The Charlotte, N.C.-based bank booked second-quarter net income of $3.41 billion compared to $5.76 billion in the year-ago period.
Although the stock prices of mortgage giants Fannie Mae and Freddie Mac were bruised, a handful of mutual funds continue to hold the securities, either because they underestimate the risk or because they are smarter than the average bear.
How's this for a business model: invite really, really rich people to join an exclusive club, charge them not inconsiderable fees, and encourage them to share concerns and investment ideas.
American Equity Investment Life Insurance has settled a class action for $16.4 million over abusive annuity sales.
Economists at major U.S. corporations believe that the economy will steer clear of a recession.
Citigroup lost $2.5 billion in the second quarter while Merrill Lynch was down $4.65 billion.
the S&P 500 is down 2.95% this decade — well below the 2.04% real advance during the 1930s.
Clients would have to have a net worth of at least $1.5 million for investment advisers to charge them performance fees.
Wilmington Trust reported a second-quarter loss of $19.5 million on impairment charges and a securities loss.
Sen. Carl Levin today called for legislation that would make it easier to tax U.S. citizens who transfer assets to shelters.
JPMorgan Chase & Co. reported that its second-quarter earnings were 53% below last year’s levels.
Regulators raided the St. Louis headquarters of Wachovia seeking records related to the sale of auction rate securities.
The firm is being investigated as to whether its clients used offshore accounts to hide assets and avoid paying taxes.
Second-quarter profits edged up 1% at The Charles Schwab Corp. to $295 million, or 26 cents a share.
UBS plans to buy back up to $3.5 billion of its auction rate securities after it was accused of fraudulent practices.
The CPI has risen 5% since June 2007, marking the highest year-over-year increase since the 5.3% jump between February 1990 and February 1991.
The producer price index for June brought more bad news for the economy, posting an increase of 1.8% as inflation took its toll.
State Street Corp. posted a 50% second-quarter earnings increase today while U.S Bancorp reported that profits dropped 18%.
The euro reached a high of $1.6036 on the dollar today, its highest level since the currency debuted in January 1999.
A downgrade by a Wachovia analyst sent American International Group shares tumbling to a 52-week low.
