Financial Notes

Jobs for Vets

Financial services companies are taking action to increase hiring of veterans as tens of thousands of men and women in our Armed Forces return home from the Middle East. According to a recent government report, the jobless rate for veterans was 12.1 percent in October, exceeding the overall nine percent national rate. Here are some examples of financial companies leading the way:

JPMorgan Chase is a founding member of the 100,000 Jobs Mission, a coalition committed to hiring 100,000 transitioning service members and military veterans by 2020. The firm also plans to share best recruiting and employment practices as well as hiring results to encourage additional support.

U.S. Banks and Insurers Standing Strong

U.S. financial institutions emerged from the global financial crisis with more than $1.5 trillion in capital, the highest capital-ratio levels in history according to FDIC data. If the 2008 financial crisis happened again, banks would not fail from lack of capital, according to a recent study by The Clearing House Association.

This is critically important. Strong capitalization levels help to ensure financial institutions can withstand economic downtown or other challenges. With the tumultuous situation in Europe, the measures America's financial institutions have taken to improve their soundness over the last few years have made them significantly more secure.

Stress-Free Holiday in the Cards

Before online shopping, consumers endured endless lines to make their holiday purchases. Thanks to innovative financial services companies, this holiday stress has been left out in the cold.

Financial services' huge investment in payment systems, call centers and fraud-prevention technology allows Americans to buy gifts from their computers and mobile devices. Analysts expect a 13.5 percent jump in online purchases this holiday season, with 46 percent of mobile phone and tablet owners planning to buy gifts via their mobile devices.

In Case you Missed it

Richard Hunt, the president of the Consumer Bankers Association, and I co-authored an op-ed on the role financial services plays in helping small businesses. It appeared in The Hill last week, and you can read it here.

The Partnership for a Secure Financial Future

The financial services industry is taking new steps to ensure that our national conversation continues unabated about the vital role that our institutions play in our nation’s economy. Soon, the On Balance newsletter will originate from a new organization: The Partnership for a Secure Financial Future. We will formally launch this effort in the New Year.