Category: Economy (Page 1 of 71)

Florida Is Now At High Risk of Massive Bank Layoffs

Florida is now at high risk of massive bank layoffs as more branches continue to shutter as online-banking surges in popularity.

Banks such as Trustco, Bank of America, Wells Fargo, Fifth Third Bank, and PNCBank have already made headlines for their workforce reductions in Florida. 

These layoffs reflect a broader trend in the financial sector, raising concerns about the stability of banking jobs in the region.

Citigroup, the nation’s third-largest banking institution, announced a significant “corporate overhaul,” as reported by CNBC.

This restructuring plan involves laying off at least 10% of employees in several divisions.

Tampa, Florida, hosts a major Citigroup corporate campus, spanning 100 acres and employing around 10,000 workers, only second to New York in employee count.

The Jacksonville Business Journal has raised concerns about potential job cuts in Florida, highlighting the state’s vulnerability in this corporate shake-up.

Wells Fargo has now shuttered seven major branches in Florida after it closed four in California.

The latest Wells Fargo branches to close in Florida are listed below:

  • 3131 West Hallandale Beach Blvd, Hallandale
  • 10191 Cleary Blvd, Plantation
  • 113 South Tennessee Ave, Lakeland
  • 4901 Tamiami Trail, South Naples
  • 219 Indian River Avenue, Titusville
  • 12233 North Florida, Tampa
  • 2307 Del Prado Boulevard, Cape Coral

In July, Wells Fargo laid off over 100 employees in the consumer and small business banking division in Orlando.

The following bank branches are also scheduled to shutter in Florida in the coming weeks:

  • Trustco Bank. 1084 Lee Rd, Orlando
  • Bank of America. 126 East Olympia Ave, Punta Gorda

Between 2017 and 2021, nine percent of all branches — almost 7,000 locations— shut their doors.

Florida had the fourth most closures of any state.

Also Read: A US Bank is Now Denying Customers Access to Money

Other Banking News Today

Market News Today - Florida Is Now At High Risk of Massive Bank Layoffs.
Market News Today – Florida Is Now At High Risk of Massive Bank Layoffs.

A JPMorgan Chase customer now reports money vanished from her account after becoming a victim by scammers.

In Campbell, California, a Bay Area city on the south side of San Jose, resident Amanda Moon said she couldn’t believe it when $46,000 had been drained from her account with JPMorgan Chase.

She says both Chase and Wells Fargo refused to refund her for the stolen funds after the scammers made the transfer from her Chase account to a Wells Fargo account held by the thieves.

The financial hit was so devastating for the mother that she said it prevented her from taking care of her children and caused her to stop working, per Los Angeles ABC affiliate KABC-TV.

“I had to stop working. I wasn’t able to take care of my kids,” Moon told the outlet.

“It was like, it was kind of like I was mentally like, just… It was very distressing.”

Moon explained that she was a victim of a scam called SIM swapping.

A SIM swap occurs when fraudsters call a victim’s phone carrier after obtaining their number and trick the provider into activating a SIM card for a different device, per Norton.

The criminals got ahold of the new SIM card and proceeded to access Moon’s email and eventually, bank account information.

“So I was a victim of SIM swapping and somebody had hacked my bank accounts and stole money and the banks were refusing to return the funds to me,” Moon said.

The mom also called Comcast Xfinity, her phone provider, along with the Better Business Bureau (BBB) and Consumer Financial Protection Bureau (CFPB), and supposedly had no luck.

“I also contacted like the BBB, the CFPB. And so the companies were reaching out to me,” Moon told KABC-TV.

“So I was speaking with them. They denied all my requests,” she claimed.

Moon explained that she ultimately got a recommendation from a co-worker about an attorney, who wrote a letter on her behalf to Chase.

The financial services company later sent her a full refund of the $46,000 lost in the SIM swap scheme.

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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Market News Today - Florida Is Now At High Risk of Massive Bank Layoffs.
Market News Today – Florida Is Now At High Risk of Massive Bank Layoffs.

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Chase Customer Now Reports Money Vanished From Her Account

A JPMorgan Chase customer now reports money vanished from her account after becoming a victim by scammers.

In Campbell, California, a Bay Area city on the south side of San Jose, resident Amanda Moon said she couldn’t believe it when $46,000 had been drained from her account with JPMorgan Chase.

She says both Chase and Wells Fargo refused to refund her for the stolen funds after the scammers made the transfer from her Chase account to a Wells Fargo account held by the thieves.

The financial hit was so devastating for the mother that she said it prevented her from taking care of her children and caused her to stop working, per Los Angeles ABC affiliate KABC-TV.

“I had to stop working. I wasn’t able to take care of my kids,” Moon told the outlet.

“It was like, it was kind of like I was mentally like, just… It was very distressing.”

Moon explained that she was a victim of a scam called SIM swapping.

A SIM swap occurs when fraudsters call a victim’s phone carrier after obtaining their number and trick the provider into activating a SIM card for a different device, per Norton.

The criminals got ahold of the new SIM card and proceeded to access Moon’s email and eventually, bank account information.

