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¿ AIG CEO Liddy To Step Down. - Edward Liddy, the chairman and CEO of embattled insurer American International Group ( AIG), said late Thursday he will leave once his board has found a replacement. Liddy took the position in September following the government's emergency bailout of AIG. ¿ BlackRock Co-Founder to Lead Evercore. - BlackRock ( BLK) co-founder Ralph Schlosstein is expected to take over as CEO of Evercore Partners ( EVR) from Roger Altman, according to The Wall Street Journal. Altman will remain as executive chairman but give up daily management of the firm. The planned changes, which have yet to be approved by Evercore's board, are designed to expand the firm's asset-management unit and other areas outside its core advisory practice, the Journal reported. ¿ U.K Government Refuses to Release Stress Tests. - Bloomberg reported Friday that the U.K. Treasury has refused to release the results of stress tests conducted on British banks Royal Bank of Scotland ( RBS) and Lloyds Banking ( LYG). Publishing the information may increase instability and force the government to take further action to shore up the U.K. financial system, the Treasury said in response to a Freedom of Information Act request by Bloomberg.
¿ Gap Reports 14% Drop in First-Quarter Earnings. - Gap ( GPS) said late Thursday it earned $215 million, or 31 cents a share, in the first quarter, down from the year-ago profit of $249 million, or 34 cents a share. Revenue dropped 8% from last year to $3.13 billion. Earnings results still narrowly beat Wall Street's targets, although revenue came up short of estimates. Among other retailers, Aeropostale ( ARO), Dress Barn ( DBRN), Foot Locker ( FL), and Pacific Sunwear ( PSUN) all reported better-than-expected earnings for the last quarter.