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Dunkin' International loses a leader
Four months after going public, Dunkin' Brands
While the company looks for a replacement, Dunkin' Donuts International will report to Travis, while Baskin Robbins International will report to CFO Neil Moses. The company plans on expanding its international business by opening 400 to 500 net new restaurants, adding to the existing 7,000 outside the United States. Read more at Reuters.
Wall Street Banks get hurt
In the face of doubtful investors and cash-hoarding companies worried that Western countries won't be able to defuse a ballooning debt crisis, Wall Street's mightiest firm, Goldman Sachs
Weaker banks may have a vast negative effect on the country's economy. The thinking goes that lower profits will most likely lead to restructuring and job cuts, which will then lead to overall lower consumer spending. Slumping banks will probably lend less, increasing the risk of a recession. Bank of America
Netflix gets a new competitor
Netflix has recently been under fire after unexpectedly raising prices on its DVD-by-mail service. The company also announced that it will spin off the business, which will now be known as Qwikster. An apology letter from CEO Reed Hastings didn't keep the stock from dropping.
BofA sheds more assests
Bank of America announced that it will sell a roughly $880 million portfolio of commercial mortgages at a discounted rate of 20% to 25% off face value. A venture of Square Capital Management and a fund managed by Canyon Capital Realty Advisors will buy the portfolio, which is a mix of performing and non-performing loans tied to 32 properties, including the Renaissance office Building in Wilmington, Del., and the Bank of America Tower in St. Louis -- which the bank doesn't own.
This is a large deal as banks continue to sell loans they'd made before the financial crisis. Bank of America, which has been selling off assets that are not part of its core business, recently sold an $8.6 billion Canadian credit card portfolio. Read more at The Wall Street Journal.
So there you have it -- the top financial stories for this afternoon. If you're interested in getting all the news and commentary on these stocks, sign up for My Watchlist -- it's free!
Michelle Zayed doesn't own any stocks mentioned. The Motley Fool owns shares of Panera Bread and Bank of America. Motley Fool newsletter serviceshave recommended buying shares of Panera Bread and Netflix and creating a bear put spread position in Netflix. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insightsmakes us better investors. The Motley Fool has a disclosure policy.