Bank of America Corp. suffered its first quarterly loss in 17 years due to escalating credit costs, write-downs of $10.47 billion and trading losses in its capital markets businesses.
The Federal Reserve has cleared Protective Life Corp., the Birmingham, Ala., insurer, to become a bank holding company, making the carrier eligible to a slice of the $700 billion federal bailout.
The Depository Trust & Clearing Corp. is expanding the data its DTCC Deriv/SERV unit generates about credit default swaps.
One of the suits was brought in federal court in New York by the Chicago-based American Medical Association, which led medical societies, health plan members and medical-care providers against the carrier.
The consumer price index, a key indicator of inflation trends, dropped for the third consecutive month in December and barely rose for 2008, marking its slowest pace in 54 years, according to Department of Labor data released today.
Charles Schwab & Co. Inc., which late last year said it would eliminate more than 100 jobs at all levels amid the economic slowdown, said Friday that it will continue to reduce expenses.
Grail Advisors LLC said today that it has filed a registration statement for two actively managed exchange traded funds, the Grail American Beacon International Equity ETF and the Grail American Beacon Large Cap Value ETF.
For many employers, especially self-insured employers, administering a cap on the tax exclusion for employer-based health coverage would be difficult, according to a detailed study.
The Office of Management and Budget has cleared a Department of Labor rule that will allow financial advisers affiliated with mutual funds and brokerage firms to provide direct investment advice to 401(k) plan participants.
The two money management operations have been divisions of the same parent company since last January when Rydex of Rockville, Md., was acquired by Security Benefit Corp. of Topeka, Kan.
