4 Financial Stock Stories That Are Midweek Movers
Citigroup Inc. (NYSE:C): Current price $49.29
According to its outgoing Russia Chief Executive and chief of Central and Eastern Europe Zdenek Turek, Citi has reduced the number of senior expatriate bankers in Moscow by over 40 percent during the past four years, and replaced them with Russians. The Czech-born Turek, who was promoted to oversee Citigroup in Western Europe, said that the lender is readying local talent who will ultimately assume the premier Russian role.
Turek was replaced in September by the French Marc Luet. He remarked in a Moscow interview on September 18 that, “There will be a Russian head of Citigroup in Russia one day. We are grooming more and more Russian managers. When I came here compared to today, we dropped the number of senior expatriates by more than 40 percent to 11 from 19.”
Wells Fargo & Co. (NYSE:WFC): Current price $41.78
On Wednesday, a company spokeswoman said that over 250 Wells Fargo employees in the Des Moines area have received 60-day layoff notices. The majority of the 263 persons are employed at the company’s credit card call center in West Des Moines, but a few also work in home mortgage and consumer loan processing, said spokeswoman Angie Kaipust, who also said that Wells is consolidating its call centers so as to operate more efficiently, promising that, “We will work to keep as many team members as we can and to help them find other rolls.”
American International Group Inc. (NYSE:AIG): Current price $49.44
Chief Executive Robert Benmosche of the bailed-out insurance major AIG has pulled back from his inflammatory comments in which he compared the public anger regarding bonuses to the lynching of African Americans in the Deep South in former times. The CEO came under fire from politicians and regulators on Tuesday for the comments which he made in an interview with The Wall Street Journal. He has since then apologized for his “poor choice of words,” saying that he meant no offense to anyone.
Ventas Inc. (NYSE:VTR): Current price $62.62
As part of its endeavors to infuse capital, Ventas recently revealed the pricing of a public offering of $550 million of 1.55 percent senior notes due 2016, and $300 million of 5.70 percent senior notes due 2043. The action will help Ventas generate proceeds which should increase its financial flexibility, repay debt, meet working capital needs, and finance purchases and investment moves. Specifically, Ventas priced $550 million aggregate principal amount of 1.55 percent senior notes at 99.910 percent of principal amount, and $300 million aggregate principal amount of 5.70 percent senior notes at 99.628 percent of principal amount. The offering should close on Thursday. The notes were issued by its operating partnership, Ventas Realty Limited Partnership.