In a sign that the economy is growing at a slower pace than first thought, the growth of the U.S. gross domestic product was revised downward to a final reading of 2.8% for the second quarter, according to data from the Department of Commerce.
Ameriprise Financial Inc. has no immediate plans to bail out clients of advisers of its independent broker-dealer subsidiary, Securities America Inc., which saw $60 million erased last week when a giant money market fund, the Reserve Primary Fund, “broke the buck."
Accounting for roughly 10% of the nation’s retail-securities business done at banks, JPMorgan Chase & Co. is set to become even more dominant in that segment once it completes its $1.9 billion takeover of Washington Mutual Inc.
Where was all of Wall Street’s expensive, supposedly advanced technology when we needed it? Shouldn’t technology have helped to avert the current economic and financial mess?
New jobless claims rose to their highest point in seven years due to the weakening economy and the recent hurricane season, according to a report released today by the Department of Labor.
The House of Representatives approved legislation yesterday that would relieve about 25 million middle-class taxpayers from paying the alternative minimum tax this year.
Under the agreement, the Putnam fund purchased shares in Federated fund with cash and portfolio securities valued at $12.3 billion, said Putnam spokeswoman Laura McNamara.
Thirteen banking and insurance executives have been selected to join the Washington-based trade association’s board.
National Financial Partners Corp. warned investors that its total revenue took a dive during the third quarter.
“I would argue that the fundamentals are fine,” said Jonathan Golub, former chief investment strategist at The Bear Stearns Cos. Inc., “but the credit crisis is the only thing that is relevant right now.”
