Investment losses and subprime mortgage impairments drove Genworth Financial Inc. to a first-quarter loss, and the insurer says it plans to sell up to 49 percent of its Canadian mortgage business to raise cash.
Lincoln National Corp. ended the first quarter in the red, citing a $600 million charge on the impairment of goodwill in its annuity business.
Investment executives and retirement plan officials will band together over the next several months to propose some radical enhancements to the nation's 401(k) system, said Robert Reynolds, president and CEO of Boston-based Putnam Investments.
Stocks are higher in early trading following data indicating job losses are slowing.
The head of the Federal Deposit Insurance Corp. says new powers are needed to oversee companies that pose financial risks to the economy, an authority that could be shared by the FDIC and other regulators.
While charitable giving using the Internet continues to rise, the pace is slowing down due to the recession, according to a survey published yesterday by The Chronicle of Philanthropy.
Federal Reserve Chairman Ben Bernanke gave his most optimistic prediction yet Tuesday about the end of the recession, saying he expects the economy to start growing again this year — although the comeback could be weak and more jobs will disappear even after a recovery takes hold.
Marsh & McLennan Cos. said today it returned to profitability in the first quarter, bouncing back from a loss a year ago when it absorbed a big write-down. But the latest results fell short of Wall Street expectations.
The Securities and Exchange Commission filed fraud charges today against the father and son team who ran Reserve Management Co., the money-market fund company that rocked the financial world last September when it broke the buck on its flagship fund.
Raymond James Financial has attracted a number of recruits in recent months and is on track to add advisers with more than $100 million in production this year.
President Obama’s <a href= http://ciedit.cr.atl.publicus.com/apps/pbcs.dll/article?AID=/20090504/FREE/905049995&NoCache=1>proposal</a> to rein in tax deferrals for U.S. corporations doing business overseas will have a negative impact on the ability of financial services firms to compete worldwide, according to the Financial Services Roundtable.
Sales of mutual funds through brokers and financial advisers continued to shift toward fee-based compensation last year, while the trend toward fee-for-advice distribution accelerated, according to a study released today by Strategic Insight Mutual Fund Research and Consulting LLC.
While charitable giving using the Internet continues to rise, the pace is slowing down due to the recession, according to a survey published yesterday by The Chronicle of Philanthropy.
Legg Mason Inc. today reported a net loss of $325.1 million, or $2.29 per diluted share, for the fourth quarter of the fiscal year ended March 31.
Investors are rushing into stocks Monday as surprise increases in pending home sales and construction spending offered the latest signs that the economy is stabilizing.
