Economic Development

Milwaukee-based Robert W. Baird & Co. Inc. announced that Jon Langenfeld has been promoted to head of global equities with overall responsibility for Baird’s equity research, sales and trading operations.

First Business Financial Services Inc. the Madison-based parent company of First Business Bank and First Business Bank -Milwaukee, reported strong fourth quarter and record full year earnings, reflecting successful execution on initiatives to grow loans and in-market deposits, invest in fee-generating capabilities and improve asset quality.

The U.S. economy shrank in the fourth quarter for the first time since 2009, hurt by the largest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles.

Milwaukee-based Northwestern Mutual Life Insurance Co. Inc. announced its 2012 financial results, which include a record dividend payout to policy owners expected to exceed $5 billion in 2013. The company paid $4.97 billion in dividends last year.

Green Bay, Wis.-based Associated Banc-Corp. is consolidating its Chicago operations into one larger office in the West Loop from four other buildings in the market.

The state is now projected to have nearly $1.7 billion in extra revenue to assemble the next two-year budget.

Baird Private Equity, the direct private investment arm of Milwaukee-based Robert W. Baird & Co. Inc., has unveiled an updated strategic brand that includes the new name of Baird Capital.

The preferred stock and subordinated debt positions of Waukesha-based bank holding company Waukesha Bankshares Inc. are being auctioned today as part of the federal Troubled Asset Relief Program’s Capital Purchase Program.

Milwaukee-based marketing agency GMR Marketing plans to merge with San Francisco-based SportsMark Management Group.

Milwaukee-based accounting, tax and business consulting firm Schenck S.C. has acquired most of the practice of Milwaukee CPA firm Bonfield & Company S.C.