Clear Channel Communications Inc., owner of multiple Des Moines radio stations, including 107.5 KKDM-FM, 1040 WHO-AM and 106.3 KPTL-FM, announced yesterday it was cutting about 1,850 jobs nationwide, or 9 percent of its work force. Joel McCrea, general manager of the company’s Des Moines operations, confirmed that the layoffs will affect employees here.

A Houston law firm is probing banks nationwide, including Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co. and Wachovia Corp., regarding a possible life insurance scam. The law firm claims many big banks are buying life insurance policies for their employees and naming themselves the beneficiary; putting the banks in a position to profit from deceased employees. Nearly half of all U.S. banks have reported owning BOLI, the name of the life insurance policies, and are being accused of conducting “death sweeps,” where the bank hires an outside broker to gather public records to see if an employee or former employee has died.

Minneapolis-based U.S. Bancorp today reported a 72 percent decrease in earnings for the fourth quarter of 2008, the company’s eighth consecutive quarterly profit decline, the Associated Press reported. The bank reported a net income of $260 million, or 15 cents per share, down from $927 million, or 53 cents per share, in the same period a year ago. For fiscal ’08, Bancorp earned $2.82 billion, or $1.61 per share, which was down 34 percent from $4.26 billion, or $2.43 per share, in 2007.

Citigroup Inc.’s top three executives have passed up bonuses, as the banking giant works to return to profitability after five consecutive quarters of losses, the Associated Press reported. The company’s CEO, Vikram Pandit, Chairman Win Bischoff and Chief Financial Officer Gary Crittenden all declined incentive and retention awards that were offered to members of the bank’s executive committee, Citigroup said in a filing with the Securities and Exchange Commission.

Swedish-based telecommunications company Ericsson today announced it will cut 5,000 jobs to help reduce costs, CNN reported. The cuts will come through layoffs as well as cuts in the numbers of consultants and other temporary staff, and consolidation of research and development sites, the company said.

BHP Billiton, the world’s largest mining company, today announced it will cut about 6,000 jobs due to the deteriorating outlook in the global nickel market. The cuts amount to approximately 6 percent of the Australian-based company’s work force. A company spokesperson said approximately 3,300 jobs will be cut in Australia, 2,000 in Chile and 550 in the United States.

E.I. du Pont de Nemours & Co. today declared a first-quarter dividend of 41 cents per share, payable March 13, to stockholders of record February 13. This is the company’s 418th consecutive quarterly dividend.