Day: October 1, 2020

Focus shifts to Commerzbank’s strategy after CEO named

FRANKFURT (Reuters) – The nomination of Manfred Knof as chief executive of Germany’s Commerzbank CBKG.DE paves the way for an overhaul that could close hundreds of branches and shrink its foreign operations, though any major changes may still take months to formalise.

A woman walks past a branch of Commerzbank before the bank’s annual news conference in Frankfurt, Germany, February 9, 2017. REUTERS/Ralph Orlowski

Germany’s No. 2 lender, partially-owned by the state, has been in turmoil following the sudden resignation of its CEO and its chairman in early July. Remaining board members’ hands were tied from moving forward even as the bank’s outlook darkened.

That hurdle was removed after the bank’s new chairman, appointed in August, unexpectedly convened the supervisory board with less than 24 hours notice on Saturday to inform it of his CEO candidate. Knof, a top manager at rival Deutsche Bank DBKGn.DE

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Fortegra Financial Corporation Announces Launch of E&S Insurance Subsidiary

Press release content from Business Wire. The AP news staff was not involved in its creation.

JACKSONVILLE, Fla.–(BUSINESS WIRE)–Sep 30, 2020–

Fortegra Financial Corporation (“Fortegra”), a leading specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT) (“Tiptree”), announced today the formation of a new excess and surplus lines subsidiary, Fortegra Specialty Insurance Company.

Now that it has received approval in its domicile state of Arizona, Fortegra’s new E&S subsidiary is working to obtain the remaining regulatory approvals necessary to conduct business throughout the United States. Fortegra anticipates that underwriting within the E&S company will commence in the fourth quarter of 2020.

Richard Kahlbaugh, CEO of Fortegra, commented: “We have seen rates harden in the market. The catalysts for the hardening are diverse and as such we expect the trend to continue for the foreseeable future. Adding an excess and surplus lines company to our portfolio was

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11 Dumb Money Mistakes That Are Holding You Back

Everybody messes up with money now and then. Honest people will tell you their regrets.



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Maybe they moved their 401(k) savings into cash accounts after the stock market crashed in 2008, missing the market gains since then. Or they bought a house they couldn’t afford. Or they waited until age 40 to start saving.

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Here are some of the most common mistakes, and how to fix them:

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Mistake 1: Keeping up with friends

One of the fastest ways to get into money trouble is trying to match the lifestyle and possessions of people around you. Status matters to most of us. That’s the culture we live in. But playing when you can’t pay? That’s financial suicide. Genuinely successful people are more independent-minded.

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Everything you need to know about payday loans

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Angela Lang/CNET

For the millions of Americans living paycheck to paycheck, running out of money is a constant, looming concern. Approximately 12 million people take out short-term, unsecured loans — sometimes called “payday” loans — every year, according to the Federal Reserve Bank of St. Louis. And though these loans may help them survive until they receive their next paycheck, they also exact a steep toll. Still, with millions of Americans out of work or facing reduced hours due to the COVID-19 pandemic, many will continue to depend on this dangerous financial tool. 

If you don’t have a strong credit history, it may be difficult to secure a traditional loan or credit card. But there are plenty of lenders that will let you borrow without a credit check, with few questions asked. The terms will be severe, however, and they’ll certainly end up costing you far more than you borrowed.

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