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.
The economic meltdown many countries are experiencing is likely to last longer than typical recessions and be followed by a weaker than average recovery, the International Monetary Fund said today.
JPMorgan Chase said today it earned $2.14 billion for the first quarter, thanks to rising deposits and lower borrowing rates. The profit was 10 percent lower than last year, but better than expected.
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.
The number of newly laid-off Americans requesting unemployment insurance benefits fell last week, a sign that job cuts could be easing.
The court-appointed receiver for the Stanford Group Company of Houston yesterday filed suit against 66 Stanford brokers seeking to return of more than $40 million in sales commissions and upfront loans.
Stocks are slipping following a Philadelphia Federal Reserve report that regional manufacturing shrank again in April.
Michigan regulators say brokerage firms Citigroup Inc. and Wachovia Corp. have paid $2.37 million to the state after an investigation into the sale of auction rate securities.
UBS AG, Switzerland's largest bank, said today it expects a first quarter loss of nearly 2 billion Swiss francs ($1.75 billion) and announced plans to cut 8,700 jobs worldwide by the end of next year.
President Barack Obama seized the opportunity on tax-filing day to assert that his administration is easing the tax burden of working people.
Requiring annuities or other fixed-income products be included as an option in 401(k) plans is being considered by the House Education and Labor Committee, said Rep. Robert Andrews, D-N.J., chairman of the committee’s Health, Employment Labor and Pensions Subcommittee.
Investment bank Piper Jaffray Cos. said Wednesday that its first-quarter loss widened, but results were better than analysts had forecast.
Charles Schwab says its earnings fell 29% in the first quarter, but results easily beat Wall Street's expectations.
Protesters began gathering at state Capitols and in neighborhoods and town squares across the country Wednesday to kick off a series of tax-day protests designed to echo the rebellion of the Boston Tea Party.
The Labor Department said Wednesday that consumer prices edged down 0.1 percent last month as a drop in energy prices offset the biggest rise in tobacco prices in more than a decade. It was a better performance than the 0.1 percent rise in the Consumer Price Index that economists had expected.
Investors picked up consumer staples and industrials stocks today but remained cautious after getting more evidence that the economy is still struggling.
Clearing giant Pershing LLC has rolled out a program to help client firms attract fee-based advisers who do some commission business.
New vehicle sales could start to recover in the next several months, which could give a needed boost to automotive stocks, an analyst said Tuesday.
For 2008, individual taxpayers can claim a non-refundable credit against federal income taxes of up to $1,800 per student for qualified tuition and related expenses in the first two years of the student’s post-secondary education in a degree or certificate program.
