Tuesday A.M. Report

Wells Fargo, Citi reportedly seeking to repay TARP money: Wells Fargo & Co. and Citigroup are negotiating with government officials to exit the Troubled Asset Relief Program, the Wall Street Journal reported Monday. The banks stepped up their efforts to exit the controversial program afte r Bank of America last week won approval to repay its $45 billion in TARP money. San Francisco-based Wells Fargo, which has major operations in Minneapolis, and Citi are eager to exit on similar terms that BofA received, the Journal reported. Read full story

3M projecting 2010 sales, profit gains: 3M Co. said today it anticipates revenue and profit growth next year. The Maplewood-based manufacturer said it projects 2010 earnings of $4.85 to $5 per share. It expects sales of between $24.5 billion and $25.5 billion. Read full story

Lawson CFO leaving, replacement named: Lawson Software announced Monday that Stefan Schulz will be promoted to chief financial officer on Jan. 1. Schulz will replace Robert Schriesheim, who is leaving the St. Paul software firm to become CFO at Lincolnshire, Ill.-based human resources consulting and outsourcing firm Hewitt Associates. Read full story

Local TSA workers join union: The American Federation of Government Employees said Monday it will charter a new local for Transportation Security Administration workers in Minnesota on Dec. 16. AFGE Local 899 will have about 260 members, or roughly 30 percent of the TSA workers in the state. Read full story

Select Comfort announces public offering: Select Comfort Corp. announced plans Monday to offer shares of its common stock through a public offering. The Plymouth-based bed-maker and retailer did not disclose how many shares it plans to sell but said it will use the proceeds to improve working capital and pay down debt. Read full story

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