An update to last week’s item about Ameriprise Financial being declared eligible for federal bailout funds:
The company announced on Friday afternoon that it has decided not to accept funding from the U.S. Treasury Department program.
“While we appreciate Treasury’s approval of our application, we have elected not to accept funding,” CEO Jim Cracchiolo said. “We have carefully evaluated our current position and expectations for the future, and we are confident that our current capital position and access to potential additional funding sources are more than adequate.”
Cracchiolo continued to say in the company’s statement that Ameriprise has maintained a solid balance sheet with more than $1 billion in excess capital. The company, based in Minneapolis, does financial planning for the wealthy.