May 23, 2009
The bailouts may be winding down for the financial services industry, but the regulatory buildup is just beginning. New measures signed into law this week on credit card companies and mortgage lenders signal the postelection shift in attitude about the government's role in vigorously competitive markets. Congress is also considering additional safeguards on payday and home loans, and the administration may propose a new commission to regulate consumer credit and investment products.
October 24, 2008 |
Xerox Corp. plans to cut 3,000 jobs, or 5% of its workforce, because a slowdown in orders from large U.S. companies has dragged down the printer and copier maker's profit margins. The restructuring of the Norwalk, Conn.-based company will affect all departments except sales and is an example of how the economic turmoil is hurting companies outside the financial services industry. Xerox shares slid 27 cents, or 3.4%, to $7.71. Xerox had already been steadily cutting costs and jobs before the financial crisis dramatically worsened in the last month.
November 8, 2000 |
Citigroup Inc. has pledged to improve its consumer lending practices, following allegations of predatory lending tactics at the No. 1 U.S. financial services company and its planned merger partner Associates First Capital Corp. Among other steps, New York-based Citigroup said it will set up a special review process for foreclosures so borrowers do not wrongly lose their homes, and expand opportunities for low and middle-income people to obtain cheaper loans. Citigroup told U.S.
October 19, 2000 |
Boeing Co. on Wednesday reported a 30% increase in third-quarter profit, beating Wall Street forecasts, as the aerospace giant squeezed more cash out of its businesses even as revenue shrank. The world's biggest plane maker said it earned $622 million, or 72 cents a share, in the quarter ended Sept. 30, up from $477 million, or 56 cents, a year ago. Revenue declined 10.5% to $11.88 billion.
September 7, 2000 |
Citigroup Inc., the No. 1 U.S. financial services company, said Wednesday it will buy Associates First Capital Corp., the biggest U.S. finance company, for $31.1 billion in stock to boost its consumer lending business. The purchase of Dallas-based Associates, the former consumer finance arm of auto maker Ford Motor Co., marks Citigroup's largest deal since its formation in 1998 and expands its international reach as well as its large credit card and commercial finance operations.
July 16, 2000 |
Cheryl Paller worries that she has two strikes against her that could preclude an ascent to the upper echelons of banking: She's female and she's unconventional. It's not that Paller hasn't had successes as a banker. She has risen to the rank of vice president at four financial institutions, including her present employer, Bank of America. But the top spots in banking are still elusive to women.