The Charlotte, N.C.-based investment bank said its net income fell to $1.18 billion, or 15 cents per share, from $3.7 billion, or 82 cents per share, a year ago.
Under the terms of the binding agreement, Allianz will purchase, at $31 per share, $750 million in preferred shares convertible to common stock.
Bank revenue from the sale of annuities rose 39.6% in the first half to $1.3 billion, from $935.9 million in the first half of 2007, according to a report released today by bank insurance consulting firm Michael White Associates LLC of Radnor, Pa.
Beer drinkers are keeping their mugs full even as the economy heads south and Wall Street suffers week after week.
Public officials in all branches of government have a fiduciary duty to the citizens of the United States.
The worsening housing crisis and unprecedented unraveling of the financial services sector is causing many financial planners to recommend to clients that they boost emergency cash reserves and, in some cases, delay retirement plans.
Despite the recent market upheaval, more financial intermediaries are increasing their investments in equity funds than are decreasing them, according to a survey by kasina LLC.
The non-manufacturing sector is experiencing anemic growth, reflecting difficult economic times and the financial crisis.
The House of Representatives on Friday approved a $700 billion bailout package and passed it along to President Bush who immediately signed it into law.
The U.S. economy shed 159,000 jobs in September, marking the highest number of jobs cut since March 2003.
The Securities and Exchange Commission today charged five brokers in the Los Angeles area with securities fraud.
A program that allows seniors to make charitable contributions from their individual retirement accounts was extended to 2009.
Not mentioning its broker-dealer network, AIG said it wants to sell a number of business lines, but not its core property and casualty insurance lines.
As part of the agreement, Hilb Rogal shareholders could either choose to receive Willis common stock or a combination of stock and cash.
The proposed legislation would have specified the requirements to obtain a life settlement license, as well as disclosure requirements at the point of solicitation.
Gloom, doom, pain and much suffering are all in the forecast for at least the next five years, according to renowned market bear David Tice, founder and president of David W. Tice & Associates LLC in Denver.
The broker-dealers in the AIG Advisor Group Inc. will be included as part of the massive asset sale that parent company American International Group Inc. could unveil as early as tomorrow, according to an investment banking source who asked not to be identified.
Confidence among wealthy investors fell to all-time lows last month as economic turmoil and market conditions had investors fretting, according to a report by Spectrem Group.
