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Ameriprise will take bigger hit to earnings
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Ameriprise Financial Inc. said its commitment of as much as $33 million to protect clients with money in the troubled Reserve Primary Fund will mean a bigger hit to the company's earnings than it initially announced. In a Securities and Exchange Commission filing, Minneapolis-based Ameriprise said it estimates the commitment will reduce third-quarter earnings by 10 cents per share, not the 1 cent per share announced on Wednesday.
KARA MCGUIRE
GE Capital tightens loans for new franchiseesGE Capital's franchise finance arm is becoming more stringent in pricing and issuing loans for new franchisees, a pullback by one of the largest lenders to restaurant operators in a sign that Wall Street's turmoil is spreading to small businesses. GE Capital spokesman Stephen White stopped short of saying there was a total freeze on lending to new franchisees. He said the franchise finance arm is more critical in initiating loans and still does business with existing customers.
National City Corp. shares hit all-time lowShares of National City Corp. crumbled to an all-time low Friday as investors appeared to be looking anew for the financial crisis' latest victim following Washington Mutual Incorporated's federal seizure. The Cleveland-based bank's stock closed at $3.71, off $1.28 or 25.6 percent, and earlier reached a record low of $2.
Wachovia Corp. starts preliminary merger talksWachovia Corp. has begun preliminary merger talks with Banco Santander SA of Spain, Wells Fargo & Co. of San Francisco and Citigroup Inc. of New York, the Wall Street Journal and New York Times reported Friday, citing people familiar with the matter. The report came on a day in which shares of Charlotte, N.C.-based Wachovia fell 27 percent, or $3.70, to $10.
TPG loses $1.3 billion in WaMu seizureTPG Inc. lost $1.3 billion with Thursday's seizure by regulators of Washington Mutual Inc., showing why most private-equity firms won't come to the rescue of troubled banks. Fort Worth, Texas-based TPG, like other leveraged buyout investors, usually acquires control of a company and works to improve performance so it can later sell at a profit. With WaMu, the firm bought common stock as part of a $7 billion capital-raising in April by the Seattle-based thrift aimed at remaining independent. TPG founder David Bonderman had joined WaMu's board.
Fortis NV appoints new chief executive officerFortis NV named a new CEO on Friday, after the Dutch-Belgian banking and insurance company's shares fell 21 percent over worries about its solvency. Filip Dierckx, 52, was appointed to replace Herman Verwilst, who was named interim CEO in July after the abrupt departure of Jean-Paul Votron.
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