January 15, 2014 |
NEW YORK -- Bank of America Corp.'s fourth-quarter profit surged as the financial giant continued to work through its hangover from the housing meltdown. The Charlotte, N.C.-based bank Wednesday reported net income of $3.4 billion, or 29 cents a share, up sharply from $732 million, or 3 cents, the same period a year ago, when its bottom line suffered from a more than $10-billion settlement with mortgage giant Fannie Mae. QUIZ: Do you remember the biggest business news stories of 2013?
November 10, 2013 |
John R. "Trip" Adler III The gig: Adler, 29, is a founder and chief executive of Scribd, a YouTube for publishing in which anyone can upload documents and let others read and share them. With 80 million visitors a month, it's a popular destination. And at 6½ years of age, it turns a profit from displaying ads and taking a cut of sales and subscriptions. Book deal: Last month Scribd struck a deal with publisher HarperCollins to make thousands of book titles available by subscription on its service.
July 28, 2013 |
Emulex Corp. in Costa Mesa designs and makes chips that help data move faster through computer servers and storage networks. The company's Ethernet and Fibre Channel products have been built into the server and storage products of such well-known companies as Dell Inc., Intel Corp., Cisco Systems Inc., Hewlett-Packard Co., Oracle Corp. and IBM Corp. Fibre Channel is a rival networking standard to Ethernet for transmitting data between computer devices. The company, founded in 1979, said in its fiscal third-quarter financial report that its products can be found somewhere in the data centers "of nearly all of the Fortune 1000" companies.
July 18, 2013 |
NEW YORK -- Morgan Stanley's profit jumped 42% in the second quarter, boosted by trading, wealth management and investment banking. The major Wall Street bank reported $802 million, or 41 cents a share, in second-quarter net income, up from $564 million, or 29 cents, in the same period a year ago. The results included a $152-million charge stemming from the bank's acquisition of the remaining stake in the Morgan Stanley Smith Barney joint venture...
July 17, 2013 |
NEW YORK -- Bank of America Corp.'s profit jumped 63% in the second quarter as the financial giant continued to cut costs and struggled to clean up its troubled mortgage business. The Charlotte, N.C.-based bank said it earned $4 billion, or 32 cents a share, in net income in the second quarter, up from $2.5 billion, or 19 cents, in the same period a year ago. Revenue increased 3.5% to $22.7 billion. The results beat analysts' expectations of per-share earnings of 25 cents, according to data compiled by Thomson Reuters.
July 12, 2013 |
WASHINGTON - Sen. Elizabeth Warren has launched a campaign to make banks boring again as she pushes legislation to enact stricter regulations forcing deposit-taking financial institutions out of the investment business. The Massachusetts Democrat wants to reinstate the Depression-era Glass-Steagall law, which separated what she called boring checking and savings accounts that are backed by the Federal Deposit Insurance Corp. from risky investment banking. And after joining three other senators Thursday in introducing a bipartisan bill to do that, Warren went to Twitter to rally support.