Largest public companies continue to hoard cash at record levels
Large public companies in the US are continuing to hoard cash at record levels, and 1000 of the largest are now holding $850 billion, according to new research from REL Consulting, a division of The Hackett Group, Inc..
Wells Fargo & Co, which will soon learn whether it will be required to raise more capital, said on Monday it agreed to buy a retirement plan record keeping business from Comerica Inc. The fourth-largest bank is acquiring Comerica Bank's proprietary retirement services business, which provides record keeping services to 250 retirement plans with nearly 100,000 participants, and manages $3.4 billion of assets.