Financial Services
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Providence Business News has chosen the winners for its second Fastest Growing & Innovative Companies awards program. The top five fastest-growing companies in four size categories have been identified, as have the most innovative companies in each of 10 industry categories. more
Benefits paid for workers’ compensation increased in Rhode Island and much of the nation, but fell in Massachusetts in 2011, according to a report by the National Academy of Social Insurance. more
TAUNTON, Mass. – The South Eastern Economic Development (SEED) Corporation recently made a micro loan to Newport Potters Guild to enable the small business to start a pottery and clay art gallery and create four new jobs. more
Since the financial crisis, a Narragansett Bay-sized cloud of self-doubt or “irrational negativity,” as Gov. Lincoln D. Chafee described it, has been among the factors blamed for Rhode Island’s inability to regain its financial footing. more
Bank of America Corp. must face a trial next month in a lawsuit alleging the bank’s Countrywide unit defrauded Fannie Mae and Freddie Mac by selling them billions of dollars in bad mortgages, a federal judge ruled. more
Royal Bank of Scotland Group Plc expects to post a “substantial” full-year loss after transferring 38.3 billion pounds ($61 billion) of its worst loans to an internal bad bank under government pressure. more
Citizens Bank President for Rhode Island and Connecticut Edward O. “Ned” Handy III, has left the Providence-based subsidiary of the Royal Bank of Scotland to become president and chief operating officer of The Washington Trust Co. more
Goldman Sachs Group Inc., Visa Inc. and Nike Inc. will be added to the Dow Jones Industrial Average, replacing Bank of America Corp., Hewlett-Packard Co. and Alcoa Inc. in the biggest reshuffling since April 2004. more
BlackRock Inc. and Fidelity Investments will be studied by U.S. regulators who are in the early stages of reviewing whether asset managers pose a potential risk to the financial system. more
A New York City investment firm is investing more than $10 million in the Providence Biltmore Hotel to help complete a $13 million restoration project at the hotel. more
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