February 2, 2005 |
American Express Co. said Tuesday that it would spin off its financial advisory business so it could focus on the faster-growing charge card, payments processing and travel businesses. The announcement by the New York-based company came a day after Citigroup Inc. said it would sell its Travelers life insurance business to MetLife Inc. Both moves suggest that the "supermarket" approach to financial services that was so popular in the 1980s and 1990s may be proving cumbersome.
October 18, 2006 |
MetLife Inc. said Tuesday that it had agreed to sell two adjoining Manhattan apartment complexes for $5.4 billion in one of the largest U.S. real estate transactions on record. The company said it would sell Peter Cooper Village and Stuyvesant Town to a joint venture of New York real estate developer Tishman Speyer and the realty unit of BlackRock Inc.
February 24, 2011 |
American International Group Inc. posted its first profit in three quarters Thursday on gains from divestitures. Fourth-quarter net income of $11.2 billion, or $16.60 a share, compares with a loss of $8.87 billion, or $65.51, a year earlier, the New York-based insurer said in a regulatory filing. Chief Executive Robert Benmosche raised almost $37 billion last year selling American Life Insurance Co. to MetLife Inc. and divesting a majority stake in AIA Group Ltd. in a public offering.
December 25, 2001 |
Hallmark Cards Inc. settled a patent suit by Tumbleweed Communications Corp. that accused the largest greeting card company of infringing patents for sending greeting cards over the Web. Hallmark agreed to license Tumbleweed's technology for Hallmark.com products. The patents include a system for sending an e-mail delivery notification to the recipient. Financial terms weren't released.
October 10, 2008 |
New applications for unemployment benefits dropped last week from a seven-year high, the Labor Department said Thursday, although claims remain at elevated levels that indicate recession. And new job cuts announced after the report was released indicate Thursday's good news is likely to be short lived. Initial claims for jobless benefits dropped 20,000 to a seasonally adjusted 478,000, the department said, the same level that Wall Street economists expected.
June 3, 2005 |
Citigroup Inc., the world's biggest bank, may do an asset swap with financial services firm Legg Mason Inc. that would get the former out of the mutual fund business and the latter out of the brokerage business. Citigroup may swap its $460-billion asset management business for Legg Mason's 1,540 brokers, people familiar with the discussions said Thursday.
September 15, 2001 |
General Electric Co., the largest company by market value, said Friday that its third-quarter profit will be less than analysts' forecasts because of an estimated $400 million in losses at its reinsurance business after the terrorist attacks on the World Trade Center. The company said net income will be about 33 cents a share, 4 cents less than the average estimate of analysts surveyed by Thomson Financial/First Call. General Electric had profit of 32 cents a share in the year-ago period.
December 8, 2010 |
American International Group Inc. has struck a deal to repay a Federal Reserve credit line as the insurer seeks independence from the government. AIG will use proceeds from the sales of two non-U.S. life insurance units to repay the line, on which it owed about $21 billion as of last week, the New York-based company said Wednesday in a filing. The deal was struck with entities including the Treasury Department, which holds a $49-billion preferred stake in the company. The Treasury Department plans to convert its investment into about 1.66 billion shares of common stock, or about 92% of the total, by March 15. The stake will then be sold to private investors.
February 13, 2002 |
MetLife Inc. had a loss in the fourth quarter, reflecting stagnant sales and losses on investments in Enron Corp. and Argentina. The largest U.S. life insurer also incurred expenses of $489 million as it fired staff and set aside money to settle lawsuits. The New York-based company's net loss was $296 million, or 41 cents a share, compared with net income of $591 million, or 74 cents, a year earlier. Revenue was little changed at $8.4 billion.
August 29, 2003 |
MetLife Inc. on Thursday acquired the Sears Tower in Chicago, buying Trizec Properties Inc.'s interest in the tallest U.S. building for $9 million. The transaction allowed Trizec to avoid assuming a $766-million mortgage debt. "It's a terrific building, but it just wasn't right for us to own it at this time," said Rick Matthews, a spokesman for Trizec, the second-largest office real estate investment trust. Toronto-based Trizec, seeking to reduce its $3.2-billion debt, will continue as building manager and leasing agent.