maturities’?
The nation’s multifamily owners are facing a financial crunch as they try to refinance construction and other loans. But Boston is likely to see a lot less distress than Sunbelt cities, experts say.
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