Societe Generale announced that its profit plunged in the last three months of 2011. The bank said its net income dropped 89%, to 100 million euros ($130 million), from the same period the previous year. Analysts expected profits of more than 300 million euros. Revenue dropped 12.4% to 6 billion euros. The company has been [...]
Sears has announced that it has laid off 100 workers at its headquarters located outside of Chicago, Illinois in Hoffman Estates. Sears Holding Corp. spokesman Chris Brathwaite said the layoffs took effect immediately. He said the job cuts did not violate the terms of a $150 million tax credit for Sears approved by the Illinois [...]
General Motors posted its largest annual profit ever, reporting earnings of $7.6 billion for 2011. GM earned $472 million in the fourth quarter, with most of the fourth-quarter revenue coming from North America. The strong annual figure is likely to boost the confidence of investors, employees and small businesses that rely on GM. Many investors [...]
The Federal Reserve approved Capital One’s bid to buy ING Direct for $9.2 billion. Capital One will become the fifth-largest consumer bank by deposit size when the acquisition is finalized. With the acquisition of ING, Capital One will control more than $200 billion in deposits. Capital One responded to consumer groups worried about the acquisition [...]
AT&T reported a $6.7 billion loss for the fourth quarter, largely stemming from the breakup fees incurred from its failed acquisition of T-Mobile USA. The breakup fees were reported to be $4 billion. During the same period last year, the company reported profits of $1.09 billion, or $0.18 a share. Discounting charges from the breakup [...]
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