Lehman Brothers to cut jobs
Friday, March 14th, 2008Lehman Brothers Holdings Inc., the largest underwriter of mortgage-backed bonds is struggling to cope with the economic slowdown, and thus is eliminating 5% of its total employees.
Archive for the 'NewsWire' Category
Shrinking Labor Force in the US
Tuesday, March 11th, 2008A report released on March 7 by the Labor Department showed that job cuts continued in February for the second straight month. This month’s loss, the biggest in five years, has cost 63,000 their jobs. Funnily enough, the unemployment rate dropped to 4.8% from 4.9%, which clearly shows that the labor force is shrinking, as [...]
California Housing Stats
Thursday, February 28th, 2008January housing statistics for the state of California were recently released by the California Association of Realtors (CAR). During January, California existing single-family home sales declined by 30% from one year earlier and prices fell by 22% (except an area close to a major metro station). Results for the month continue a deteriorating trend since [...]
Heads still Rolling at Bear Stearns
Thursday, February 14th, 2008Bear Stearns announced an extra 800 cut in its mortgage employees. The overall number of redundancies has risen to 1,400 – 10% of previous year’s head count.
Deutsche Bank’s Upside Surprise
Thursday, February 14th, 2008Despite the rumours yesterday that Deutsche Bank was going to report a massive loss, the bank came out this morning with a surprisingly good set of numbers. A few headline numbers: Pre-tax profit up 5% – year over year -, it now stands at €8.7 billions Revenues have risen by 2%, and now stand at [...]
General Motors reports losses of $722 millions
Wednesday, February 13th, 2008General Motors’ stock fell 54 cents, and now stands at $26.58. The world’s biggest automaker blamed rising costs in North America and a loss at its partially owned GMAC finance unit, for the fourth quarter’s loss of $722 millions.
Credit Suisse Profit falls 72%
Tuesday, February 12th, 2008Credit Suisse Group, Switzerland’s second biggest bank, announced that fourth quarter profit fell as much as 72%.
Alliance & Leicester stock tumbles – another hammer blow for the financial sector
Tuesday, February 12th, 2008Alliance & Leicester stock was down another 5% today. It has fallen a total of 16% in just one week’s time!
Trading Ban for Societe Generale – after fraudulent trading losses
Thursday, January 24th, 2008Societe Generale, France’s second largest bank by market value, uncovers a 4.9 billion euros ($7.1 billion) trading fraud. Institutional clients were eager to announce a trading ban with Societe Generale in all asset classes, until further clarification on this single future trader’s fraudulent trade and the actual losses.
FINANCE WORLD IN PANIC!!! – Traders come close to tears…
Tuesday, January 22nd, 2008Interesting piece of news… a Merrill Lynch trader, surely after taking a deep breath, thought if-not-now-then-when and sent out a mass email screaming out…the obvious! Yes, we have all read or heard at some point the infamous Andersen’s tale “The Emperor’s New Clothes”…Just like that cute little boy, this trader, said: One of the craziest [...]