Financial Business Review: AIG Might ACQUIRE Woodbury, Bank of America DUMPS ATMs
Here are Monday’s top stories:
American International Group, Inc. (NYSE:AIG) is said to be approaching the acquisition of the Woodbury independent broker-dealer division from Hartford Financial Services group, Inc. (NYSE:HIG), which is an insurance competitor that’s selling off several units. The latter has been under pressure from its principal shareholder John Paulson to cause its stock price to rise; this move might well be the result.
Bank of America (NYSE:BAC) shares are rebounding modestly from early losses, likely due to positive remarks from J.P. Morgan. The comments coincided with the company’s report that it reduced its ATM presence by 9 percent, or 1,536 units, in the first half, realized mostly by removing most of the systems installed at domestic gas stations and malls. The ATM removals are due to BofA’s attempts to raise $8 billion in expense cuts, and also to concentrate on its most profitable clients.
Don’t Miss: F.N.B. Corp. Earnings: Powering Ahead.
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