During Thursday’s current trade, Bank of America Corporation (NYSE:BAC)’s shares surged 1.31% to $15.85.
Today, BAC Merrill Lynch study finds employers offering financial wellness programs becoming the New Normal.
The vast majority of companies (83 percent) feel a sense of responsibility for the financial wellness of their employees, influencing the benefits, resources and financial education they offer, according to the latest Bank of America Merrill Lynch Workplace Benefits Report. Based on a nationwide survey of 1,020 companies of all sizes, key insights from the annual report comprise:
- Nearly three-quarters of plan sponsors surveyed, counting 90 percent of large companies (defined as those with $100 million or more in 401(k) plan assets), believe that financial wellness solutions will be standard elements of benefits packages in the future, with large companies leading the way in implementing programs.
- In the past year, the number of large companies offering employees financial education on topics counting budgeting, planning for health care costs and managing debt has significantly raised.
- While most plan sponsors recognize the differing generational needs of their employee base, only a fraction have made an effort to communicate and engage with generations, particularly millennial, differently.
- Eighty-three percent of employers have practiced a rise in health care costs over the past two years, forcing them to make tough decisions about how to spend their benefit dollars.
Bank of America Corporation, through its auxiliaries, provides banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, large corporations, and governments worldwide.
During morning trade, Nokia Corporation (NYSE:NOK)’s shares declined -1.08% to $7.76, as RBC Capital Markets downgraded Nokia to “sector perform” from “outperform” on Thursday.
The analyst firm set a price target of $9 for the communications equipment manufacturer.
“We’re strong proponents of industry consolidation in markets with high R&D investments and intense price competition as it drives better long-term profitability,” RBC analyst Mark Sure wrote, referencing Nokia’s recent offer to attain Alcatel-Lucent (ALU).
Nokia Corporation, together with its auxiliaries, provides network infrastructure and related services in Finland, the United States, Japan, China, India, the Russian Federation, Germany, Taiwan, Indonesia, Italy, and internationally. The company operates through four segments: Mobile Broadband, Global Services, HERE, and Nokia Technologies.
Citigroup Inc. (NYSE:C), during its Thursday’s current trading session gained 2.14%, to $54.35.
Today, Citigroup stated net income for the first quarter 2015 of $4.8 billion, or $1.51 per diluted share, on revenues of $19.7 billion. This contrast to net income of $3.9 billion, or $1.23 per diluted share, on revenues of $20.2 billion for the first quarter 2014.
CVA/DVA was negative $73 million (negative $47 million after-tax) in the first quarter 2015, contrast to $7 million ($4 million after-tax) in the preceding year period. First quarter 2014 results also comprised of a $210 million tax charge (recorded in Corporate/Other). Not taking into account CVA/DVA, revenues were $19.8 billion, down 2% from the preceding year period. Not taking into account CVA/DVA and the tax item in the preceding year period, earnings were $1.52 per diluted share, up 17% from preceding year earnings of $1.30 per diluted share.
Citigroup Inc., a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions worldwide. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG).
Finally, General Electric Company (NYSE:GE), lost -0.40% Thursday.
Today, General Electric declared it will supply Con Edison Development (CED) with an 8 MWh battery energy storage system in Central Valley, CA. The new storage solution will be utilizing GE’s Mark VIe-based plant control system, Brilliance MW Inverters, and packaged lithium ion battery modules.
As part of its expanding energy storage portfolio, this project marks the first time GE will introduce a lithium ion battery solution. The system will provide two megawatts of power over a four-hour period, and the deal comprises delivery of a complete energy storage system, with associated long-term service contracts.
Working with CED, GE utilized advanced analytics and modeling to evaluate potential benefits of the energy storage system. The California-based installation will be CED’s first energy storage project and will serve as a learning tool for optimizing and operating energy storage facilities in the future.
The state of California has encouraged investments in energy storage in recent years. In 2013, the California Public Utilities Commission (CPUC) declared targets that call for California investor-owned utilities to procure 1.325 gigawatts (GW) of cost-effective energy storage by 2020.
The site is predictable to be operational in the next six to nine months.
General Electric Company (GE) operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment. Its Oil and Gas segment provides surface and subsea drilling and production systems, equipment for floating production platforms, compressors, turbines, turboexpanders, reactors, industrial power generation, and auxiliary equipment.
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