Even the rich are gloomy about the economy, according to Chicago-based Spectrem Group’s Millionaire Investor Index, which fell 13 points in February.
Insurer Old Mutual PLC reported Wednesday a 30 percent drop in 2008 profits as its U.S. Life unit made a large loss, hurt by the collapse of financial institutions such as Lehman Brothers and Freddie Mac and Fannie Mae.
With large pharmaceutical companies sitting on extra cash and billions, a flurry of mergers in the biotechnology sector is likely this year, analysts say.
The mutual fund industry today called for combining the Securities and Exchange Commission and the Commodity Futures Trading Commission into a one entity.
Banks need to get rid of toxic assets, Boston Federal Reserve Bank President Eric Rosengren told a group of bankers yesterday in Washington.
Federal authorities have frozen $138 million in North Dakota's state pension and workers compensation funds, records show.
The Department of the Treasury and the Federal Reserve today launched a program designed to increase lending to consumers and small businesses.
Citigroup Inc. said Tuesday that it will lower mortgage payments for some homeowners for three months as part of a new program to help the unemployed.
Smith Barney's exclusive deal with Legg Mason to distribute funds run by Bill Miller has come to an end.
Raymond James Financial announced that Paul Reilly, executive chairman of Korn/Ferry International, will join the company as president May 1, and after one year will succeed Thomas James as chief executive.