“So I was a victim of SIM swapping and somebody had hacked my bank accounts and stole money and the banks were refusing to return the funds to me,” Moon said.

The mom also called Comcast Xfinity, her phone provider, along with the Better Business Bureau (BBB) and Consumer Financial Protection Bureau (CFPB), and supposedly had no luck.

“I also contacted like the BBB, the CFPB. And so the companies were reaching out to me,” Moon told KABC-TV.

“So I was speaking with them. They denied all my requests,” she claimed.

Moon explained that she ultimately got a recommendation from a co-worker about an attorney, who wrote a letter on her behalf to Chase.

The financial services company later sent her a full refund of the $46,000 lost in the SIM swap scheme.

Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal

Other Banking News Today

Market News Today - Chase Customer Now Reports Money Vanished From Her Account.
Market News Today – Chase Customer Now Reports Money Vanished From Her Account.

A massive bank is now freezing customer accounts which is prohibiting users from gaining access to their money up to weeks.

The-Sun reports that Bank of America froze several checking accounts due to suspicions of illegal activity.

The Bank of America customer took to Reddit to ask for help regarding their banking situation.

They explained that they have one personal checking account with $40,000 in it, and two business accounts with $800,000 between them both.

They sold their small business for around $1 million earlier in the year.

Their post says that they logged into the Bank of America app and that the “screen is grey-ed out and it says my accounts are frozen” for all accounts.

The Reddit user called Bank of America, and was told that their account is under review and they will receive a letter in the mail or a call soon.

“Its been 2 weeks and 3 days. I call every single day and hear the same thing. I went in personally to the branch – and they say the same thing.”

They came up with a potential reason for the situation: “The only thing I can think of is that I have made a few sports bets by putting money into PayPal from this personal checking account, and when I’ve won money I’ve deposited it from PayPal into the personal checking account.”

Reddit users explained how the accounts were likely under investigation for suspicious activities related to the sports betting, and that the bank legally has to freeze their accounts.

One user wrote: “They are checking your account for illegal activity. I’m not suggesting there is any, but they are looking at your account for that reason.”

Another user suggested the following: “Open a CFPB complaint against BofA and move your money out of a large bank… Go to a credit union, even a larger one like PenFed or DCU. Both are easy to join.”

Also Read: A US Bank is Now Denying Customers Access to Money

Market News Published Daily 📰

Market News Today - Chase Customer Now Reports Money Vanished From Her Account.
Market News Today – Chase Customer Now Reports Money Vanished From Her Account.

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Scroll below to view my stock purchases this month!

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Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

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11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



A Massive Retailer Now Closes Several Stores in New York

A massive retailer now closes several stores in New York after the company filed for Chapter 11 bankruptcy in October.

Rite Aid filed for bankruptcy after incurring $ 3.3 billion in unpaid debt.

Over the past six years, Rite Aid has recorded almost $3 billion in losses and seen its stock price drop 90%.

The massive retailer operates over 2,330 stores in 17 U.S. states, but this number is quickly declining and will soon drop below 2,000 stores.

In October, as part of its bankruptcy filing, Rite Aid announced that a total of 154 locations nationwide would soon close, but this list has been added to several times and has now reached roughly 230.

Below is a list of Rite Aid stores closing in New York:

  • Brooklyn: 2981 Ocean Avenue, 2002 Avenue U
  • Oceanside: 3199 Long Beach Road
  • Valley Stream: 198 West Merrick Road
  • Bay Shore: 836 Sunrise Highway
  • Bellmore: 2784 Sunrise Highway
  • Copiague: 901 Merrick Road
  • East Northport: 577 Larkfield Road
  • Huntington Station: 695 East Jericho Turnpike
  • Medford: 700-43 Patchogue-Yaphank Road
  • Oyster Bay: 273 Pine Hollow Road
  • West Patchogue: 397 Sunrise Highway
  • Port Jeff Station: 593 Old Town Road
  • Smithtown: 65 Route 11
  • Kenmore: 2453 Elmwood Avenue
  • Rochester: 1567 Penfield Road
  • Cheektowaga: 2887 Harlem Road
  • Floral Park: 2 Whitney Avenue
  • Flushing: 71-18 Kissena Boulevard
  • Levittown: 3131 Hempstead Turnpike
  • Fairport: 6720 Pittsford-Palmyra Rd
  • Miller Place: 335 Route 25A
  • Bronx: 5825-35 Broadway

But Rite Aid isn’t the only pharmacy chain shuttering locations across the United States.

CBS News reports that “CVS, the largest U.S. chain, closed 244 stores between 2018 and 2020. In 2021, it announced plans to close 900 stores by 2024.”

Walgreens also said in 2019 that it would close 200 stores and in June announced an additional 150 store closures.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Other Economy News Today

Market News Today - A Massive Retailer Now Closes Several Stores in New York.
Market News Today – A Massive Retailer Now Closes Several Stores in New York.

Chase freezes a customer account worth a whopping $200K in a new scandal that has left the bank giant under new scrutiny.

The customer, who lives in Hawaii, says he opened his Chase account two decades ago and was shocked to learn $200,000 was suddenly inaccessible, reports The-Sun.

