SunTrust Bails Out 2 Funds
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SunTrust Banks said it would take up to $400 million in fourth-quarter pretax write-downs, mainly from a bailout of two money market funds.
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SunTrust Banks Inc. on Monday said it put two senior finance executives on paid leave, and expects to restate first and second-quarter profit higher as it fixes errors in how it accounts for loan losses.
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Sun Life Financial, a Canadian insurer, hired investment bankers to consider a possible sale of its United States money-management unit, which has had $16 billion withdrawn from its funds over four years. Sun Life did not disclose the name of the investment bankers. Sun Life, based in Toronto, said there was no assurance a transaction would result. MFS has lost $3.7 billion in mutual fund shareholder withdrawals this year through July 31, according to the Boston consulting firm Financial Research Corporation.
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SunTrust Banks Inc., the seventh- largest US bank, said it will restate results for the first and second quarters of this year because the lender mistakenly inflated its reserve for loan losses.
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Not so long ago, highly leveraged companies could get loans to bail themselves out. Now they canât.
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Janus Capital Group plans to offer two new mutual funds in February as it tries to lure back investors who have pulled billions out of a company hit by scandal and lackluster performance.
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Some mutual funds invest in stocks;  others invest in bonds. Now a new breed of funds is offering  the chance to own fine art.
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Sovereign wealth funds from Abu Dhabi, China and Singapore are quietly bailing out the West's subprime crises.
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Bear Stearns Cos. may put up $1.6 billion to rescue one of its money losing hedge funds, half as much as it offered last week, according to two people with knowledge of the situation.
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SunTrust Banks Incorporated has fired its chief credit officer and two others in its credit division after an investigation found errors in its calculation of auto loan default reserves.
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Bear Stearns Cos. Inc.  on  Friday said it will provide up to $3.2 billion in financing for  a struggling hedge fund it manages, but sources said a second  fund is still working out a restructuring plan with creditors.
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Business & money: Â· Two years of strife over dual control ends  Â· France and Germany fall out over raising new funds
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Aberdeen Asset Management Plc and 17 other fund companies and banks agreed to pay about 194 million pounds ($262 million) to reimburse investors who lost money in the collapse of so-called split-capital trusts.
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Lone Star Funds will recoup almost a third of its original investment in a move that drew divided reaction.
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SunTrust Banks Inc. STI.N, the No. 7  U.S. bank, on Monday said it expects to restate first- and  second-quarter profit higher, changing how it accounts for loan  losses. It also said it put some finance executives on paid  administrative leave.
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Barclays  and Royal Bank of  Scotland  have lined up emergency funds of up to $30  billion from the U.S. Federal Reserve to bail out American  clients caught up in the global credit crunch, a paper said.
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ATLANTA -- SunTrust Banks Inc. said Monday that it expects to restate earnings higher for the first and second quarters of 2004 due to changes in loan loss allowances, and plans to delay its third-quarter