Wall St. Brief: Apple and Microsoft Are HOLDING OUT on Kodak, Google CUTS Motorola Workforce
Google (NASDAQ:GOOG) is cutting 20 percent or 4,000 U.S. workers from Motorola Mobility’s workforce after previously shedding 40 percent of Motorola’s vice presidents; it had also already replaced the CEO. The cuts come in an effort to have Motorola focus on smartphone and R&D projects. According to the New York Times, Motorola’s cable hardware unit is next up on the block.
Bank of America (NYSE:BAC) will sell Merrill Lynch’s private bank outside the U.S. to the Swiss company, Julius Baer, for around $1 billion. The deal is the latest one by the bank to increase its cash position for Basel III requirements and payment toward its legal liabilities.
JPMorgan (NYSE:JPM) is looking for an annual pretax profit of $1 billion increase within five years thanks to a plan merging its corporate and investment banks, and its treasury and securities services business. In 2011, JPMorgan’s pretax profit was $10.4 billion but it will get rid of its return-on-equity goal of 17 percent a result of greater regulation.
Standard Chartered (SCBFF.PK) is supposedly conducting talks with numerous authorities for a settlement; this could take place this week as its settles the review into its Iran dealings. The bank is holding discussions with New York’s Department of Financial Services and the federal agencies, noting a divide between the two. On Wednesday, Standard Charter will meet with DFS and ask to have its license to work in the state, reported Bloomberg.
Eastman Kodak’s (EKDKQ.PK)’s auction of 1,100 digital-camera patents has become complex but the bids to-date are under $500 million, reported the Wall Street Journal. Without the high offers, it could affect Kodak’s ability to exit from bankruptcy protection. The participating groups include Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT), and a second one with Google (NASDAQ:GOOG) and Samsung (SSNLF.PK).
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