The Bank of New York Mellon Corp. reported an 88% drop in fourth quarter net income late Tuesday, stemming in large part from $1.24 billion in securities write-downs.
The New York-based investment bank, which has now suffered five straight quarterly losses, incurred around $328 million in charges during the quarter, stemming mainly from expensing 2007’s employee stock awards.
State Street Corp. today reported a 71% profit drop in fourth-quarter earnings, along with increased unrealized losses in its commercial paper program and investment portfolio.
TD Ameritrade Holding Corp., the discount brokerage firm that also offers custody services to independent investment advisers, reported fiscal 2009 first-quarter earnings today of $184.4 million, or 31 cents a share, meeting analysts’ forecasts.
Morgan Stanley and Bank of America are upping the ante to create the largest brokerages in the nation, even as individual investors head for the exits.
In an internal announcement Tuesday, Wells Fargo & Co. laid out top management appointments for its expanded brokerage businesses following its merger this month with Wachovia Corp.
Managing retirement portfolios often requires balancing capital appreciation and capital preservation objectives.
Reps at both Smith Barney and Morgan Stanley, as well as other industry observers, see a long slog ahead for the new joint venture between the two firms.
While a handful of carriers have received clearance to become banks or thrifts, Genworth Financial Inc. of Richmond, Va., continues to wait for the OK from regulators.
The suit was filed by American Equity Investment Life Insurance Co., a major provider of index annuities, and other companies that market the products, in the U.S. Court of Appeals for the District of Columbia Circuit after the SEC published its rule in the Federal Register today.
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.
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.
But the former Wall Street giant will need to assert more international coordination to meet this goal, a federal judge emphasized yesterday in a court hearing.
Genworth Financial Inc.’s long term care insurance business has teamed with the National LTC Network Inc. in a marketing relationship aimed at selling the insurer’s products and services.
Retail sales fell 2.7% in December from November as a growing number of shoppers stayed on the sidelines during the holiday shopping season, according to the Department of Commerce.
House Democrats intend to give President-elect Barack Obama $1 trillion to deploy for economic recovery programs as early as the middle of February, said Financial Services Committee chairman Barney Frank, D-Mass.
John Lovito and Federico Garcia Zamora recently joined the firm as co-portfolio managers for the $1.7 billion American Century International Bond Fund, the Kansas City, Mo.-based American Century said today.
