Geithner called

Timothy Geithner was asked to testify before Congress the week of Jan. 18 about the Federal Reserve Bank of New York’s efforts to limit American International Group Inc.’s disclosures of bailout payments to banks, as President Bar ack Obama defended the Treasury secretary.

Credit drops

Consumer credit in the US dropped a record $17.5 billion to $2.46 trillion in November, the Federal Reserve said yesterday, as high unemployment dis couraged borrowing and banks limited loans.

Brown cuts

Shipping giant UPS Inc., of Atlanta, said it will cut 1,800 manage ment and administra tive jobs from its global work force of 408,000 and raised its profit forecast for the fourth quarter ended Dec. 31, to between 73 cents and 75 cents per share from 58 to 65 cents.

Bear buried

Bear Stearns Cos. is the latest Wall Street brand to disappear, as JP Mor gan Chase’s Bear Stearns Private Client Services division, the last to use the name of the failed firm, is changing to JPMorgan Securities, a spokesman said.