As Congress steps up scrutiny of the credit rating industry, allegations by another former employee of Moody's Investors Service have come to light and the big rating agency is being called to account before a House panel.
Fidelity Investments says it still isn't offering third-party target date funds on its adviser-sold 401(k) platform. Not all fund companies signing on to the platform understand that to be the case, however.
Fee income from annuity sales climbed at bank holding companies during the first three quarters of 2009, but sales of fixed annuities in the bank channel slipped, according to two separate studies released last week.
The stock price of The Charles Schwab Corp. fell 2.5% to $18.81 in after-hours trading after the company announced plans to sell more than 26 million shares of common stock. The discount broker and leading custodian for registered investment advisers also reported that its fourth-quarter net income fell 47% from the year-earlier period to $164 million. Schwab last month signaled that it would report weaker results.
After two successive profitable quarters, the besieged insurer reports a loss of nearly $9B in the fourth quarter.
For investors holding shares in Berkshire Hathaway Inc., Friday might be a very lucrative day. Today marks the last trading day before Warren Buffet's investment vehicle gets added to the S&P 500. Berkshire's listing in the benchmark index commences Tuesday, the next trading day for U.S. markets.
Bank of New York Mellon Corp. is in talks with PNC Financial Services Group Inc. to buy one of PNC's business units for close to $2.5 billion, The Wall Street Journal reported, citing people familiar with the matter.
In the face of opposition from influential insurance and securities industry groups, the Financial Planning Coalition has moderated its ambition to get Congress to establish a broad regulatory scheme for financial planners.
Forty-two percent of surveyed reps plan to boost such spending, while 41% plan to cut spending on bonuses.
Firm failed to properly oversee a rep who allegedly duped two Florida municipalities, says SEC
