The global credit crisis has hit Wall Street hard in the past 24 hours: Lehman Brothers has filed for bankruptcy protection, Merrill Lynch sold itself to Bank of America, and the State of New York has allowed AIG to borrow US$20 billion from its subsidiaries to fund day-to-day operations. The Dow Jones Industrial Average plunged […]
North American markets fell on Monday following news that Lehman Brothers, the fourth-largest investment bank in the United States, has filed for Chapter 11 bankruptcy. Two of its reported suitors—Bank of America and Barclays—walked away from the negotiating table during the weekend, leaving Lehman no choice but to file for creditor protection. For institutional investors […]
Lehman Brothers has announced it will sell a majority stake in its asset management, spin off most of its real estate assets and cut its dividend substantially in an attempt to shore up its balance sheet. “This is an extraordinary time for our industry, and one of the toughest periods in the firm’s history,” says […]
A majority of Canadians aged 45 to 59—or “near-retirees”—expect their retirement income will be sufficient or more than adequate to maintain their standard of living once they leave the workforce, according to a report. The Statistics Canada report finds that 62% expect their retirement income will be adequate and another 7% expect it will be […]
Manulife Financial has appointed Donald A. Guloien to be the company’s next president and chief executive officer. He will take over the position on May 7, 2009, succeeding Dominic D’Alessandro, who will retire on that date. Guloien is a 28-year veteran of the firm and is currently senior executive vice-president and chief investment officer, as […]
About a third (29 per cent) of shift workers aren’t satisfied with their work-life balance. That compares to 23 per cent of regular day workers who aren’t satisfied, according to a report by Statistics Canada. In general, work-life balance can be difficult to achieve for full-time workers despite their schedule. But when schedules are regular or […]
As the cost of maintaining employee benefit programs continues to rise, a report finds that some companies have learned that prevention is the best medicine to keep costs down. “Indeed, medical insurance is far and away the most expensive benefit item being offered by organizations, and it can be a budget buster,” says the Aberdeen […]
The Ontario Court of Appeal has upheld a lower court’s approval of the third-party asset-backed commercial paper (ABCP) restructuring plan. In its decision, the Court of Appeal said it “ought not to interfere” in the decision “that the plan is fair and reasonable in all the circumstances.” Since June 5—when the Ontario Superior Court of […]
The Government of Canada should create a new debt security that will provide stable long-term cash flows for pension fund managers, according to a report by the C.D. Howe Institute. Traditionally, a large part of a pension plan’s portfolio has been in fixed-income assets. Pension funds usually have 25% to 30% of their net assets […]
A competitive talent acquisition program is crucial to attract and retain skilled workers, but a report finds that a shortage of skilled talent in the workforce and changing demographics within the organization is making it harder to align the skills on hand with the business at hand. Aberdeen Group’s report, Talent Acquisition Strategies: Employer Branding […]