Neiman Marcus Group is a Dallas-based department-store chain that was acquired by Ares Management LLC (ARES) and the Canada Pension Plan Investment Board in 2013.It was reported by Reuters on Sunday t...
In a Friday memo to employees, JP Morgan said it was giving all its bank tellers and other “front-line” employees a $1,000 bonus as an incentive for working during the coronavirus pandemic. The pu...
As the coronavirus outbreak continues to spread further, the World Bank has pledged $12 billion worth of emergency aid to prevent further spread in developing countries. The emergency aid includes gra...
DefinitionBankruptcy is a term used to describe an individual’s or organization’s inability to make payment to its creditors or fulfill its outstanding financial obligations. Though the term is mo...
DefinitionThe banker’s acceptance, also known as bill of exchange, is a bank draft that requires a bank to pay a holder of an instrument a stated amount on a specified date. This usually occurs with...
DefinitionA bank run is a term used to describe a situation where bank customers withdraw all the money in their deposit accounts for fear that the bank insolvency. The more customers withdraw their m...
DefinitionA bank reconciliation is a document that matches a company’s cash balance on its balance sheet to the equivalent amount on its bank statement. Bank reconciliation is done at intervals to e...
What is Bank-Owned Life Insurance (BOLI)?DefinitionBank-owned life insurance is a type of life insurance that covers a bank both as the owner and beneficiary. Through the use of some cash-value p...
What is Bank Guarantee (BG)?DefinitionA bank guarantee is a financial term used to refer to the agreement made between three parties—the bank, the beneficiary, and the applicant. The applicant ...
What is Bank Draft?DefinitionA bank draft, also known as teller’s check, is a check provided by a bank to the customer of the bank to remit funds to a specified account. It is drawn on a bank�...