Tag Archives: Bank of America

Alcoa says being dumped by DJIA no big deal

Alcoa Inc. Location Manager Ken McMillen, left, Sen. Lamar Alexander, Alcoa CEO Klaus Kleinfeld, U.S. Rep. John J. Duncan Jr., and Gov. Bill Haslam arrive for a groundbreaking for a $275 million expansion of the Alcoa Inc. rolling mill to produce automotive sheet aluminum on Thursday, Aug. 29, 2013, in Alcoa.  (Paul Efird/News Sentinel)

Alcoa Inc. Location Manager Ken McMillen, left, Sen. Lamar Alexander, Alcoa CEO Klaus Kleinfeld, U.S. Rep. John J. Duncan Jr., and Gov. Bill Haslam arrive for a groundbreaking for a $275 million expansion of the Alcoa Inc. rolling mill to produce automotive sheet aluminum on Thursday, Aug. 29, 2013, in Alcoa. (Paul Efird/News Sentinel)

After being booted from the Dow Jones Industrial Average earlier today, aluminum company Alcoa Inc. rushed to assure shareholders the decision was no big deal.
“The composition of the Dow Jones Industrial Average has no impact on Alcoa’s ability to successfully execute our strategy, and we remain focused on delivering shareholder value. We continue to grow our value-add businesses and capture growth opportunities in end markets like aerospace and automotive,” Alcoa said in a statement.
Alcoa, a long time component of the DJIA, has a major manufacturing operation in Blount County. The company recently announced a $275 million expansion of the Blount County plant aimed at producing aluminum for auto manufacturers.
Although the DJIA is generally considered an index of the top U.S. companies, only 30 companies are used to calculate the index. Alcoa remains on the S&P 500, which is a much broader gauge of the market.
Bank of America, and Hewlett-Packard also were removed from the DJIA.
Added to the DJIA were Goldman Sachs, Visa and Nike.
The changes take effect Sept. 23.
Click here for Alcoa’s full statement.

US Bank settles overdraft lawsuit for $55M

US Bank, the newest member of Knoxville’s banking community, has agreed to pay $55 million to settle a lawsuit alleging the bank manipulated overdraft fees it charged its customers.

The Minneapolis-based lender entered the Knoxville market about five months ago when it acquired the assets of BankEast after it was shut down by government regulators.

US Bank is one of the largest commercial banks in the country.

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When the banks whine, watch your wallet

Big banks have done lots moaning lately. Every day, it seems, bankers are boo-hooing
PAULSON+MONEY.jpgabout financial regulations cutting into their profits. The bigger the bank the louder the sobs.

To replace lost revenues banks are charging new fees and eliminating services that previously were free. Sometimes the new fees spark a hail-storm of protest and the banks back off. Like last year’s failed debit card fee.

But are the banks really as bad off as they want us to believe?

In a word, no.

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My merit badge is missing

In case you missed it, here’s a link to my column in the business section of Sunday’s Knoxville News Sentinel.

In a nutshell, the column asserts that the economy remains painfully slow, but it is creating jobs and isn’t as bad as some on the far right suggest.

Not all readers shared my point of view, but thanks to all who took the time to post a comment.

Some readers posted a few questions that I will attempt to answer.

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Vote for Worst Company in America

The 32 finalists have been announced and head-to-head battles start today to determine the winner of Consumermist.com’s annual Worst Company in America tournament.

Who will you vote for?

Many well-known companies have again made the finals. Telecom giant Comcast is back to defend its title, but plenty of worthy contenders are in the field including, Verizon, Wells Fargo, Bank of America, WalMart, Toyota, Facebook, BP, Delta and many more.

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