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Merrill to buy back $6 billion in shares
Merrill Lynch & Co. Inc. will buy back as much as $6 billion in shares of common stock over time, in an effort to return capital building up on its balance sheet to investors, the company announced today.
Morgan Stanley CFO to retire
Morgan Stanley has announced that David H. Sidwell, executive vice president and chief financial officer, will retire from the company at the end of the year.
Citigroup launches global ad campaign
Citigroup Inc. is looking to connect with its clients in a new ad campaign.
Morgan emerging market debt fund bows
Morgan Stanley Investment Management has launched the Morgan Stanley Emerging Markets Domestic Debt Fund Inc., the first U.S. registered closed-end fund to invest principally in emerging markets sovereign debt denominated in the local currency of the issuer.
RBC Capital to buy public finance firm
RBC Capital Markets has announced that it agreed to acquire Seasongood & Mayer LLC, a Cincinnati-based public finance firm and underwriter of municipal debt.
Demonstrators target Fidelity over Sudan
Thousands of protesters – some bearing signs asking “Is your Fidelity 401(k) funding genocide?” -- gathered in Boston’s Government Center Sunday to protest Fidelity’s investment ties to Sudan.
BofA threatens legal action against ABN
Bank of America Corp. has threatened to take legal action against ABN Amro Holding NV should it make any attempt to block its plans to buy LaSalle Bank Corp., ABN's Chicago-based subsidiary, according to the Financial Times.
Universal life’s market share reaches 40%
Universal life insurance captured a 40% share of the overall life insurance market for the first time last year and is expected to continue its strong showing, industry experts say.
High-profile adviser loses 314G arbitration claim
A high-profile financial adviser who hosts a weekly financial-advice radio show has lost a $314,000 arbitration claim that focused on his failure to deliver promised investment management.
Citigroup clinches Nikko takeover
With a $13.4 billion offer, Citigroup Inc. yesterday closed on the largest foreign takeover of a Japanese company, Nikko Cordial Corp., according to published reports.
The Hartford books 20% earnings increase
The Hartford Financial Services Group Inc. announced today that earnings rose 20% in the first quarter to $876 million, from $728 million for the same period a year earlier.
Oppenheimer Holdings profits down 2.5%
Oppenheimer Holdings Inc. today reported a net profit of $16,790,000 or $1.28 per share for the first quarter, a 2.5% decrease from $17,217,000, or $1.36 per share, in the same quarter in 2006, the company announced today.
Mack backs Clinton for president
Morgan Stanley & Co. Inc. today confirmed that chief executive John Mack, a registered Republican, has thrown his support behind Democratic New York Senator Hillary Rodham Clinton in the 2008 presidential election, according to published reports.
Fidelity brokerage unit assets rise
Fidelity Investments today said total client assets at its Fidelity Brokerage Co. unit reached a record $1.77 trillion in the first quarter, up 19% from a year earlier.
NYSE Euronext reports 1Q profit
The newly formed NYSE Euronext today reported net income of $67.6 million in the first quarter for NYSE Group, a $37.3 million -- or 123% -- increase as compared to net income of $30.3 million from the year-ago period.
Schwab offers high-yield checking accounts
Charles Schwab Corp. today announced no-fee checking accounts from Charles Schwab Bank, with an annual percentage yield of 4.25%.
Regulate reps as advisers, says survey
More than 90% of investors surveyed believe that the same investor protection rules should apply to both stockbrokers and financial planners when they offer the same kind of investment advice services, according to a new study.
Janus revenues jump 7%
Janus Capital Group Inc. today announced its profits rose 1% and its revenues increased 7% in the first quarter.
Jefferies names cash equities trading head
Jefferies & Company Inc. today announced the appointment of Edward J. Craig as managing director and head of U.S. Cash Equities Trading.
Franklin profits, revenues beat Street
Franklin Resources Inc.’s second-quarter profits more than doubled due to more inflow into its funds and higher earnings from its investments, the San Mateo, Calif.-based asset manager announced today.
