Archive for the 'Finance' Category
Tuesday, January 31st, 2012
Bank of America said this week it is recruiting for dozens of finance jobs in Rhode Island among other locations.
The banking giant is also hiring for finance jobs in Boston, and other locales.
The company previously said it would hire 1,000 small business bankers across the nation by mid-2012.
Now the bank is hiring more than 50 small business bankers in New England to provide guidance and counsel to local small business owners, it said in a press release.
These bankers bankers will consult with small business owners at their place of business and assess their companies’ deposit, credit and cash management needs.
These new hires will support the unique needs of small business owners in the following regions:
Massachusetts – 32 hires, including 13 in Greater Boston.
Connecticut – 14 hires.
Rhode Island – 5 hires.
“For well over 200 years, New England has been a pioneer of entrepreneurial innovation, and Bank of America is proud to be supporting the region’s entrepreneurial heritage,” said Bob Gallery, Massachusetts president for Bank of America. “Our small business bankers will provide business owners in New England with the tools they need to continue to be the engine that drives our local and national economy forward.”
“Our bankers spend the time needed with each of our clients to fully understand their deposit, credit, payroll and cash management needs, while serving as a conduit to experts across the Bank of America franchise,” said Raj Kochhar, Small Business Banking region executive for the Northeast. “They can help small business owners with complex issues ranging from commercial real estate needs to providing the right retirement solutions for themselves and their employees.”
Saturday, September 17th, 2011
Many are wondering if the Bank of American layoffs could affect Rhode Island financial jobs.
The bank said that a restructuring plan to offset major losses will result in the trimming of 30,000 jobs.
According to a press release, Bank of America’s Project New BAC is key to the company’s strategy of focusing all of its resources on serving individuals, companies, and institutional investors.
The first result of New BAC was the recently announced management reorganization, removing a layer of management and streamlining the company by aligning its businesses with the customer groups. (more…)
Sunday, August 21st, 2011
After Bank of America, the giant of banking, said last week that it is cutting thousands of jobs, many wondered if the cuts would affect Rhode Island banking jobs.
The bank plans on cutting almost 10,000 jobs within the next year on top of the 3,500 cuts it just announced.
But a spokesperson for the company would not say where the layoffs would occur. (more…)
Saturday, March 26th, 2011
Bancorp’s recent operating results reveal that the company hired for mortgage jobs in Rhode Island.
During the year, the Company added $6.9 million to its allowance for loan and lease losses. The provision exceeded net charge-offs by $2.1 million. The increased provision served to strengthen the ratio of the allowance to loans and leases to 1.61 percent at December 31, 2010, up from 1.49 percent at December 31, 2009. Nonperforming loans and leases at December 31, 2010 totaled $16.5 million, down from $18.3 million a year ago. As a percentage of total loans and leases, nonperforming loans and leases ended 2010 at 1.43%, compared to 1.65% at the end of the year in 2009. The Company believes its asset quality indicators continue to compare favorably to its peer group, reflecting a culture of prudence and diligence in its risk management practices and business approach.
Historically, the Bank has offered fixed- and variable-rate mortgages through its branch network as an accommodation to its customers. In 2010, the Bank began a modest first mortgage origination effort, hiring three originators and intending to sell or portfolio these loans as the Bank’s balance sheet and fee income needs dictate. The Bank originated $26.3 million of mortgage loans for its portfolio during 2010, compared to $3.5 million in 2009. Fees from mortgage loans originated for third parties decreased to $62,000 from $83,000 in the prior year. Overall, the Bank anticipates that its residential mortgage loan portfolio will decline long-term as it continues to focus its resources on commercial and consumer lending.
Consumer and Other Loans — The Bank originates a variety of term loans and lines of credit for consumers. At December 31, 2010, the consumer loan portfolio totaled $210.3 million, or 18.2% of the total loan and lease portfolio. Over the past five years, consumer loans have increased by $3.9 million, or 1.9%. Compared to the prior year-end, consumer loans have increased by $4.2 million, or 2.0%.
