July 19, 2007 |
BlackRock Inc., the largest publicly traded asset manager in the U.S., said its net income tripled in the second quarter as investors put a record $51 billion into its funds. Profit totaled $222.2 million, or $1.69 a share, up from $63.4 million, or 95 cents, a year earlier, helped by the purchase of Merrill Lynch & Co.'s investment unit in September. Profit excluding some compensation costs was $1.80 a share, topping analysts' expectations.
November 6, 2007 |
Merrill Lynch & Co Inc. has offered BlackRock Inc. Chief Executive Laurence Fink the post of CEO of the brokerage, CNBC reported Monday. Merrill has given Fink two weeks to decide whether to accept the offer, CNBC said. A Merrill Lynch spokeswoman declined to comment. Merrill last week ousted Stan O'Neal as CEO amid mounting losses on mortgage-related securities. The company's loan write-downs resulted in a $2.2-billion loss in the third quarter, the biggest in the brokerage's 93-year history.
January 31, 2014 |
NEW YORK - A New York state judge has approved nearly all of an $8.5-billion settlement between Bank of America and large investors who suffered losses in mortgage-backed bonds stemming from the housing meltdown. The settlement centers around mortgage-backed securities for which the Bank of New York Mellon Corp. acted as a trustee. Some of the claims in the 3-year-old case were not resolved, and the agreement still faces challenges despite the judge's approval. The case's resolution would help Bank of America put baggage stemming from the financial crisis behind it. The Charlotte, N.C.-based bank has struggled to lay to rest lingering fallout from its ill-fated 2008 acquisition of Countrywide Financial Corp., the Calabasas mortgage lender.
November 19, 2011 |
Reporting from New York and Los Angeles - When the U.S. government needed expert help in evaluating the bonds that caused the 2008 financial crisis, there were only two men it could turn to. Larry Fink, the founder of investment giant BlackRock Inc., and Bill Gross, the founder of Pacific Investment Management Co., are the generally acknowledged kings of the bond universe. Together, the companies they run hold approximately 7.5% of all outstanding bonds. The $1.2 trillion managed by BlackRock and the $1.1 trillion at Pimco dwarf the holdings of the next largest bond players, according to data from Pensions & Investments.
December 3, 2013 |
Proceed with a caution. The green light has turned yellow. That's what top equity strategists at T. Rowe Price, a major investment firm, are telling investors as this year's stock market rally shows little sign of easing. "We're starting to see signs of caution in the market," John Linehan, head of U.S. equities at T. Rowe Price, said at a media briefing in New York on Tuesday. The Dow Jones industrial average is up more than 21% for the year, while the broader Standard & Poor's 500 has rocketed 26% this year.
October 9, 2013 |
NEW YORK -- President Obama's nomination of Janet Yellen to lead the Federal Reserve was not a surprise to Wall Street. Yellen, currently the Fed's vice chair, is widely expected -- for better or for worse -- to continue the policies of Ben S. Bernanke, the central bank's soon-to-depart chairman. The Fed has been trying to prop up the U.S. economy with an unprecedented stimulus program known as quantitative easing. By buying bonds to keep a lid on interest rates and borrowing costs low, the Fed has tried to stimulate growth.