ameriprise100908
Ameriprise has mixed news amid financial turmoil
Print this story
E-mail this story
Save to del.icio.us
Share on newsvine
Share on Digg
Minnesota business by the numbers
See Minnesota's top earning companies, CEOs and non-profits
More from Business
Ameriprise Financial Inc. announced Wednesday that its exposure to Lehman Brothers, Washington Mutual and other mortgage-backed securities is expected to result in a $200 million to $225 million after-tax, realized investment loss -- or less than 1 percent of the company's investments. The Minneapolis-based financial planning and insurance company also said operating earnings will be negatively affected by its decision to help its clients stuck in the Reserve Primary money market fund get their money back.
Ameriprise also announced good news with the bad, reaffirming that despite the financial crisis, it has a strong balance sheet and more than $4 billion in cash as of Sept. 30, so it's not reliant on frozen credit markets to conduct business as usual. The company said it also expects to have about $1 billion in excess capital by year's end.
Ameriprise will report third-quarter earnings after the market closes on Oct. 29.
KARA MCGUIRE
- Denny Hecker closes 6 car lots, sells 3; GM sues
- Fashion, food: A brand new day at NWA
- Target says it won't pursue Pershing Square deal
- Nov. 13, 2008: Hecker sues over axed credit
- Minneapolis landed Southwest with data and fish
- Committee appointed for Petters creditors
- This year, airfare waiting game pays
Blog: Patent Pending
A few thoughts on MinneDemo…
I’m not a tech guy. My colleagues at work seem to think so though, which is why they keep asking me questions about how to turn on their cell phones, download podcasts to iPods, and unfreeze their computers. “Is it because I’m young or Asian?” I always ask. Cue uncomfortable silence. In truth, I wouldn’t know a Twitter [...]
Comment on this story | Read all 0 comments | Hide reader comments