Arbitrators deny J.P. Morgan’s request for damages against three former advisers
J.P. Morgan had claimed that the three former employees improperly solicited clients to follow them to their new firm.
Banking & Finance
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First Internet Bancorp reports record quarterly profit
The Fishers-based parent of First Internet Bancorp had a milestone quarter thanks to a boom in mortgage activity, the company reported Wednesday afternoon.
JPMorgan Chase to invest $7 million in Indianapolis career readiness initiatives
The funding is part of the firm’s $75 million global commitment to better prepare young people for jobs and a new $30 billion commitment “to advance racial equity and drive an inclusive economic recovery.”
Report showing gains in bank access overshadowed by COVID
More Americans than ever obtained a basic bank account in 2019, the Federal Deposit Insurance Corp. said Monday. But data was gathered before the outbreak of the coronavirus pandemic.
Study finds inequities in lending in majority-Black neighborhoods
Although redlining—discrimination in banking and lending based on someone’s race or where they live—has been illegal since the Fair Housing Act passed in 1968, analysts at Indiana University’s Public Policy Institute found that inequities in home-loan lending still exist.
Corporate America puts $2 trillion in bank in run-up to election
Reluctance to put money to work took hold when the pandemic struck and has shown few signs of easing.
Chase remains Indy’s biggest bank
PNC and Fifth Third rank as the second and third largest area bank by deposits.
Banks adding branches in Hamilton, Hendricks counties
State Bank will also move its Danville branch to 8589 Rockville Road in Avon, near the Hendricks Regional Health YMCA. That location is set to open Nov. 9.
Bank profits remain resilient despite lingering pandemic
The health of the banking sector is a proxy for the U.S. economy, since the banks’ fortunes largely rise or fall depending on whether borrowers are repaying their debts.
Strong gains for technology stocks send Wall Street higher
Big Tech stocks, including Apple and Microsoft, powered much of the gains. Their businesses have proven to be practically impervious to the pandemic, unlike companies that would benefit from a strengthening economy.
JPMorgan Chase puts $30B toward fixing banking’s ‘systemic racism’
JPMorgan Chase said Thursday it will extend billions in loans to Black and Latino homebuyers and small business owners in an expanded effort directed at “widespread economic inequality.”
Money: Try touchless payment to avoid dirty money
Since January, no-touch payments have increased at 69% of retailers surveyed by the research firm Forrester on behalf of the National Retail Federation. And two-thirds of retailers surveyed now accept some form of no-touch payment.
M&A activity roars back from early-pandemic slowdown
Companies are taking advantage of seemingly good conditions for deal-making, including historically low interest rates that allow for cheaper debt, along with money sitting on balance sheets and in the private equity markets.
Hearing officer recommends dismissal of Mackey discipline case
The discipline case accusing high-profile Barnes & Thornburg partner Larry Mackey of an improper relationship with the ex-wife of former Fishers money manager Keenan Hauke should be dismissed, the hearing officer in his case has recommended.
Accounting firm Katz Sapper & Miller prepping for leadership change
Tim Cook, an attorney who now leads the firm’s economic development consulting practice, will become the top executive at the city’s largest accounting firm on Jan. 1.
JPMorgan Chase to pay $920 million in illegal trading settlement
The settlement, the largest ever imposed for this type of fraudulent activity, known as spoofing, resolves investigations by the Justice Department, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
First Merchants CEO Rechin stepping down after 13 years
Mike Rechin, who has served as the bank’s president and CEO since 2007, plans to retire at the end of the year. His departure will trigger several promotions among the bank’s other executives.
First Merchants makes big moves after lending-bias settlements
First Merchants has begun constructing a $2 million branch that’s expected to open in the mostly Black Avondale Meadows neighborhood in late November. It’s he most visible sign yet of sweeping changes at the Muncie-based financial institution after it settled redlining investigations last year.
Chase to close three Indianapolis bank branches
The three branches, all of them in Indianapolis, will close on different dates in October and November. Even after the closures, though, Chase will still have three dozen or so locations around the city.
Powell faces lawmakers’ skepticism on some Fed aid programs
Chairman Jerome Powell on Wednesday defended the Federal Reserve’s efforts to support the economy during the pandemic-induced recession from assertions that its programs bungled aspects of its response.