Citigroup Inc., the largest U.S. bank, lost $20 million buying and selling gold and silver in 2002 and 2003, after a trader hid contracts and reported bogus prices, according to a New York Stock Exchange report.
A good portion of those losses can be attributed to Citigroup trader Gail Edmonds. Continue Reading Citigroup trader thought she had the Midas touch
OK, if you thought your last business tax bill was big, consider what drug maker GlaxoSmithKline recently shelled out to the tax man.
This week, GSK paid $3.4 billion to the Internal Revenue Service — the largest tax settlement in the history of the agency.
The settlement stems from a transfer pricing dispute that stretches back to the 1980s. Continue Reading GlaxoSmithKline settles record-breaking tax bill
U.S. Bancorp, the nation’s sixth largest financial institution and Colorado’s second largest bank, has completed its $98.6 million acquisition of Vail Banks Inc.
The purchase adds 24 Colorado branch locations in 19 communities to U.S. Bancorp’s operations. Continue Reading U.S. Bancorp wraps up purchase of Vail Bank
Moving day is over for Freedom Financial Services.
The financial services organization has completed its expansion into its second location near Union and Academy boulevards.
Freedom Financial purchased a 15,500 square foot building at 5455 North Union Blvd. Continue Reading Freedom Financial Serv. opens second location
Aug. 28 marks the last day to submit comment about the Securities and Exchange Commission’s proposal for stricter mutual fund rules.
The deadline will likely signify an end to a months-long battle between the SEC, mutual fund trade groups and federal appellate courts about whether the rules are needed.
The SEC would like for 75 percent of a fund’s directors, including the chairman, to be independent and free from ties to the fund’s management. Continue Reading Mutual fund board rule change nears deadline
For the fifth consecutive year, Rainsberger Wealth Advisors has received national recognition from Bloomberg’s Wealth Manager Magazine as one of the nation’s premier wealth management and consulting firms.
In the July/August issue of the magazine, RWA ranked as the top firm in Colorado Springs and one of top 10 in Colorado. Nationally, it placed 297th. Continue Reading Rainsberger once again on top of Bloomberg list
John H. Kitchen has been named president of the Colorado Springs market for J.P. Morgan Chase.
The announcement comes after former president Wayne Paton left Chase earlier this summer for a job as president of small business and corporate services at Ent Federal Credit Union.
Kitchen was formerly president of private client services for J.P. Morgan Chase. Continue Reading Chase cooking things up again with Kitchen
Ent Federal Credit Union, the region’s largest financial institution, has signed a deal with the University of Colorado at Colorado Springs to exclusively provide banking services on the college’s campus.
As part of the agreement, Ent will build a service center at UCCS and students and faculty members will be issued identification cards that also can be used as ATM cards. Continue Reading Ent selected as official UCCS ‘banking’ provider
Lots of dignitaries, presidents, heroes and famous folks have been privileged enough to throw out the first pitch of a World Series game, but now you, big spender, may also have a shot.
Bank of America, branding itself as baseball’s official bank, has launched a rewards program that will give customers a chance to earn baseball tickets and even throw out the first pitch of a World Series game. Continue Reading Bank of America letting spenders make the pitch
U.S. Bancorp has reported net income of $1.2 billion for the second quarter of 2006, compared with $1.12 billion for the second quarter of 2005.
Net income of 66 cents per diluted common share in the second quarter of 2006 was higher than the same period of 2005 by 10 percent.
Return on average assets and return on average common equity were 2.27 percent and 24.3 percent, respectively, compared with returns of 2.23 percent and 22.7 percent, respectively, for the second quarter of 2005. Continue Reading Pop-up chats pitching products poised to prey