Special Program Root Tag

Janet Yellen was confirmed by the U.S. Senate as the country's 78th Treasury secretary and the first woman to hold the job, putting her in charge of overseeing an economy that continues to be hobbled by the coronavirus pandemic.

The company, poised to complete its purchase of Radius Bank, will enjoy new cross-selling opportunities, gain additional sources of fee income and capital as well as benefit from greater regulatory clarity, CEO Scott Sanborn says.

Despite mortgage rates expected to rise modestly in 2021, a bolstered Biden administration stimulus package and COVID-19 vaccination efforts bring promise for economic recovery.

Mortgage rates, whose movements until now had not reflected gains in the benchmark 10-year Treasury yield, rose 14 basis points this week, according to Freddie Mac.

Commercial real estate portfolios have held up better than expected during the pandemic. But rising delinquencies and fears of a delayed economic recovery are renewing questions about credit quality.

The incoming administration chose a battle-tested policymaker who can draw on her nearly two decades at the Fed to help rebuild an economy still struggling from the coronavirus pandemic.

The Trump administration has compelled the Federal Reserve to shut down the Main Street Lending Program and other facilities that aid banks’ pandemic relief efforts, but President-elect Biden’s Treasury nominee could help turn the spigot back on.

Goldman Sachs Group shuffled its business lines and announced a raft of management changes, carving out new divisions aligned with a strategy pivot unveiled earlier this year.

Banks reported decent loan growth in the spring and early summer as businesses rushed to draw down credit lines and tap the Paycheck Protection Program. But demand has been muted since, and bankers can only guess when it will pick back up.

Jane Fraser, a longtime Citigroup executive, will be the first female CEO of a major Wall Street bank. She succeeds Michael Corbat, who had held the post for eight years.