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Layoffs Are Imminent
Posted on February 23rd, 2009 No commentsWhile layoffs at the big banks are grabbing national headlines, community banks and credit unions are beginning to reach the same conclusion that they need to cut staff to remain profitable. But “cutting 20 percent of the workforce at a smaller institution can mean firing five key people the institution simply cannot afford to lose.” Read more at GonzoBanker.com.
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M&I Rating Downgraded
Posted on February 23rd, 2009 No commentsMoody’s Investors Service has lowered its financial-strength rating ratings on Marshall & Ilsley Corp. and its subsidiaries to C+ from B, and dropped the company’s rating for senior debt from A3 to A1. At the same time, share prices rose nearly 5 percent, the Milwaukee Journal Sentinel reported.
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AmEx Dropping Some Customers
Posted on February 23rd, 2009 No commentsAmerican Express is offering select members a $300 gift card to drop its card, according to a notice on its web site. Read more in the Business Journal of Milwaukee.