Wachovia Securities reached a settlement with the SEC in which it agreed to pay investors more than $7 billion to buy back failed auction rate securities.
New claims for jobless benefits rose to a 26-year high last week, signaling that the U.S. economy remains stuck in a deep recession.
New orders for manufactured goods fell 3.9% in December, marking the fifth consecutive month of declines.
After forecasting dismal 2008 results, Swiss Reinsurance Group has announced that it will receive a capital infusion from billionaire Warren E. Buffett.
A survey of 506 registered investment advisers finds half their new assets are coming from wirehouses and other broker-dealers.
Will Fuller has joined Lincoln Financial Distributors of Philadelphia as president and chief executive, effective Feb. 13.
Lazard, an investment bank, said profit for its fourth quarter, ended Dec. 31, had fallen by about half to $61.2 million, or 50 cents per diluted share.
The Department of Labor today delayed implementation of a rule that would have allowed most investment advisers to give specific advice to 401(k) participants.
Aviva announced that full-year 2008 life insurance and pension sales hit a company record of 11.9 billion pounds ($17.2 billion) in the United Kingdom.
ING Groep has sold off its 70% stake in its Canadian property/casualty unit, ING Canada Inc., in an attempt to bulk up its balance sheets.
Three former brokers, who were first with UBS Financial Services Inc. and then with Merrill Lynch & Co. Inc., have been barred from working in New Jersey.
Iowa’s insurance commissioner yesterday posted a bulletin that would allow life insurers in that state to apply deferred tax assets toward 15% of their statutory capital and surplus levels.
Employers eliminated 650,000 jobs last month, bringing the total number of job cuts in the United States since September 2008 to 2.3 million.
The National Association of Active Investment Managers Inc. has launched an index of actively managed mutual funds that performed well during last year’s market downturn.
Piper Jaffray & Co. today reported a $153.3 net loss, or a loss of $9.78 diluted earnings per share, for the fourth quarter.
Americans cut back on spending by 1% in December, and increased personal savings by 3.6 %, in response to concerns about job security and economic stability, according to a Department of Commerce report released today.
No required minimum distributions for 2009
Given the market downturn, it may appear to investors that there are screaming buys, but investment managers are largely staying defensive, with many favoring the consumer staples category.
A National Association of Insurance Commissioners executive group last Thursday vetoed a proposal from the insurance industry to loosen required capital and surplus levels.
