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Americans’ wealth shrank in the spring for the first time since early 2009 as financial turmoil eroded stock portfolios.
The Federal Reserve says household net worth fell 2.7 percent — or $1.5 trillion — in the April-to-June quarter. The decline left Americans’ net worth at $53.5 trillion. Get the full story »
From Crain’s Chicago Business | BankFinancial is buying the parent of Downers Grove National for $2 million in cash without FDIC help. That is the first such unassisted transaction to take place in the Chicago area since the recession began.
With fewer fans wagering less money at too many racetracks, U.S. thoroughbred horse racing is galloping toward a reckoning.
Not even racinos — tracks that include slot machines or other casino gambling — have stemmed the decline. Get the full story »
Brinks Hofer Gilson & Lione laid off 18 people Tuesday, including seven lawyers, its second round of cutbacks in eight months.
Fifteen of the 18 were based in the home office in Chicago, said Gary Ropski, president of the firm that specializes in intellectual property law. The layoffs affected 4.5 percent of the firm’s workforce of about 400. Get the full story »
The Federal Deposit Insurance Corp. has told ShoreBank that it has begun the process in which it ultimately seeks bidders for the undercapitalized bank, according to a report Tuesday afternoon from Fox Business.
Brian Berg, a ShoreBank spokesman, would neither confirm nor deny the report that the bank’s days as an independent institution are numbered. The bank continues to try to look at options to raise capital to stave off seizure by regulators. Get the full story »
There is a “significant” chance the U.S. economy will slip back into recession in the next two years though a reversal is unlikely in the next few months, researchers at the San Francisco Federal Reserve Bank said Monday.
The probability of another recession over the next 18 to 24 months is higher than that of expansion, researchers said in the latest issue of the regional Fed bank’s Economic Letter. Get the full story »
The U.S. economic recession was more severe than previously estimated, the government said Friday in a series of data revisions that also showed growth at the end of last year was weaker than previously thought.
Benchmark revisions issued by the Commerce Department showed gross domestic product contracted 2.6 percent last year and the economy did not grow at all in 2008. It had previously estimated output fell 2.4 percent in 2009 after expanding 0.4 percent the prior year. Get the full story »
