Despite a year-over-year profit decline, the latest quarter marked a turnaround from the fourth quarter, when the company posted a loss of $69.4 million, or $1.02 per share.
Federated Investors Inc. today reported net income of $35.1 million, or $0.34 per share, for the first quarter, compared with a net income of $55.8 million, or $0.54, for the comparable quarter last year, representing a 35% decline.
The Securities and Exchange Commission plans to eliminate an New York Stock Exchange rule that allows brokerage firms to vote the proxies of their investor clients, The Wall Street Journal reported today.
The Labor Department said Thursday that initial claims for unemployment compensation rose to a seasonally adjusted 640,000, up from a revised 613,000 the previous week. That was slightly above analysts' expectations of 635,000.
The Hartford (Conn.) Financial Services Group Inc. has approached its rivals in recent weeks searching for a buyer for its property/casualty unit, Bloomberg reported.
Morningstar Inc. today released its annual list of best and worst Section 529 college savings plans.
Janus Capital Group Inc. today reported a first-quarter net income of $2.7 million, or $0.02 per share, representing a 65% decline from $7.8 million in income for the fourth quarter of 2008.
Swiss banking giant Credit Suisse on Thursday reported a first-quarter net profit of 2 billion Swiss francs ($1.72 billion), following a turnaround in its investment bank, which had previously been hit hard by the credit crunch.
The International Monetary Fund projected the 1.3 percent drop in a dour forecast released Wednesday. That could leave at least 10 million more people around the world jobless, some private economists said.
Morgan Stanley says it lost $578 million, after paying preferred dividends, in the first quarter, hurt by the deteriorating commercial real estate market.
Wells Fargo & Co.'s first-quarter report on Wednesday had few big surprises, as results fell in line with the bank's forecast and easily beat Wall Street's estimates. But like most of its peers, the bank continues to post higher credit costs.
T. Rowe Price Group Inc. said Wednesday that reeling markets sent its first-quarter profit tumbling by more than two-thirds, and the investment manager announced plans to cut 288 jobs, or 5.5% of its work force.
Congressional oversight panel told of progress, including increases in the number of refinanced mortgages and signs that credit conditions have improved.
Parent of Pershing and Dreyfus cuts dividend to nine cents a share from 24 cents, to save $700M a year.
Executives at The Botsford Group are aiming to capitalize on the downturn in the markets, and the disruption it's caused in the financial advisory industry, by aggressively acquiring and hiring advisers in the coming months.