As economic conditions began to improve in 2010, nonperforming assets and net charge-offs declined compared to the prior year. At December 31, 2010, the Company had nonperforming assets of $17.6 million, or 1.10% of total assets, compared to $20.0 million, or 1.26% of total assets, at December 31, 2009.
The Bank made additions to the allowance for loan and lease losses of $6.9 million and $9.9 million during 2010 and 2009 and experienced net charge-offs of $4.7 million and $8.0 million, respectively. At December 31, 2010, the allowance for loan and lease losses was $18.7 million and represented 1.61% of total loans and leases outstanding. This compares to an allowance for loan and lease losses of $16.5 million, representing 1.49% of total loans and leases outstanding at December 31, 2009. If current economic conditions worsen, management believes that the level of nonperforming assets will increase, as will its level of charged-off loans and leases.
Wednesday, June 16th, 2010
Sovereign Bank, a financial institution with offices in eight East coast states, has announced they will be hiring and increasing the number of banking jobs in Rhode Island.
The bank, which recently moved its HQ from Pennsylvania to Boston, plans on hiring around 200 bankers to focus on small business ventures.
Ten employees in Rhode Island will be hired for various branches.
The bank specialists will focus on building relationships with small businesses. They’re marketing it as a business expansion program and are making a pool of $50 million available for small businesses. These are much-needed funds in today’s economy.
Assets will be able to be purchased at a very competitive rate, according to the company.
In January 2009, Sovereign was acquired by Madrid-based Banco Santander SA. After the acquisition, they were forced to make several company-wide eliminations and restructure their employee base. About 1,000 jobs were cut. Total, Sovereign shrank its workforce by almost 3,000 when unfilled positions were taken into account along with the layoffs.
The chairman of the bank remains optimistic about profits this year compared to last year despite the European financial crisis, as reported by Bloomberg.com.
Sovereign currently has around 9,300 full time employees.
Wednesday, June 2nd, 2010
CitiGroup has announced nationwide terminations, including a bevy of finance jobs in Rhode Island. For more information, click here.
According to Reuters, Citigroup said on Tuesday that it would shut about 18 percent of CitiFinancial’s 1,833 U.S. branches and stop making loans at another 182 branches.
The decision to close or stop making loans at the various branches depends on consumer demand and regional economies, Mary McDowell, the Baltimore, Maryland unit’s chief executive officer, said in an interview on Tuesday.
“A lot of potential buyers like to see a business that has future growth potential; and as the economy has changed over the last couple of years, we are not lending as much as we were,” she said. “If you spread the customers over all the branches that we had, while you can grow the business, it’s very hard to grow the individual branch.”
After the reorganization, which will be effective July 1, CitiFinancial will no longer operate full-service branches in Connecticut, Nevada and Rhode Island. It will retain loan-servicing centers in those states.
Citigroup will also rename CitiFinancial by the end of the year, but McDowell said the company has not yet decided on a new moniker.
In March, Citigroup agreed to pay a $1.25 million fine to settle allegations by 35 U.S. states that CitiFinancial failed to report 91,127 residential mortgage loans to the federal government as required by law.
McDowell said Citigroup’s decision to reorganize CitiFinancial was “not at all” related to the settlement.
CitiFinancial was previously known as Commercial Credit, the Baltimore-based lender that Sanford “Sandy” Weill bought in 1986 and made part of the foundation of what is now Citigroup.
CitiFinancial is now among the businesses that Citigroup is hoping to sell or wind down.
Citigroup shares were down 1.5 percent at $3.90 in late-afternoon trading on Tuesday.
Tuesday, July 7th, 2009
One well-known investment company is helping to create finance jobs in Rhode Island.
Fidelity Investments has announced its plan to move 500 jobs from other locations to the company’s Smithfield location. The company currently employs about 2,300 workers in Smithfield. The new jobs are expected to pay from $50,000 to $60,000 per year.
The Smithfield operation handles a variety of tasks for the company, including direct investment, the company’s online retail brokerage operation and the company’s retirement-savings operation, which includes administering 401(k), 403(b) and other employer-sponsored retirement-savings plans.