Chicago PassionsSport News and Entertainment Updates
Wells Fargo To Cut 3,800 Jobs
Wells Fargo & Co. (WFC) said it will shut down a unit that makes what the San Francisco bank calls “non-prime” real estate, auto and credit card loans and stop originating non-prime mortgages, eliminating a total of 3,800 jobs, or 1.4% of its work force.
The third-largest U.S. bank in stock-market value behind [...]
Rockland Trust launches mutual funds
Rockland Trust in Hanover has launched its first two mutual funds .The Trus seeks alternative revenue sources beyond its traditional offerings, the Patriot Ledger reports.
The Ledger reports that the funds have already attracted significant interest. The large-cap fund has about $55 million in assets, and the midcap fund has about $25 [...]
PG&E-backed Prop. 16 too close to call
The fate of a ballot initiative that would limit the ability of local governments to enter the electricity business remained uncertain late Tuesday, with supporters, most notably Pacific Gas and Electric Co., and opponents in a virtual tie.
The utility company, California’s largest, sank more than $46 million into its campaign for [...]
Zipcar IPO
Zipcar, the popular car-sharing service for city slickers, revealed in an SEC filing on Tuesday its plan to raise $75 million through an IPO.
Reuters reports the company, founded a decade ago, has been so successful that rental car companies like Hertz and Enterprise have launched rival car-sharing services. Despite its success, [...]
Midwest Bank Fails, Facing Federal Takeover
Chicago – Midwest Bank could be under the control of federal regulators by end of day Friday. A source close to situation says the FDIC already held an auction for banks interesting in buying Midwest.
There were10 bidders, but it’s unknown which bank won the bid.
In a quarterly report to the SEC Thursday, [...]
