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Added on the 08/11/2021 19:41:53 - Copyright : Hewlett-Packard
Members of the environmental movement Extinction Rebellion demonstrate in the heart of London, next to the London museum, against the financing of fossil fuel industries by lenders in the City, as part of two weeks of planned action. IMAGES
The US Federal government's Paycheck Protection Program, or PPP, doled out hundreds of billions of dollars to businesses. The PPP's goal was to assist businesses during the nearly inevitable slowdowns due to the coronavirus pandemic. But according to Business Insider, many minority-owned businesses were left waiting for funds until the final weeks of the program. Many of our businesses were being turned down in the first and second round of funding. That caused application fatigue and frustration. Ron Busby President, US Black Chambers The Center For Responsible Lending says minority-owned businesses support 8.7 million jobs with an annual total payroll of $280 billion.
If you've never bought a home before, you may be surprised to learn that there's a lot to know about mortgages. In its simplest form, a mortgage is a type of loan. It's used for buying a home, and it's repaid in monthly installments--usually over 15 to 30 years. According to Business Insider, the payment you finally end up paying for your mortgage actually covers a number of things. The principal is the amount the lender gives you upfront. If you borrow $200,000 from the bank, then the principal is $200,000. A little of this is paid back each month. But you'll also pay interest--the cost of your loan. The interest is built into your monthly payment. You'll also pay property taxes, which are based on the assessed value of your home, and your mill levy--which varies depending on where you live. Homeowners insurance is mandatory, too, and is built into the payment. In 2017, the average annual policy cost $1,211. Finally, you'll also probably have to pay for private mortgage insurance, or PMI, costing from 0.2% to 2% of your loan principal per year.
JPMorgan released a note about the stock market in 2021. JPMorgan said the stock market is primed to surge in 2021. 2021 is when key risks like the US election and COVID-19 pandemic will begin to subside. "The equity market has one of the best setups for sustained gains in year," JPMorgan said. According to Business Insider, JPMorgan's note said they expected the S&P 500 to surge 26% to 4,500 by the end of 2021.
With more than half of Gen Zers using digital wallets, banks are being forced to reevaluate how they cater to customers. Banking customers are continually moving toward convenience and technology to meet their banking needs. To remain competitive financial institutions are embracing fintech and adjusting to the needs of Generation Z. Digital-only "neobanks" are popping up featuring online-only banking options and no costly physical branches. Online mortgage lending is beginning to take a larger piece of the home-lending market than traditional lending locations. According to Business Insider, financial institutions across the board are investing heavily into blockchain technology.
Getty Images Storied Wall Street bank Goldman Sachs has been going through some massive changes under CEO David Solomon. It's taken big steps involving transparency and inclusion to change up its culture. It has seen a slew of partner departures — many in the securities division. And it's making big pushes into businesses like wealth management and transaction banking. The bank announced third-quarter earnings on Wednesday that trounced Wall Street's estimates and showed continued strength through the coronavirus pandemic. The latest on people moves, deals, wealth management Goldman Sachs' Joe Duran is planning to hire dozens of advisors for the firm's wealth business, and says it's getting a boost from companies pushing early retirements and layoffs Goldman Sachs just shook up its divisions to create a new consumer and wealth-management arm that will be run by Stephanie Cohen and Tucker York Read the full memo Goldman Sachs just sent announcing a leadership shakeup in its powerhouse M&A group A majority of Goldman Sachs' summer interns prefer Instagram to TikTok, believe remote work hurts relationships, and think Biden will be elected president in November Goldman Sachs, JPMorgan, and Citi are Wall Street's most active fintech investors.
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