The Denver-based company’s earnings fell to $7.8 million, or 5 cents a share, from $51.6 million, or 30 cents a share, a year earlier.
Fund managers are becoming increasingly optimistic about improving economic growth and the prospects of inflation, but they remain cautious over U.S. equities and emerging Chinese markets, according to Merrill Lynch’s January global fund managers survey.
The New-York based investment firm blamed the drop, in large part, to incurring $215 million in losses from investments in hedge funds and real estate products.
The Bank of New York Mellon Corp. reported an 88% drop in fourth quarter net income late Tuesday, stemming in large part from $1.24 billion in securities write-downs.
The New York-based investment bank, which has now suffered five straight quarterly losses, incurred around $328 million in charges during the quarter, stemming mainly from expensing 2007’s employee stock awards.
State Street Corp. today reported a 71% profit drop in fourth-quarter earnings, along with increased unrealized losses in its commercial paper program and investment portfolio.
TD Ameritrade Holding Corp., the discount brokerage firm that also offers custody services to independent investment advisers, reported fiscal 2009 first-quarter earnings today of $184.4 million, or 31 cents a share, meeting analysts’ forecasts.
The Securities and Exchange Commission’s Office of Economic Analysis has extended the deadline for public companies to participate in a web-based survey about the costs and benefits of Section 404 of the Sarbanes-Oxley Act of 2002.
Morgan Stanley and Bank of America are upping the ante to create the largest brokerages in the nation, even as individual investors head for the exits.
Arbitrations that involve auction rate securities are about to be tested in new hearing procedures established by the Financial Industry Regulatory Authority Inc.
In an internal announcement Tuesday, Wells Fargo & Co. laid out top management appointments for its expanded brokerage businesses following its merger this month with Wachovia Corp.
Bernard Madoff was able to pull off what is allegedly the largest investor fraud in history because people trusted him.
On the surface, Mary L. Schapiro has all the credentials to be an outstanding chairwoman of the Securities and Exchange Commission, as she has unparalleled experience as a securities regulator.
Managing retirement portfolios often requires balancing capital appreciation and capital preservation objectives.
Reps at both Smith Barney and Morgan Stanley, as well as other industry observers, see a long slog ahead for the new joint venture between the two firms.
While a handful of carriers have received clearance to become banks or thrifts, Genworth Financial Inc. of Richmond, Va., continues to wait for the OK from regulators.
The suit was filed by American Equity Investment Life Insurance Co., a major provider of index annuities, and other companies that market the products, in the U.S. Court of Appeals for the District of Columbia Circuit after the SEC published its rule in the Federal Register today.
Bank of America Corp. suffered its first quarterly loss in 17 years due to escalating credit costs, write-downs of $10.47 billion and trading losses in its capital markets businesses.
The Federal Reserve has cleared Protective Life Corp., the Birmingham, Ala., insurer, to become a bank holding company, making the carrier eligible to a slice of the $700 billion federal bailout.
One of the suits was brought in federal court in New York by the Chicago-based American Medical Association, which led medical societies, health plan members and medical-care providers against the carrier.
