Financial Biz Cheat Sheet: Northern Trust Plans Job Cuts, Bank of America Ramps Up Foreclosures
Hartford Financial Services (NYSE:HIG) is trading up today after Credit Suisse (NYSE:CS) raised its rating on the firm to outperform on valuation, citing its limited exposure to interest rate pressures or accounting changes from the implementation of 09-G.
Northern Trust (NASDAQ:NTRS) will announce plans to cut costs early next year, cuts that are expected to include a round of job cuts. Low interest rates cut sharply into the bank’s ROE during the first half of this year.
Bank of America (NYSE:BAC) is ramping up foreclosures, sending 200% more notices of default in August than the average in previous months.
Moody’s Investors Service downgraded French banks Crédit Agricole and Société Générale, citing their exposure to the Greek economy.
Don’t Miss: Geithner: Europe Can Handle this Debt Crisis