SERVING MINNEAPOLIS / ST. PAUL / MINNESOTA
Donate Now Sustaining Member

MinnPost thanks these major sponsors:




Sponsor of
Second Opinion



Our major advertisers


Our in-kind partners


MinnPost thanks these generous donors:

INDIVIDUALS AND FOUNDATI0NS
Blandin Foundation
Otto Bremer Foundation
Bush Foundation
Sage & John Cowles
David & Vicki Cox
Toby & Mae Dayton
Jack & Claire Dempsey
Ethics and Excellence in Journalism Foundation
Sam & Stacey Heins
John S. and James L. Knight Foundation
Joel & Laurie Kramer
Lee Lynch & Terry Saario
Martin & Brown Foundation
The McKnight Foundation
The Minneapolis Foundation
The Saint Paul Foundation
Rebecca & Mark Shavlik

(See all donors here.)

BUSINESS AGENDA

  • Switch to Small Text Size
  • Switch to Medium Text Size
  • Switch to Large Text Size
Email Print Submit a Comment

    Wells Fargo deposits spiked; also: Best Buy to hire fewer seasonal blue-shirts, and UnitedHealth profits hurt by medical costs, investment losses

    By Dan Haugen | Published Thu, Oct 16 2008 9:44 am

    Wells Fargo experienced a $14.5 billion spike in deposits during the three months ending Sept. 30. That, despite lowering the rate of interest it pays on retail accounts. The Wall Street Journal says the deposit jump appears to be part of a "flight to quality" by bank customers, who are withdrawing money from the banks most associated with the financial crisis. If that's the case, we should see a similar deposit gain at U.S. Bank when it releases its quarterly results on Tuesday.

    Aspiring blue-shirts: Get your applications in fast. Best Buy plans to hire fewer seasonal employees this winter. Last year, the Richfield-based retailer hired 26,000 seasonal employees to help out between November and January. This year, the company's hiring range is 16,000 to 20,000, the company said. Best Buy attributes some of the reduction to all-time-high employee retention. But retailers across the board are also bracing for a bleak holiday shopping season.

    More Best Buy: The company is "open" testing an update on its yellow price tag logo. The new look features the store name in a softer, classier font, followed by a small, subtle outline of a price tag. The design is incorporated into the retailer's Mall of America store. The goal is to gauge reaction in a live environment, marketing VP Barry Judge writes on his blog. (More commentary at AdFreak, JasonNessa, Brand New.)

    UnitedHealth Group's third-quarter profits were weighed down by rising medical costs and sinking investment income. The Minnetonka-based HMO reported a 28 percent decline in profits (PDF), compared with last year. That might sound disappointing, but it's in line with what analysts expected. The good news: The company says its balance sheet is strong and that during the same period it saw membership growth in almost every category.

    Do you have an inside scoop or news tip about a Minnesota company? Spotted something interesting in your RSS reader? Drop Business Agenda a note at dhaugen [at] minnpost [dot] com.

    Like what you just read? Support high-quality journalism in Minnesota by becoming a member of MinnPost.

    Advertisement:

    0 Comments:

    E-mail address

    Password

     

    Forgot Password? | Register to Comment

    MinnPost does not permit the use of foul language, personal attacks or the use of language that may be libelous or interpreted as inciting hate or sexual harassment. User comments are reviewed by moderators to ensure that comments meet these standards and adhere to MinnPost's terms of use and privacy policy.

    We intend for this area to be used by our readers as a place for civil, thought-provoking and high-quality public discussion. In order to achieve this, MinnPost requires that all commenters register and post comments with their actual names and place of residence. Register here to comment.




    minnpost.com/businessagenda

    Business Agenda reports on what's going on at businesses in Minnesota. Business Agenda provides brief, quick-reading items about important companies in Minnesota and the people who work at those firms. Business Agenda features new items every day Monday through Friday. 

    Recent Business Agenda Posts