Worst Year Ever for Stocks: ‘Irrational Exuberance’ of 1990s Being Unwound

Any way you slice it, the 2008 is shaping up to annus horribilis for the U.S. stock market. Heading into Friday’s session, in which an early rally effort quickly faded, the S&P was down 49% year-to-date and on track for its worst y

The Bank of New York Mellon to cut 4% of global workforce

The Bank of New York Mellon Corporation, a provider of asset management and securities services, plans to reduce its worldwide workforce of 43,000 by approximately 4%, or 1,800 positions. Robert Kelly, chairman and CEO of the bank, said: ‘It has become

The Bank of New York Mellon Corporation Enhances Presence in Mexico with New Banking License

NEW YORK, Nov. 24 /PRNewswire-FirstCall/ — The Bank of New York Mellon Corporation, the global leader in asset management and securities servicing, has received a banking license in Mexico that will enhance the company’s on-the-ground capabilities in

Bank of America Announces Initial Findings of 2008 Study of High Net-Worth Philanthropy

— Nearly 60% of wealthy households who stopped giving to a charitable organization attributed their change in philanthropic behavior to ‘no longer feeling connected to the organization,’ according to initial findings released today from a new survey

Javelin Ranks Top U.S. Banks’ Identity Safety Measures for Customers

Study Finds Greater Security Measures Are Key to Lowering Fraud Rate and Losses SAN FRANCISCO, Nov 24, 2008 (BUSINESS WIRE) — –Bank of America Takes Highest Overall Score Javelin Strategy & Research ( www.javelinstrategy.com), the leading

Javelin Ranks Top U.S. Banks’ Identity Safety Measures for Customers

SAN FRANCISCO – (Business Wire) Javelin Strategy & Research (www.javelinstrategy.com), the leading independent provider of quantitative and qualitative research focused exclusively on financial services, today announced findings from its annual Banking

Rescue Package For US Bank Giant

The group announced plans to cut 52,000 staff last week but saw its shares tumble 60% as doubts over the bank grew. Now up to 205bn in Citi’s toxic debts will receive government guarantees in return for 4.7bn in preference shares. The US Treasury will

US Bancorp acquires Downey Savings & Loan Association and PFF Bank & Trust

Under the terms of these transactions, US Bank will receive approximately $12.8 billion of assets and assume approximately $11.3 billion of liabilities, including $9.7 billion of deposits, of Downey Savings & Loan and will receive approximately $3.7