Today’s news update provides links related to Bank of America, General Electric and Goldman.
Bank of America Continues to Improve
The bank, which is often considered a bellwether for the American economy, said Friday morning that it clawed back to profitability in the first quarter after two consecutive periods of losses.
It had been battered over the last year by huge losses in consumer loans and a costly merger with Merrill Lynch that sank its share price.
GE Profit Tops Estimates as Energy Unit Earnings Gain (Update2)
April 16 (Bloomberg) — General Electric Co. reported first-quarter profit that topped analysts’ estimates as the finance unit stabilized and industrial equipment and service orders stayed level.
Profit from continuing operations fell to 21 cents a share from 26 cents a year earlier, the Fairfield, Connecticut-based company said today in a statement. The results exceeded the 16- cent average estimate of 10 analysts surveyed by Bloomberg. Revenue dropped 4.8 percent to $36.6 billion, trailing analysts’ projections.
Goldman Director Gupta to Leave
Rajat Guptatold Goldman Sachs Group Inc. in March he wouldn’t stand for re-election as a director, after receiving notice from prosecutors that they were reviewing recorded conversations between him and Galleon Group founder Raj Rajaratnam, people close to the matter say.
Mr. Gupta, a Goldman director since 2006, said through a spokesman that his decision to step down was because of “other commitments.”