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Visa (NYSE: V) To Hire 350 Workers In Miami Area
Posted by: | CommentsVisa Inc. (NYSE: V) announced they will hire 350 workers to staff a new customer service center opening in the Miami-Dade county of Florida. The new employees will provide support to Visa’s financial institution clients, merchants and cardholders.
Once the center is operational, target is for this summer, it will function around the clock and the multilingual staff will provide service for calls coming around the world.
“This is a great opportunity for both Miami-Dade County and Visa – Miami’s vibrant business community will gain 350-plus additional jobs, and Visa will continue to enhance the level of customer support we provide to our clients,” said John Partridge, president of Visa Inc.
“Despite tremendous competition from around the world to host this customer service center, Miami made the most strategic and financial sense, given our current operations, while providing the additional benefit of allowing Visa to keep these jobs in the U.S,” added Partridge.
The service center will be located in the same building as the company’s Latin America and Caribbean headquarters. Including the new service center staff, Visa will employ nearly 600 workers in the Miami-Dade area.
“Visa has proven to be a terrific corporate citizen for Miami-Dade County and a sought-after employer for our residents,” said Miami-Dade County Mayor Carlos Alvarez. “Its commitment to job growth in our region is a testament to Miami’s diversified workforce and growing economy.”
The move comes just a few months after Visa built a new state of the art data center in Northeastern United States, which employs 290 workers.
This article (Visa (NYSE: V) To Hire 350 Workers In Miami Area) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.
The Securities and Exchange Commission filed charges against a former New York stock loan trader who was employed at Morgan Stanley (NYSE: MS) and Bank of America (NYSE: BAC) for periods of time. The suit claims Salvatore Zangari received kick-backs in excess of $100,000 in exchange for sending stock loan orders to brokerage firms that paid for the locating of stocks.
The SEC said in its filing that a Brooklyn, NY stock finding business, Clinton Management Ltd., paid Zangari cash for routing stock loan orders to those that paid the firm fees for locating stock.
Stock locations are usually down when trying to fulfill short sales of a particular hard to borrow issue. Basically, the firm will locate the stock for a client or brokerage, which in turn allows the short sale to take place. As opposed to naked shorting, which does not require shares of a stock to be located.
The SEC said that Zangari, 33 defrauded Morgan Stanley and Bank of America because he purposely arranged stock loan transactions on their behalf at borrowing and lending rates that were designed to generate finder fee payments rather than maximizing the firms’ profits.
Zangari worked for Morgan Stanley from August 1998 till May 2005 and then moved onto Bank of America from May 2005 till October 2006. The claims alleges that for nearly two years, March 2004 through December 2005, Zangari took cash kickbacks to send Morgan Stanley and Bank of America stock loan orders to firms that paid the finder, Clinton Management Ltd.
The case is SEC v. Zangari, U.S. District Court, Eastern District of New York, No. 10-01058.
This article (SEC Charges Stock Loan Trader For Defrauding Morgan Stanley (NYSE: MS) And Bank Of America (NYSE: BAC)) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.
Recession Takes Bite Out Of Tax Preparers, H&R Block (NYSE: HRB) Reports Fewer Filings
Posted by: | CommentsLast year’s recession and surging unemployment levels impacted many U.S. households and businesses. However, it is just now impacting tax preparers like H&R Block (NYSE: HRB) who have seen filings drop more than 9 percent in the first two months of 2010 compared to a year ago.
The nation’s largest tax preparer reported the decline while releasing its fiscal third quarter results. For that period, ended Jan. 31, the company did post better profits of $50.6 million or 15 cents a share compared to $47.4 million or 14 cents a share last year. However, the gains were made on cost reductions.
Revenue for the period was actually 6 percent lower to $934.9 million from $993.4 million a year ago. The decline was mainly attributed to a 7.1 percent decline in total tax returns prepared in the quarter.
“While we are disappointed with our early results this tax season, we remain committed to improving our performance as the remainder of the season unfolds. We expect to outperform our competitors regardless of the external factors like unemployment rates, but we have not done so to-date,” said Russ Smyth, President and Chief Executive Officer of H&R Block.
With unemployment hitting double-digits in 2009 for the first time in roughly 25 years, the customer base for H&R Block, along with competitors like Jackson Hewitt, has contracted.
Though unemployment has stabilized recently, holding at 9.7 percent the past two months, a rebound in tax preparer’s customer base may not occur for the 2010 tax filing season as economists expect unemployment to remain at elevated levels for an extended period.
This article (Recession Takes Bite Out Of Tax Preparers, H&R Block (NYSE: HRB) Reports Fewer Filings) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.