More than 1 million self-employed Americans are no longer in business almost four years after the last recession began, as the economy constrains entrepreneurial activity and small-business job creation.
Citigroup Inc. and Bank of America Corp. were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.
Developer Norman Radow expected some thanks in April when he offered to repay a $35 million defaulted loan on a 32-story San Diego condominium project he had taken over, originally financed by failed Corus Bank. Instead, his new lender urged him to keep the money.
U.S. regulators have asked some banks to take more deposits from large investors even if it’s unprofitable, and lenders in return are seeking relief on insurance premiums and leverage ratios, according to six people with knowledge of the talks.
A U.S. regulatory proposal to broaden access to clearinghouses may help MF Global Holdings Ltd. , Jefferies Group Inc. and dozens of smaller banks and brokers win entry to a market dominated by Wall Street’s biggest banks.
The president may be out of ideas, but he is never out of words. He has been sharing voluminous amounts of them with audiences over the last two weeks on his latest speaking tour, or pivot, on the economy.