Ticker: Oct. 1
Bank of America Corp. CEO Ken Lewis will retire at the end of the year, CNNMoney.com reported Wednesday. No successor was named. He will also step down from the board, and was stripped of his chairman title last April. It has been a tumultuous tenure for Lewis; Bank of America made a much-questioned merger with Merrill Lynch, and the bank had to be bailed out last fall. Read the CNNMoney.com story.
Deere and Co. announced today it reached a tentative agreement with the United Auto Workers (UAW) on terms of a new six-year contract that covers approximately 9,500 employees and 17,000 retirees. Terms of the agreement were not released, and the tentative agreement will now be presented for ratification to members of the 15 UAW locals at Deere facilities.
Nearly 1 million homes in the United States are in the process of foreclosure, according to a U.S. Department of the Treasury report. On June 30, there were 992,554 homes in the process of foreclosure, up 15.3 percent from the previous quarter and 79.4 percent from one year ago. Read the full report.
Drake University will host Terri Vaughan, CEO of the National Association of Insurance Commissioners, who will give a talk about lessons learned from the financial crisis at noon on Friday in Sheslow Auditorium in Old Main, 2507 University Ave., Des Moines. The lecture is free and open to the public. More information.
The Iowa Association of Community College Trustees (IACCT) board members will hold a ribbon cutting for the Community Colleges of Iowa Building at 4 p.m. today at 855 E. Court Ave., Des Moines. The 7,000-square-foot facility was constructed for a cost of $2.3 million; it will hold offices for the IACCT and provide parking for its members and guests.