Investors pulled money from stock mutual funds in 2012 for the sixth year in a row, despite the stock markets strong performance.
Bond funds attracted the most cash since 2009, another illustration of how conservative investors have become with their money since the financial crisis.
A net $90 billion was withdrawn from U.S. stock mutual funds last year, industry consultant Strategic Insight said Monday.
The total included $26 billion pulled out in December, the 10th month in a row that withdrawals have exceeded deposits.
The full-year total was the largest since 2008, when $136 billion was removed. Since 2007, the year that the stock market hit a historic high, nearly $405 billion has been withdrawn.
JPMorgan told to fix oversight tied to loss
JPMorgan Chase & Co. has been ordered to take steps to correct poor risk management that led to a surprise trading loss last year of more than $6 billion.
Federal regulators also on Monday cited the bank for lapses in oversight that allowed the bank to be used for money laundering.
JPMorgan, the nations largest bank by assets, will not pay a fine under the agreements with the Federal Reserve and the U.S. Comptroller of the Currency, a Treasury Department agency. The bank promised to strengthen its policies and procedures to control risk and to screen customers to prevent money laundering.
Dell’s stock surges on report of suitor
Dells stock soared 13 percent Monday on a report that the struggling personal computer maker is in talks to take the company private.
Citing unidentified people familiar with the situation, Bloomberg News said Dell has discussed a potential sale with at least two firms that specialize in buying companies that have fallen out of favor with investors. The report didnt name the interested firms.
Dell Inc., based in Round Rock, Texas, declined to comment.
Apple shares fall after slower iPhone 5 sales
Apple shares fell below $500 for a time Monday for the first time since February.
The drop came after the Wall Street Journal reported that the company has cut its orders for iPhone 5 components because of weaker-than-expected demand.
The newspaper said that two people it did not identify told it that Apples first quarter orders for iPhone 5 screens have dropped to about half of what the company had previously planned to order.
It says one of the unidentified people told the newspaper that the Cupertino, Calif., company has also cut orders for components other than screens.
UPS abandons deal for TNT Express unit
Atlanta-based UPS scrapped plans to grow in Europe through the acquisition of Dutch delivery company TNT Express because European regulators were getting ready to reject the $6.9 billion deal.
It would have been the largest acquisition in UPS history.
UPS offered in March to buy TNT, Europes second-largest delivery company, to better compete with Europes largest, Deutsche Posts DHL.
Regulators objected, saying the deal would reduce competition in the market for express delivery of small packages.