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Nearly 100 to be laid off from Hagerstown Citigroup office
HAGERSTOWN — Nearly 100 workers are being laid off at a Citigroup operations center north of Hagerstown. The Herald-Mail reports that 64 office jobs and 30 home-based jobs are being eliminated. There will still be about 1,800 people employed at the facility. The layoffs follow several hundred layoffs at the site in 2014. A Citi […]
Post office nears historic default on $5B payment
WASHINGTON — The U.S. Postal Service is bracing for a first-ever default on billions in payments due to the Treasury, adding to widening uncertainty about the mail agency’s solvency as first-class letters plummet and Congress deadlocks on ways to stem the red ink. With cash running perilously low, two legally required payments for future postal […]
U.S. bank earnings rose this winter to 5-year high
WASHINGTON — U.S. bank earnings rose in the first three months of the year to the highest level in nearly five years and the number of troubled banks fell for the fourth straight quarter. The mostly positive first-quarter earnings released Thursday illustrate how far the banking industry has come since the 2008 financial crisis. Still, […]
Stocks slide as Germany cools hope for debt deal
NEW YORK — Stocks opened the week lower Monday after the German government played down hopes that a solution to Europe’s debt crisis was imminent. Expectations that a resolution to the crisis could be reached at a European summit in Brussels Oct. 23 helped lift the S&P 500 to its biggest gain in two years […]
Bank earnings to reflect slowdown from 3Q turmoil
NEW YORK — Investors are bracing for a rough earnings season from banks. Turbulence in stock and bond markets, combined with waning confidence among business and consumers, hurt banks’ business in the third quarter. IPOs were shelved, companies postponed plans to sell bonds, and acquisitions were put on ice. Consumers also held back on spending. […]
Fed rejects Bank of America’s dividend hike plan
NEW YORK — Bank of America said Wednesday the Federal Reserve has objected to its plan for raising its dividend in the second half of this year, a setback that suggests regulators need to see more evidence that the nation’s largest bank is strong enough to weather another recession. But the bank said in a […]
