Financial Business Recap: RBS Ups Planned Job Cuts, Discover Pays Cardholders
The Royal Bank of Scotland Group plc (NYSE:RBS) raises its target amount of job cuts by 300 to 3,800, while telling an investor conference that approximately 3,000 of those reductions will happen by the end of 2012 with the remainder by the end of next year.
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Discover Financial Services (NYSE:DFS) will pay back $200 million to 3.5 million cardholders in the resolution of a regulatory inquiry into deceptive telemarketing. The “scripts” which sold products such as payment and credit protection were designed to lure customers into signing on while thinking that they were not paying for anything, say the CFPB and FDIC.
MetLife, Inc. (NYSE:MET) modifies its divestiture of $7 billion in deposits to the General Electric Company (NYSE:GE). Under new terms, the OCC is in charge of approving the transaction instead of the FDIC, which is said to be delaying the process by asking too many questions.
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