Business briefs

No to MetLife

MetLife said its plan to increase the dividend and resume share repurchases was rejected by the Federal Reserve.

IBM CEO

IBM’s chief executive, Sam Palmisano, will step down on Jan. 1 and be replaced by global sales head Virginia Rometty.

Bank cuts

Deutsche Bank and UBS, the biggest banks in Germany and Switzerland, signaled more jobs may be at risk as the European sovereign debt crisis and global economic slowdown crimp revenue. The announcement confirms an earlier report in The Post.

‘Looting’ L.A.

Los Angeles Dodgers owner Frank McCourt “looted” $190 million from the bankrupt team to fund his lavish lifestyle, according to court documents filed yesterday by Major League Baseball.

Euro woe

Stocks fell yesterday as the cancellation of today’s meeting of European Union finance ministers spurred concern that summits of the region’s leaders will fail to produce agreements on how to tame the debt crisis.