At the bell
All Schwab money market funds will participate in the temporary guaranty program for money funds announced by the Department of the Treasury on Sept. 19, Charles Schwab & Co. Inc. of San Francisco said in a statement Friday.
Schwab opts for guaranty program
All Schwab money market funds will participate in the temporary guaranty program for money funds announced by the Department of the Treasury on Sept. 19, Charles Schwab & Co. Inc. of San Francisco said in a statement Friday.
Cost-basis reporting receives approval
Brokerage firms and mutual funds must begin reporting the cost basis of securities sold by customers under a provision included in the financial industry rescue bill signed Friday by President Bush.
UBS to cut 2,000 investment bank jobs
UBS AG of Zurich, Switzerland, said Friday that it will slash 2,000 jobs in its investment banking unit, bringing total job reductions in that business to 6,000 over the past year.
Payrolls down for ninth month
The U.S. economy shed 159,000 jobs last month, marking the highest number of job losses since March 2003.
It was the ninth consecutive month of lower payrolls, according to a report by the Department of Labor.
Schwarzenegger warns on Calif. budget crisis
California might require as much as $7 billion in emergency funding from the federal government to pay the salaries of critical state employees.
In a letter to Treasury Secretary Henry Paulson, California Gov. Arnold Schwarzenegger blamed the need for the money on the credit crisis.The governor wrote that the state will try to sell $7 billion in revenue anticipation notes for short-term cash flow purposes in “a matter of days.”
ICI re-elects Murphy as chairman
The Investment Company Institute’s board of governors Friday re-elected OppenheimerFunds Inc. chief executive John V. Murphy to another one-year term as chairman.
He was elected chairman a year ago after serving on the Washington-based ICI’s board.
OppenheimerFunds is based in New York.
S&P downgrades AIG ratings
Standard and Poor’s Ratings Services has downgraded its CreditWatch ratings on American International Group Inc. and its guaranteed subsidiaries to “negative,” from “developing.”
Both S&P and AIG are based in New York.
Correction
In a story in the Sept. 29 issue, “Advice business is bright spot amid gloom,” John Henry McDonald, president of Austin (Texas) Asset Management Co., said that a nearby branch of Detroit-based H&R Block Financial Advisors Inc. is expected to close soon. An H&R Block spokeswoman said that there are no plans to close that branch.
Learn more about reprints and licensing for this article.