On Monday, Shares of Fifth Third Bancorp (NASDAQ:FITB), gained 2.80% to $21.63.
Fifth Third Bancorp, declared plans to pursue changes to its branch network as it works to improve efficiency, competitiveness and the quality of its customers’ experience.
The Company is pursuing this plan as part of its regular review of customer preferences and usage patterns across its network and all distribution channels. Fifth Third presently anticipates to consolidate or sell about 100 branches and about 30 other properties purchased earlier for future branch expansion.
In connection with these plans, Fifth Third Bancorp anticipates to incur about $75-85 million in non-cash impairment charges to be recognized in the second quarter of 2015. Fifth Third also anticipates to recognize about $6 - 10 million in other costs, primarily related to real estate contract terminations. The Bancorp believes that these actions will result in annualized reduction of about $60 million in ongoing operating expenses and are predictable to be fully executed by mid-2016.
Fifth Third Bancorp operates as a diversified financial services company in the United States. It operates through four segments: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. The Commercial Banking segment offers credit intermediation, cash administration, and financial services; lending and depository products; and foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
Shares of ConAgra Foods, Inc. (NYSE:CAG), declined -0.71% to $43.06, during its last trading session, hitting its highest level.
ConAgra Foods, issued the following statement in regard to JANA Partners LLC’s investment in the company, which it learned of on June 17:
ConAgra Foods’ Board of Directors and administration team are committed to acting in the best interests of all shareholders, and we welcome shareholder engagement. We look forward to opening discussions with JANA Partners after the ConAgra Foods’ June 30 fourth-quarter earnings declaration, and discussing their views on shareholder value creation at ConAgra Foods.
Additionally, the Board of Directors has amended the company’s bylaws to extend until July 8 the deadline for the submission by shareholders of nominees for election to the Board of Directors. This extension applies for the September 2015 annual meeting. Formerly, the deadline was June 21.
ConAgra Foods, Inc. operates as a food company primarily in North America. The company operates through three segments: Consumer Foods, Commercial Foods, and Private Brands. The Consumer Foods segment provides branded food products in various categories, such as meals, entrees, condiments, sides, snacks, and desserts to various retail channels, such as grocery and convenience stores across frozen, refrigerated, and shelf-stable temperature classes.
Finally, Symantec Corporation (NASDAQ:SYMC), ended its last trade with -1.04% loss, and closed at $23.82.
The National Association of Software and Services Companies (NASSCOM) and Symantec, the global leader in cyber security, signed a Memorandum of Understanding (MoU) for “Building Cyber Security Skills”, an initiative to develop world-class skilled and certified professionals. The MoU was signed in the presence of R. Chandrashekhar, President, NASSCOM and Michael A. Brown, President and Chief Executive Officer, Symantec.
The development is part of Prime Minister Narendra Modi’s call at NASSCOM’s silver jubilee in March 2015 to focus on global cyber security challenges. Sector Skill Council (SSC) NASSCOM and DSCI together with Symantec will focus on developing five prioritized job roles in cyber security together with a master training program. Additionally, the program also intends to fund the scholarship for 1000 women undertaking the cyber security certification by NASSCOM.
R Chandrashekhar, President, NASSCOM while talking about the MoU said, “This is a positive step towards our objective to address the cyber security issue at large. This partnership will enable the industry to map existing and future skills requirements and plug its demand-supply gap. The program will also focus on developing pioneering models for scaling capacity and enhancing employability through assessments and certifications. We would like to thank Symantec for coming forward for this crucial initiative.”
Symantec Corporation, together with its auxiliaries, provides security, backup, and availability solutions worldwide. Its products and services protect people and information in various environments from the mobile device and enterprise data center and to cloud-based systems.
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