BofA Merrill Lynch Remakes Managed Account Business and 2 Other Dow Movers to Watch
Bank of America Corp. (NYSE:BAC): Current price $13.39
Bank of America Merrill Lynch will shell out more than $100 million to overhaul its $438 billion managed account business, facilitating the way brokers open accounts, build portfolios, and charge for their services. The project will be phased in from October through the end of 2015, which is intended to consolidate motley fee structures, performance reporting, and billing methodologies connected with five different money management models developed over two decades.
Wal-Mart Stores Inc. (NYSE:WMT): Current price $76.76
Wal-Mart is among a group of North American retailers that will set up a $42-million fund through which to improve safety conditions in Bangladesh factories over the next five years. The plan requires that all factories working with the 17 retailers in the group to be inspected within a year and for the results to be made public, according to a Wednesday email statement. The group announced it will implement safety standards by October and will not buy from factories deemed to be unsafe. The retailers have been collaborating with industry associations and the nonprofit Bipartisan Policy Center to create an alternative to a European plan for enhancing factory safety in Bangladesh.
General Electric Co. (NYSE:GE): Current price $23.61
General Electric’s GE Transportation revealed its Trip Optimizer Energy Management system has registered 100 million miles of revenue service since its start in 2009, saving approximately 25 million gallons of diesel for the economy. Created to be a cruise control system for trains that automatically regulates speed following a fuel optimum plan, Trip Optimizer saves between 3 and 17 percent of fuel depending on the type of train service and rail topography. It tracks data originating from GPS signals, on-board track topography maps, train weight, length and configuration, and complex train handling algorithms to significantly lower fuel emissions and greenhouse gases in each locomotive, which is equivalent to 75 automobiles operating for a year.
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