According to the customer, Chase told him he’d have to visit a branch in person to try and get his money.

And although Chase has ATMs in Hawaii, it does not have any physical branches, which forced the customer to fly 2,400 miles to Los Angeles in an attempt to resolve the issue.

“I don’t know why… I’ve had no problem with them for the last 20 years… But ok, it’s their choice and nothing I can do.”

As for why his account was shut down without warning, the account holder says he believes a large Zelle transfer may have something to do with it.

In the US, banks can close accounts at their discretion for a number of reasons, including concerns about fraud and illegal activities, too many overdrafts or dormancy.

Banks typically send notices to account holders and mail checks for the balance to addresses on file.

When banks are concerned about potential fraud, they also file Suspicious Activity Reports (SARs) to law enforcement.

Banks filed about 830,000 SARs in 2014, a number that steadily increased to about 1.4 million in 2021, according to the Banking Policy Institute.

Only 4% of SARs trigger a follow-up from authorities, and a small fraction of the follow-ups result in arrests and convictions.

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

Market News Published Daily 📰

Market News Today - A Massive Retailer Now Closes Several Stores in New York.
Market News Today – A Massive Retailer Now Closes Several Stores in New York.

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Scroll below to view my stock purchases this month!

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A Popular Retailer Is Now At High Risk For Bankruptcy

A popular retailer is now at high risk for bankruptcy according to new data compiled from CreditSafe.

Stein Mart’s DBT was 105 as of October 2023.

This means any company providing services/goods to the retailer would have to wait over three months past payment terms before they would receive their first payment,” CreditSafe shared in its Financial & Bankruptcy Outlook Retail Report

“Stein Mart’s owner could be headed for bankruptcy,” the report stated, noting that in March, REV “hired restructuring lawyers, signaling bankruptcy could once again be on the horizon.”

REV has built its business on buying once-popular retail brands and reviving them as online-only stores.

The company now owns Pier 1, Stein Mart, RadioShack, DressBarn, Linens ‘n Things, Modell’s, and a handful of lesser-known names, reports TheStreet.

DBT refers to the number of days it typically takes to pay invoices beyond payment terms.

“Stein Mart has had considerable trouble paying its bills on time. In fact, all its outstanding bills for the last six months (May through October) were delinquent (91+ days). And June was the worst month, with the value of its delinquent bills increasing by 191.66%.”

The risk-measuring firm’s second metric, “risk score,” uses a scale of 1 to 100 to predict the likelihood that a company’s payment performance will become seriously delinquent (91+ days beyond terms) or that the company will go bankrupt within the next 12 months.

“Based on a Wall Street Journal Report, in March 2023, Stein Mart’s parent company Retail Ecommerce Ventures was exploring options to get out of the financial trouble they’re in, including a potential Chapter 11 bankruptcy,” said Ragini Bhalla, head of brand and spokesperson for Creditsafe.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Other Economy News Today

Market News Today - A Popular Retailer Is Now At High Risk For Bankruptcy.
Market News Today – A Popular Retailer Is Now At High Risk For Bankruptcy.

A massive pharmacy chain now pulls out of Maryland as stores continue to close after the company filed for Chapter 11 bankruptcy.

In October, Rite Aid filed for bankruptcy after incurring $ 3.3 billion in unpaid debt.

Over the past six years, Rite Aid has recorded almost $3 billion in losses and seen its stock price drop more than -90%.

The pharmacy chain operates a whopping 2,330 stores in 17 U.S. states, but this number is rapidly declining and will soon drop below 2,000.

In October, as part of its bankruptcy filing, it announced that 154 locations nationwide would soon close, but this list has been added to several times and has now reached approximately 230.

Below is the most updated list of Rite Aid pharmacy stores closing in Maryland:

  • 5624 Baltimore National Pike, Baltimore, MD, 21228
  • 5804 Ritchie Highway, Baltimore, MD, 21225
  • 728 East Pulaski Highway, Elkton, MD, 21921
  • 7501 Ritchie Highway, Glen Burnie, MD, 21061
  • 7967 Baltimore Annapolis Boulevard, Glen Burnie, MD, 21060
  • 5 Bel Air South Parkway, Suite 1347, Bel Air, MD, 21015
  • 6400 Georgetown Blvd, Eldersburg, MD 21784
  • 1720 Main St, Chester, MD 21619
  • 4339 Ebenezer Rd, Baltimore, MD 21236
  • 3425 Clifton Ave, Baltimore, MD 21216
  • 1301 Eeast State St, Delmar, MD 21875

But Rite Aid isn’t the only pharmacy chain shuttering locations across the United States.

CBS News reports that “CVS, the largest U.S. chain, closed 244 stores between 2018 and 2020. In 2021, it announced plans to close 900 stores by 2024.”

Walgreens also said in 2019 that it would close 200 stores and in June announced an additional 150 store closures.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

Market News Published Daily 📰

Market News Today - A Popular Retailer Is Now At High Risk For Bankruptcy.
Market News Today – A Popular Retailer Is Now At High Risk For Bankruptcy.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



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