American International Group (NYSE:AIG): Current price $45.26
AIG announced Tuesday that effective July 1st, the Chartis brand was retired in Canada and that the AIG Property Casualty insurance business in Canada will from that day operate as AIG Insurance Company of Canada. Also on Tuesday, AIG Canadaannounced the intro of a new bilingual website designed to inform and address the needs of the Canadian market at: www.aig.ca. President and Chief Executive Robert H. Benmosche commented that “AIG as a global insurance brand is back. The re-launch of the AIG name marks a significant achievement for our company. AIG’s new brand promise, ‘Bring on tomorrow’ underscores AIG’s tenacity and ambition – to solve problems, to innovate for the benefit of our clients, and to act as a powerful, global team.”
JPMorgan Chase & Co. (NYSE:JPM): Current price $53.19
Court documents released by the United Kingdom’s financial regulator show that Ian Hannam, a prominent London banker who is struggling to clear his name following a 2012 fine for market abuse, had been disciplined by his bank in 2009 because of his working practices. At that time Hannam was working for a JP Morgan joint-venture, JP Morgan Cazenove, which imposed “very significant and extensive restrictions” on Hannam after a disciplinary inquiry.
Cisco Systems (NASDAQ:CSCO): Current price $24.44
On Tuesday, Cisco said that it has finalized its purchase of the privately-held JouleX, which provides enterprise information tech energy management for network-attached and data center assets. JouleX will add to Cisco’s existing services portfolio by employing the capabilities of the network to obtain visibility into and manage energy usage across world IT environments. The firm’s employees will be merged into the Connected Energy Solutions team within Cisco’s Industry Solutions Group, and will report to Vice President and General Manager David Goddard. Through the terms, Cisco will pay around $107 million in cash and retention-based incentives in exchange for the entirety of shares of JouleX.