Shares of Metlife Inc (NYSE:MET) ended Wednesday session in red amid volatile trading. The shares closed down -0.01 points or -0.02% at $43.09 with 1.10 billion shares getting traded. Post opening the session at $42.91 the shares hit an intraday low of $42.65 and an intraday high of $43.24 and the price vacillated in this range throughout the day. The company has a market cap of $47.18 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.”
“Plan sponsors are signaling that they are ready to reframe their DC plans to focus on lifetime income and provide their participants with solutions to help ensure successful retirement outcomes,” says Roberta Rafaloff, vice president, Institutional Income Annuities with MetLife. “However, it’s also clear that further regulatory clarity from the DOL and Treasury would make it easier for plan sponsors to offer these solutions.”
Shares of Paypal Holdings Inc (NASDAQ:PYPL) ended Wednesday session in green amid volatile trading. The shares closed up +1.38 points or 3.71% at $38.56 with 1.21 billion shares getting traded. Post opening the session at $37.33 the shares hit an intraday low of $37.26 and an intraday high of $38.58 and the price vacillated in this range throughout the day. The company has a market cap of $46.68 billion and the numbers of outstanding shares have been calculated to be 1.21 billion shares.
On Sept. 6, 2016 PayPal announced the appointment of Paul Parisi as the new general manager of PayPal Canada. Paul is a results-focused Canadian leader who joins PayPal with a strong record of more than 17 years in the payments industry.
As general manager, Paul will be focused on building on the company’s successful 10-year history in Canada and driving the next phase of growth for the company and its customers. He will play a critical role in bringing innovations to market and further solidifying PayPal as one of the leading online and mobile payment services in Canada.
“The e-commerce, payments and fintech industries are at an exciting juncture in Canada. I look forward to driving even more profitable growth for PayPal in Canada and adding greater value for our 6.4 million active customers in Canada, which includes 250,000 small business customers across the country,” said Paul Parisi, the new general manager of PayPal Canada.
Parisi was previously vice president and general manager of global commercial payments at American Express Canada. During his tenure at American Express, he developed and drove business strategy for corporate payments and small business services and held a number of key leadership positions across sales, account management, e-procurement and travel in Canada, the U.S. and the U.K.