Financial Biz Cheat Sheet: AIG Offering PR Disaster Policies, Wells Fargo Cutting Healthcare Spending
“Rising healthcare costs and the impact of federal healthcare reform” have moved Wells Fargo (NYSE:WFC) to move employees into HSA-style accounts, which will have lower premiums but be funded with employees’ pre-tax dollars, thus encouraging them to spend less.
Hot Feature: European Commission Urges Banks to Raise Capital
David Hilder from SIG says Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) may drop their statuses as bank holding companies in the wake of the Volcker rule, as market-makers not owned by banks will not have to comply with the rule.
Today the Wall Street Journal reported an outage at currency trading systems owned by Thomson Reuters (NYSE:TRI), disrupting FX markets during European trading. The technical problems created “bottlenecks”, according to traders, and affected price quotes.
A unit of AIG (NYSE:AIG) is offering companies insurance to offset the cost of PR disasters with policies that pay for bringing in outside experts when a crisis hits, even before the event becomes public. The policy would cover, “The sorts of things that a stakeholder would look at as a breach of trust,” according to one AIG executive.