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JPMorgan and Wells may steal the headlines. But smaller banks like Chicago’s MB Financial and L.A.’s City National are quietly rising through the ranks.
JPMorgan Chase, Wells Fargo and other bank behemoths have bulked up over the past year. But they’re not the only ones getting bigger these days.
Gold powered through $1,100 an ounce Friday after the U.S. government said the nation’s unemployment rate rose more than expected last month, fueling demand for the metal as a safe haven.
December gold jumped $6.40 and settled at 1,095.70 an ounce after surging to an all-time high of $1,101.90 an ounce earlier.
Stocks concluded a airy affair college Friday, on bets that the unemployment rate’s fasten to a 26-year aerial agency the affliction for the activity bazaar has already happened.
Analyst upgrades of Dow basic General Electric and Nasdaq heavy-hitter Amazon.com and sliding oil prices were additionally in the mix.
JPMorgan and Wells may steal the headlines. But smaller banks like Chicago’s MB Financial and L.A.’s City National are quietly rising through the ranks. JPMorgan Chase, Wells Fargo and other bank behemoths have bulked up over the past year. But they’re not the only ones getting bigger these days.
Dozens of small banks that were otherwise anonymous in the years leading up to the financial crisis have also enjoyed robust growth in recent months.
The U.S. unemployment rate jumped from 9.8% to 10.2% in October, the U.S. Bureau of Labor Statistics reported on Nov.6. That rate exceeds economists’ estimates of 9.9% and is the highest since April 1983.
Nonfarm payroll employment declined by 190,000, more than the 175,000 jobs that economists had forecast. The largest job losses in October were in construction, manufacturing, and retail. The economy lost 219,000 jobs in September, revised from a previous estimate of 263,000. In the last three months, job losses have averaged 188,000 per month, compared with an average of 357,000 during the prior three months.
The nation’s unemployment rate rose above 10% for the first time since 1983 in October, a much worse jump than expected as employers continued to trim jobs from payrolls.
The reading, reported by the government Friday, is a sign of the continued weakness in the labor market even though the economy grew in the third quarter following the longest and deepest downturn since the Great Depression.
NEW YORK (Reuters) – CIT Group Inc’s bankruptcy case was reassigned on Monday to U.S. Bankruptcy Judge Allan Gropper following the recusal of Judge Robert Gerber, who had been assigned the case hours earlier.
A courtroom deputy for Gropper said Gerber recused himself from the case. The deputy did not give a reason for the recusal. Gerber’s chambers had no immediate comment.