Philip Morris International Inc
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Consumer Staples : Tobacco | Large Cap ValueCompany profile

Philip Morris International Inc. is a holding company. The Company is engaged in the manufacture and sale of cigarettes, other tobacco products and other nicotine-containing products in markets outside of the United States. Its segments include European Union (EU); Eastern Europe, Middle East & Africa (EEMA); Asia, and Latin America & Canada. The Company's portfolio of international and local brands is led by Marlboro. Its mid-price brands are L&M, Lark, Merit, Muratti and Philip Morris. Its other international brands include Bond Street, Chesterfield, Next and Red & White. The Company also owns various local cigarette brands, such as Dji Sam Soe, Sampoerna and U Mild in Indonesia; Champion, Fortune and Jackpot in the Philippines; Apollo-Soyuz and Optima in Russia; Morven Gold in Pakistan; Boston in Colombia; Belmont, Canadian Classics and Number 7 in Canada; f6 in Germany; Delicados in Mexico; Assos in Greece, and Petra in the Czech Republic and Slovakia.

Closing Price
$83.46
Day's Change
1.61 (1.97%)
Bid
--
Ask
--
B/A Size
--
Day's High
83.56
Day's Low
82.20
Volume
(Average)
Volume:
6,435,136

10-day average volume:
6,584,573
6,435,136

Bank of America cut its workforce last year, but personnel costs per employee rose

9:09 am ET January 16, 2019 (MarketWatch)
Print

Bank of America Corp. (BAC) trimmed its workforce by 2.3% to 204,489, as of Dec. 31, after remaining relatively unchanged at around 209,000 the past two years. At the same time, personnel expense slipped just 1.6% to $31.88 billion, which lifts the personnel expense per employee by 2.2% to $155,901 from $152,506. The workforce cut comes as the number of financial centers in the U.S. fell 3.0% to 4,341, while the number of branded automated teller machines (ATMs) rose 1.3% to 16,255 after a 0.7% increase in ATMs in 2017. Overall, 2018 noninterest expenses declined 2.5% from 2017 to $53.38 billion. Axel Pierron, managing director of capital markets at consultancy Opimas, praised BofA's cost-cutting moves. "Bank of America's quarterly results demonstrate the bank's ability to adapt its expense structure to market conditions," Pierron said in an emailed comment to MarketWatch. "While there is still room for further improvement, the bank is nevertheless addressing the necessity of having a more flexible cost structure head-on." The stock surged 5.4% in premarket trade, after BofA beat fourth-quarter earnings and revenue expectations (http://www.marketwatch.com/story/bank-of-america-earnings-beat-estimates-2019-01-16). The stock has declined 15.0% over the past 12 months through Tuesday, while the S&P 500 has slipped 6.0%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

January 16, 2019 09:09 ET (14:09 GMT)

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