SunTrust Profit Sinks 98 Percent
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The bank said fourth-quarter net income fell to $11.1 million, hurt by a tripling of credit losses and a bailout of money market mutual funds.
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U.S. Bancorp said its second-quarter profit declined 3.7 percent after a strong gain a year ago.
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The Marsh & McLennan Companies said its profit fell 62 percent in the fourth quarter as competition reduced the commissions the insurance broker charged.
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The aluminum maker said second-quarter profit slipped nearly 4 percent as outage costs at two smelters weighed down results.
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Computer maker Sun Microsystems Inc. reduced its net income by &#36;12 million for its fiscal fourth quarter, citing new information related to property leases and the finalization of the accounting for its settlement with Microsoft Corp.
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SunTrust Banks Inc. STI.N, which  fired three executives over its accounting for bad loans, on  Friday restated first-half profit higher by $25.1 million,  slightly more than it had forecast, to fix the errors.
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Albertsons Inc., the No. 2 US supermarket chain, said second-quarter profit dropped 36 percent after the Boise, Idaho-based company slashed prices to attract shoppers lost during a strike in Southern California.
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NEW YORK (CBS.MW) -- SunTrust Banks Inc. on Friday said third-quarter profit rose 11 percent and reported a restated profit for the first half of 2004, as expected.
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Canadian Imperial Bank of Commerce, the country&#39;s fourth-largest bank, said fourth-quarter profit fell 14 percent as the lender took a provision for legal costs related to Enron Corp.
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The software maker said its profit slipped in the fourth quarter even as sales edged higher, and forecast revenue from software sales and services of about 14 percent in 2008.
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U.S. Bancorp , the sixth-largest U.S. bank, on Tuesday said fourth-quarter profit fell 21 percent, hurt by losses from loans and money market mutual funds, and a legal settlement.
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Turmoil in the subprime mortgage market took its toll on two Wall Street investment banks today, as second-quarter profit at Bear Stearns dropped 33 percent and Goldman Sachs squeezed out a modest 1 percent rise in profit.
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Wachovia Corp , the fourth-largest U.S. bank, on Tuesday said quarterly profit fell a larger-than-expected 98 percent, hurt by write-downs relating to turmoil in mortgage and credit markets.
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Fourth-quarter profit plunged on costs from acquisitions and job cuts in Europe, sending shares down.
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SunTrust Banks Inc. said Wednesday that an internal review of errors in its accounting for loan-loss allowances found &quot;a material weakness in the company&#39;s internal controls over financial reporting,&quot; and
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The Charles Schwab Corporation, the retail brokerage firm, said Wednesday that fourth-quarter profit fell 34 percent from the period a year ago, which included a tax gain and earnings from its U.S. Trust wealth management unit, which has since been sold.
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Bear Stearns Cos Inc  said on Thursday quarterly profit plunged 61 percent to its lowest level in five years on bad bets on subprime mortgages and disrupted fixed-income trading.