JP Morgan Chase reports fourth quarter net income for 2010 of $4.8 billion. That represents a 47% increase year-over-year, stronger than expected. It brings the firm’s 2010 net income to $17.4 billion, a 48% increase. J-P Morgan Chase employs 5000 people in the Houston area.
Deloitte is purchasing control of MarketPoint, maker of energy price forecasting software. The Houston-based Deloitte Center for Energy Solutions will manage the newly acquired subsidiary. Deloitte is also buying control of energy consultancy Altos Management, a sister company of MarketPoint.
Reuters reports Houston-based natural gas hedge fund Centaurus Energy suffered a 4% loss in 2010, its first annual deficit. The fall comes in the wake of a crackdown on commodity speculation by exchanges and federal regulators’ proposals for trading limits. CME Group recently fined Centaurus $15,000 for violating natural gas position limits on the New York Mercantile Exchange.
A report by Aon Hewitt says global pension funding levels ended 2010 up slightly from 2009, despite a volatile year for markets. U.S. pension funding levels ended at 88%, the same as a year earlier. Aon Hewitt’s Joe McDonald says pension funds will use improved funding to cut their risk exposure in the year ahead.
A study by IBM says more than half of midsize companies plan to boost their information technology budgets over the next year to 18 months. It says that two-thirds of such firms either use or plan to adopt cloud computing to improve IT systems efficiency while cutting costs. The study defines a midsize company as having 100 to 1000 employees.
That’s KUHF Business News. I’m Andrew Schneider.