Shares of Metlife Inc (NYSE:MET) ended Thursday session in green amid volatile trading. The shares closed up +0.69 points or 1.57% at $44.50 with 7.65 million shares getting traded. Post opening the session at $43.63, the shares hit an intraday low of $43.50 and an intraday high of $44.76 and the price vacillated in this range throughout the day. The company has a market cap of $48.55 billion and the numbers of outstanding shares have been calculated to be 1.10 billion shares.
On September 8, 2016 A large majority of plan sponsors (85%) agree that the core purpose of a defined contribution (DC) plan should be to serve as an income source during retirement, according to the MetLife 2016 Lifetime Income Poll. This represents a subtle but significant sea change from the 9% of plan sponsors in a 2012 MetLife study who believed that the primary focus of their DC plan was to provide retirement income, as opposed to retirement savings.
The Lifetime Income Poll gauged plan sponsors’ familiarity with – and knowledge about – regulatory developments by the U.S. Departments of Labor and Treasury to strengthen retirement security among U.S. workers; nine in ten plan sponsors (94%) are familiar with regulators’ lifetime income efforts. The full report examining these findings is available at: metlife.com/LifetimeIncomePoll.
“No longer can DC plans exist solely as retirement savings plans,” says Tim Brown, senior vice president and head of Life & Income Funding Solutions with MetLife. “The core purpose of DC plans must be recast to move beyond retirement savings to retirement income, by enabling plan sponsors to provide the education, tools and solutions to help participants make their savings last a lifetime.”
Shares of Fifth Third Bancorp (NASDAQ:FITB) ended Thursday session in green amid volatile trading. The shares closed up +0.17 points or 0.83% at $20.54 with 7.23 million shares getting traded. Post opening the session at $20.27, the shares hit an intraday low of $20.25 and an intraday high of $20.67 and the price vacillated in this range throughout the day. The company has a market cap of $15.75 billion and the numbers of outstanding shares have been calculated to be 766.37 million shares.
On Sept. 14, 2016 GreenSky, LLC, announced a groundbreaking partnership with Fifth Third Bancorp (FITB) designed to add significant strategic value to both organizations and their customers.
The comprehensive agreement enables Fifth Third to originate loans through GreenSky’s existing merchant network and will be able to offer GreenSky’s financing solutions to merchants with whom it does business, improving credit access to those merchants’ customers.
Fifth Third has committed to provide phased quarterly financing for up to $500 million in loans originated through GreenSky’s system and has an option to increase that commitment up to $2 billion. The arrangements also include a $50 million investment from Fifth Third in the financial technology company.
Fifth Third Bank has also signed a separate letter of intent to license GreenSky’s market-leading technology platform and integrate it into its online and mobile banking channels and in its approximately 1,200 financial centers, improving speed of response on loan decisions and increasing overall loan originations with improved credit metrics. Near-instant loan decisions will become available to Fifth Third’s existing 2.2 million customer base.
“GreenSky maintains funding commitments with a number of outstanding banks,” said David Zalik, CEO of GreenSky. “This announcement, however, reflects more than solely a funding commitment. This is a multifaceted alliance that will not only benefit all parties, but that also will continue to drive customer-centric innovation in the years ahead.”
Greg D. Carmichael, president and CEO of Fifth Third Bancorp, provided additional context in saying: “As Fifth Third begins this relationship with GreenSky, we believe that the best outcomes for consumers and business customers are likely to come from this unique BankFinTech collaboration. This alliance will speed loan decisions for Fifth Third customers and bring new efficiencies and security to GreenSky’s customers.”