Monday, February 1, 2010

Ouch. Instead of selling their equity business, First Horizon will shut it down (FHN)

Sad for this group.

Previously it had been announced that First Horizon (FHN) would sell its institutional equity business to Point Capital.  Back in September 09:

Today however, it appears that the deal did not go through, and First Horizon will shut its equity business and take a $10million charge to earnings for severance and asset writedowns in connection with the shutdown.

MEMPHIS, Tenn., Feb. 1, 2010 (GLOBE NEWSWIRE) -- First Horizon National Corp. (NYSE:FHN - News) has decided to exit the institutional equity research business. This business was conducted by FTN Equity Capital Markets Corp., a part of the FTN Financial Group. The previously announced agreement to sell this business unit will not be completed. The company estimates that additional charges against first quarter earnings totaling approximately $10 million will be incurred in connection with this action.

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