Banking + Finance

Medtronic Cutting 2,000 Jobs, 500 in MN

Medical device manufacturer Medtronic has cut about 65 percent of the 2,000 positions it intends to eliminate and beat it’s fourth-quarter earnings expectations.

MN, Prudential Reach $14M Settlement Over Unpaid Policies

Minnesota Commerce Commissioner Mike Rothman announced Wednesday the $14 million settlement with Prudential that pertains to unclaimed death benefits.

A Supervalu-owned Cub Foods store

Supervalu Pays CFO $300K to Stay Two More Months

Chief Financial Officer Sherry Smith was scheduled to leave Supervalu at the end of May but is now staying on until the end of July for an extra $300,000, in addition to her usual salary.

Locals with Investable Funds 3rd-Most Optimistic in U.S.

Fifty-seven percent of area residents believe that the local and national economy will improve in the next two years.

Twin Cities Insurance Co. Acquired by CBIZ

CBIZ is expanding its Minnesota footprint with the acquisition of Associated Insurance Agents and its 32 employees.

MN Med-Tech Co. Subpoenaed in Insider Trading Probe

Amid an insider-trading probe, federal prosecutors reportedly subpoenaed Cardiovascular Systems; there have been no allegations of wrongdoing.

TCF Bank Cuts 700 Branch Jobs

TCF Financial CEO Bill Cooper recently told analysts that the company cut 700 branch employees in order to increase efficiency.

Creative Memories Files Ch. 11, Will Cut 163 Jobs

St. Cloud-based scrapbooking company Creative Memories filed for bankruptcy for the second time in five years and plans to lay off 163 employees.

Dollar bills

U.S. Bancorp’s Stock Dips Despite Profit Increase

The company’s quarterly earnings were in line with analysts’ expectations, but mortgage-banking revenue fell 11 percent, causing a decrease in net revenue.

Report: U.S. Bank Ensnared in Florida Bankruptcy Dispute

Businessman Maury Rosenberg, who won a $6.1 million jury award, claims that U.S. Bank is using involuntary bankruptcy as a collection tool, which is illegal; the bank, meanwhile, claims it hasn’t done anything wrong and is appropriately pursuing a litigious businessman who owes money.

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