“Colorado is a wealthy state,” said Dr. Richard Wobbekind, director of the Business Research Division and associate dean for external relations at the University of Colorado’s Leeds School of Business. Colorado has the eighth highest per capita income in the United States. During 1990, the state was 20th, and during 2001 it was sixth, because of substantial increases in wealth for a decade because of technology.
5Star Bank is moving its headquarters to Colorado Springs from Alexandria, Va. It’s also trying to shed its image as just a “military” institution. The bank is part of Armed Forces Benefits Association, which was established in 1947. Membership in AFBA is available to all members of the military, Department of Defense, Department of Homeland Security and other federal employees, military contractors, state and local employees, and their families.
“We’re watching history being made, and we’re living it,” said Hans F. Olsen, chief investment officer of private client services at J.P. Morgan Chase Bank. “For those of you new to the financial world, you are getting the trial by fire of a lifetime.” The audience laughed. Olsen was keynote speaker at J.P. Morgan’s financial seminar April 24 at Cheyenne Mountain Resort.
In El Paso County, Wells Fargo’s loan volume skyrocketed over the prior year during the Small Business Administration’s first fiscal quarter, which ended Dec. 31. Last year, in the county, the total SBA 7(a) first-quarter loan volume for Wells Fargo’s 19 banks was $166,000, representing just two loans. This fiscal year’s first quarter, the bank […]
The Internal Revenue Service recently announced that more than one million business taxpayers have electronically filed tax returns so far this year. Corporate e-filed returns have increased by nearly 50 percent compared to this period last year. To date, the IRS has processed more than 200,000 business returns, about 50,000 of which were returns for corporations. More than 410,000 corporate taxpayers have e-filed returns.
Although some economists thought the U.S. housing market’s crisis wouldn’t affect the world’s economy, Bill Greiner, chief information officer of UMB Asset Management, thought otherwise. “We’ve always been skeptical of the de-linking concept — 28.1 percent of world nominal gross domestic product is in the U.S. — and we represent 40 percent of total world-wide consumer demand,” he said.
Growing companies eventually need a chief financial officer. Titles seem cut and dry — chief operating officer, chief executive officer, CFO — but the function of each position can vary widely from one company to the next, especially in a smaller business.
The dreaded R-word is being bandied about these days by pundits, consumers and business owners, but is it really all that bad? Yes, and no. “People are terrified of recessions, but recessions aren’t what they used to be,” said Michael J. Swanson, senior economist at Wells Fargo Private Bank’s Focus 2008 panel discussion last week at the Fine Arts Center.
“What we see with clients — in this case and in the past — is the tendency to under-react,” said Kurt Kofford, audit and consulting director of BiggsKofford P.C., during a recent roundtable discussion titled, “Navigating this Historical Financial Market Meltdown: How does this affect your business and what can you do about it?” If the economy doesn’t falter terribly, business owners still expect to get their market share.
It is a myth that social values make it difficult to actively manage money, said Lloyd Kurtz, senior portfolio manager at Nelson Capital Management, an investment advisory affiliate of Wells Fargo. Since May 1990, the Domini 400, a social-values based index, has had an annualized return of 11.01 percent. That compares favorably to the annualized return for Standard & Poor’s 500, which rose 10.57 percent during the same period.
Nearly half of all small-business owners surveyed by KeyBank will delay retirement. Shawn Cole, district retail leader for Colorado, said a poll of 976 small-business owners showed contradictions between finances and retirement planning. Many small-business owners are putting most of their emphasis on the business and its immediate concerns, while tending to ignore long-term planning.
While Colorado is holding steady amid the nation’s economic turmoil, Jeff Thredgold, Vectra Bank Colorado’s corporate economist, anticipates some effect on the state’s small businesses as personal income growth weakens. Statewide job growth has hovered in the range of 2 percent to 2.5 percent for the past three years. Vectra’s Colorado Small Business Index registered 92.8 for February, up from a revised 90.1 during January.