In the UK, a full-blown recession is now unfolding: export growth set to collapse, credit crisis to hit investment, but consumption benefiting from lower oil prices. The UK suffers from a highly indebted consumer and large banking sector and benefits from a weaker sterling. Sterling continues to suffer from expectations that the UK economy will […]
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In late September we witnessed the once-upon-a-time worldâ€™s top investment banks, and the only two survivors of the investment bank massacre, Goldman Sachs and Morgan Stanley applying for a changes in status! Quite an irony this is, if one considers the â€œstatusâ€ they enjoyed for so long being investment bankers or smutty traders. Now, the […]
Morgan Stanley, the once-upon-a-time investment bank that has recently been converted into a bank holding company to avoid bankruptcy has announced plans to cut off ten percent of its staff in the institutional securities business unit. These cuts come in addition to headcount reductions that have been disclosed earlier this year, Chief Financial Officer Colm […]
Ford Motor Co., General Motors Corp., and Chrysler LLC are all queuing up for cash as sales demand has dropped to record lows amid the global recession climate changeâ€¦ The carmakers are seeking $50 billion in federal loans to help them go through the worst auto market slump in 25 years.
Thousands of jobs are expected to be lost at Merrill Lynch, the once upon a time Wall Street investment bank that was taken over by Bank of America Corp almost a month ago. Merrill Lynch Co. only recently eliminated more than 5,000 jobs that accounted for almost 8 percent of its total workforce.
General Motors shares soared by 33% on Monday, 13th October on reports stating that the worldâ€™s largest automaker is looking for a merger partner. Richard Wagoner, the companyâ€™s CEO had approached Ford with a merger proposal, but Ford ruled out the idea. General Motors is now reported to have held talks with Cerberus Capital Management, […]
The US government is pumping liquidity into its banks in return of a stake. Treasury Secretary Paulson announced plans of using $250 billion taxpayerâ€™s money to make investments in nine banks, for a start.
The FME, the Icelandic equivalent of the FSA (Financial Services Authority) decided to create a new bank model and announced today in a press release its course of action after the near total collapse of its commercial banking sector.
Fannie Mae and Freddie Mac are the two new cases that the FBI has been called in to investigate. The agency has already been investigating the
The number of US businesses bankruptcy filings has risen as much as 49% in April compared to a year earlier. According to statistical data that was compiled by Jupiter eSources LLC, the business bankruptcy filings soared to 5,713 during April. The total number of bankruptcy filings, including those filed by individuals amounted to a total […]