Junior’s Cheesecake owner Alan Rosen on Wednesday defended his decision to leave his restaurant employees on furlough despite receiving money from the Treasury Department’s newly created small business loan program. Rosen told CNBC on Wednesday that he believes keeping the 650 workers on furlough, for the time being, is in the long-term best interest of the business
A food delivery man crosses the street in Times Square in Manhattan on March 17, 2020 in New York City. Johannes Eisele | AFP | Getty Images As the coronavirus pandemic roils the restaurant industry, one ghost kitchen company is leasing shuttered eateries and hiring 1,000 employees to meet consumer demand for food delivery. C3,
David Solomon, the CEO of Goldman Sachs, speaks during the Bloomberg Global Business Forum in New York, September 25, 2019. Shannon Stapleton | Reuters Goldman Sachs reported first-quarter earnings before the opening bell Wednesday. Goldman Sachs earned $3.11 a share in the first quarter with revenue of $8.74 billion. Goldman shares are lower by 1.6% in
Michael Corbat, CEO of Citigroup at the 2018 WEF in Davos, Switzerland. Adam Galica | CNBC Citigroup reported first-quarter earnings on Wednesday. Here’s how the company did: Earnings: $1.05 per share vs $1.87 per share in the year-earlier period Revenue: $20.7 billion, up 12% from the previous year Net income: $2.52 billion, down 46% from
In the last month, amid the spread of the COVID-19 pandemic in the U.S., 60% of employers have reduced job openings, with almost 25% of employers closing all of their postings, according to job searching platform Glassdoor. When looking at its data, Glassdoor found that job openings on its site had decreased by 20.5% between
U.S. banks are not hesitating to set aside billions of dollars in case of coronavirus-driven loan losses because it allows them to mask substantial increases in quarterly trading revenue, Mohamed El-Erian said Wednesday. The chief economic advisor at Allianz acknowledged on CNBC that banks are certainly adding to their credit reserves in an anticipation of a wave of defaults related to the
Hero Images | Getty Images In an uncertain period, money may be the first thing to wobble. Over the last few weeks, 16 million filed for unemployment. Many more are frightened about job security. It’s an excellent time to strive for some peace of mind by smoothing out unpredictability. To make matters worse, unexpected expenses
A sign reading “Shop Local” with closed restaurants and shops on Main Street on April 10, 2020 in Livingston, Montana. William Campbell | Getty Images Policymakers in Washington, D.C., fail to understand fundamental changes in the U.S. economy and the ways in which entrepreneurship and the small business landscape have changed over the past few
Medical personnel are seen outside NYU Langone Health hospital as people applaud to show their gratitude to medical staff and essential workers on the front lines of the coronavirus pandemic on April 11, 2020 in New York City. Noam Galai | Getty Images The coronavirus pandemic outlined exactly what America sees as essential for a
The Roku IPO at the Nasdaq, September 28, 2017. Source: Nasdaq Roku shares rose more than 9% after-hours Monday after the company said it expects Q1 revenue to be slightly higher than expected in its prior outlook, and still expects strong growth in active accounts and streaming hours as consumers are home amid shelter-in-place orders