Financial Biz Recap: JP Morgan SHAKES UP Management, Aetna’s BUYBACKS
J.P. Morgan Chase & Co. (NYSE:JPM) has announced several changes in its management team: Jes Stanley is named chairman of its corporate and investment bank, Mike Cavanagh and Daniel Pinto will be co-chief executives of the unit, and Matt Zames is chosen as co-operating chief of the entire company. The firm explains that it is “further unifying businesses around customer needs.”
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Shares of Legg Mason, Inc. (NYSE:LM) move down following the firm’s fiscal first quarter missed estimates Friday. The asset manager reported double-digit revenue slides amid a smaller pool of assets under management as well as ongoing outflows of investor cash. The firm is faced with a shrinking asset base because of poor performance, and has not experienced any net inflows of investor funds since 2007.
Aetna, Inc. (NYSE:AET) authorizes an additional $750 million for its repurchase program, which is in addition to the around $248 million of authority that is currently available under it’s authorization as of June 30th. The firm will continue buying shares in the open market as conditions necessitate. Aetna has been active throughout the past quarter, having had about $828 million of buyback authority still available as of March 31st.
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