October 18, 2005 |
Citigroup Inc. reported a 35% rise in third-quarter profit on the sale of an insurance unit, and said higher investment banking revenue offset weakness in consumer banking and the effect of Hurricane Katrina. Net income for the world's largest bank rose to $7.14 billion, or $1.38 a share, from $5.31 billion, or $1.02, a year earlier. The latest results included a $2.12-billion gain from the sale of Travelers Life & Annuity to MetLife Inc. and $222 million of costs from Katrina.
November 5, 2004 |
More U.S. insurers will be disciplined for allowing market timing in mutual funds linked to variable annuities, a Securities and Exchange official said Thursday. Trading improprieties in the insurance industry were uncovered during the SEC's investigation of market timing in the mutual fund industry. Conseco Inc. and Inviva Inc.
March 30, 2006 |
Top executives of 17 major U.S. financial institutions expressed concerns about Congress adopting far-reaching proposals to regulate foreign purchases of U.S. assets, including requiring lengthy reviews of such deals, according to a letter made public Wednesday. The leaders of JPMorgan Chase & Co., Citigroup , MetLife Inc., Goldman Sachs Group Inc. and others wrote Senate Banking Committee Chairman Richard C. Shelby (R-Ala.
July 15, 2005 |
Citigroup Inc.'s president and chief operating officer, Robert B. Willumstad, has decided to step down from those positions to seek the top job at a public company, the financial services giant announced Thursday. Citigroup said Willumstad, 59, intended to work with management to assure an orderly transition of his responsibilities between now and September. Willumstad has been president since 2002.
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.
November 3, 2003 |
Here are some of the key economic and business events scheduled for the week. Today: * Senate Governmental Affairs panel holds hearing on the mutual fund industry. * Commerce Department reports on construction spending for September. * Institute of Supply Management releases its manufacturing index report for October. * Automakers report on vehicle sales for October. * Charter Communications Inc., Kellogg Co. and MetLife Inc. release third-quarter earnings. * Tuesday: * D.C.
February 17, 2011 |
Major U.S. banks are about to get penalized for "critical deficiencies" and shortcomings in how they handled foreclosures, a top federal regulator said Thursday at a Senate Banking Committee hearing examining the Dodd-Frank Act six months after its congressional approval. "These deficiencies have resulted in violations of state and local foreclosure laws, regulations or rules," said John Walsh, acting comptroller of the currency. Banking regulators are preparing sanctions and "remedial requirements," he said.
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.
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 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.