IBM Overhauls Retirement Program and 2 Hot Stocks See Action
International Business Machines Corp. (NYSE:IBM): According to the Wall Street Journal, Internatioinal Business Machines Corp. is in the process of overhauling their retirement program. They will give a yearly contribution to their employees’401K accounts in the form of a lump-sum payment. Beginning in 2013, IBM’s contributions, which typically range from 6% to 10% of pay, will take place December 31. Employees who leave the company before December 15 won’t qualify for the match unless they retire.
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MGM Resorts International (NYSE:MGM) announced a public offering of $1.25 billion in aggregate principal amount of 6.625% for senior unsecured notes at par. The transaction is expected to close on December 20, 2012. What’s more, the company recently announced the appointment of Bill Hornbuckle as President and Chief Marketing Officer.
J.P Morgan Chase & Co.’s (NYSE:JPM) Chief Financial Officer announced that the bank plans to expand their branch location network in order to receive additional deposits for lending as well as other money-making activities. While this may seem like a waste of resources in the age of online and mobile banking, studies have indicated that it is not. Consumers still like branch banking, often choosing which institution to make their own based upon this.