The majority of executives at middle-market firms expect the financial crisis will bottom out within the next year, according to a survey released today by CIT Group.
The Phoenix Cos. Inc. said that it overstated its 2008 losses by $46 million as a result of an error in accounting for income taxes.
The nation's unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs.
Insurers’ delay in paying out claims was the most common complaint from consumers last year, according to the National Association of Insurance Commissioners.
Ameriprise Financial Services Inc. is among the four suitors expected to put in a bid for American International Group Inc.’s broker-dealer businesses by the end of the month, according to The Deal.
Massachusetts Secretary of State William Galvin’s securities division asked wants to revoke the license of a brokerage firm which served as a feeder fund for the investment firm of accused swindler Bernard Madoff.
Fiserv Inc. served as custodian for the self-directed IRAs of about 800 people who invested with Bernard Madoff.
Sales of fixed annuities climbed to $107 billion last year, up 60% from 2007, according to the Beacon Research Fixed Annuity Premium Study.
Consumer borrowing rose unexpectedly in January after three months of declines.
Aviva PLC, Europe’s biggest provider of life insurance products, posted a loss of $995 million for 2008, down from a profit of $2.98 billion in 2007.
