Citi’s 1Q profit spike: Less than meets the eye
Citigroup Inc. Chief Executive Vikram Pandit put his credibility on the line last month when he wrote a memo saying the bank, after five consecutive quarters of losses, at last was profitable. It turns out that depends on which definition of “profit” is used.
Fidelity cuts raises, bonuses, profit-sharing
Fidelity Investments, responding to what it called continuing challenges as the recession lingers, told employees in all but its lowest-echelon bonus pool that they will not get merit increases this year.
Money manager Gabelli rakes in $46M pay
The executive may rank as highest paid chief on Wall Street, even after taking a 34% cut from the lofty $70 million pay package he took home in 2007.
Fidelity’s equity head said to be moving to Putnam
Walter Donovan resigned Thursday from the top equity job at Fidelity Investments to take the same position at Putnam Investments, according to sources who declined to be identified.
Religious order sues State Street, SSgA over losses
Sisters of Charity of the Blessed Virgin Mary, Dubuque, Iowa, has filed a civil suit alleging breach of fiduciary duty, breach of trust and unjust enrichment regarding losses from the order’s investment in an SSgA enhanced Dow Jones-AIG Commodities futures strategy.
Mercer, Callan pull plug on merger
Mercer and Callan Associates halted plans to merge their investment consulting businesses, according to a Callan news release.
Fed to buy up to $300B long-term Treasury bonds
The Federal Reserve announced Wednesday it will spend up to $300 billion over the next six months to buy long-term government bonds, a new step aimed at lifting the U.S. out of recession by lowering rates on mortgages and other consumer debt.
Helmsley Trust ruling means less for dogs
A recent court ruling has paved the way for the bulk of the Leona M. and Harry B. Helmsley Charitable Trust to be spent on charitable efforts, not on dogs.
B-D firms worry about increased audit costs
Broker-dealer firms are worried about increased audit costs in the wake of the Bernard Madoff scandal.
‘Independent-contractor’ debate brews
The independent contractor status of the 140,000-plus registered representatives who work as brokers affiliated with broker-dealers is likely…
