Bank losses were worse than first reported Federal regulators now say the nation's banks lost $32.1 billion in the final quarter of last year, even worse than the $26.2 billion originally reported last month. The Federal Deposit Insurance Corp. said Friday that "significant" revisions it received from banks also lowered the industry's net income for all of last year to $10.2 billion from $16.1 billion.
Xerox first-quarter profit forecast tumbles Printer and copier maker Xerox Corp. slashed its first-quarter profit forecast Friday nearly 80 percent on restructuring costs and slowing technology spending. Xerox said it now expects earnings per share of 3 cents to 5 cents, down from its earlier forecast of 16 cents to 20 cents. Analysts were expecting, on average, 18 cents per share, according to Thomson First Call.
United expects revenue and traffic to decline United Airlines, the third-biggest U.S. carrier, said first-quarter unit revenue may fall up to 13.3 percent from a year earlier. Traffic, in miles flown by paying passengers, may drop as much as 16.2 percent, United parent UAL Corp. said Friday in a regulatory filing.
No get-out-of-jail card for Madoff Disgraced financier Bernard Madoff was properly put in prison to await sentencing in one of the largest financial frauds in history, the Second U.S. Court of Appeals ruled Friday.
