Lehman Bros bondholders may be owed up to 44bn September 14, 2009 THE trustee holders of collapsed Lehman Brothers’ senior bonds said the debt holders may be owed as much as $73bn (£44bn), after losing their investments when the bank filed for bankruptcy protection a year ago, according to court documents. Wilmington Trust Company claims that holders of the senior debt of the failed bank are estimated [...]
On-site visits form part of FSA strategy August 12, 2009 STUNG by criticism that it is being soft on City banks, the Financial Services Authority said yesterday it would shortly be starting on-site visits to look at individual contracts of City bankers. The visits are designed to ensure banks are not taking excessive risks when they draw up their bonuses policy. “We’ve got the toughest [...]
More US banks are struggling May 27, 2009 The number of US banks in financial difficulty jumped by 40 per cent in the first quarter, the US Federal Deposit Insurance Corporation (FDIC) said yesterday. The FDIC said 305 banks were still struggling in the period between January and March, up from 252 in the previous quarter. However, bank profits rose substantially, topping $7.6bn [...]
Wall Street cheers as CIT is rescued July 20, 2009 US stocks jumped yesterday, driving the S&P 500 to an eight-month closing high, after stricken lending giant CIT Group was thrown a lifeline to avoid bankruptcy, and investors bet corporate America would log another strong set of earnings this week. Broker upgrades of technology bellwethers, including Cisco Systems, propelled the Nasdaq to its ninth straight [...]
THE DECLINE OF ING May 13, 2009 08 October 08ING Direct, the online banking arm of ING Group, said it was to acquire more than €3bn (£2.7bn) of British deposits from Icelandic online savings providers Icesave and Kaupthing Edge. 19 October 08The Dutch government announces it is preparing to inject €10bn into the group. 20 October 08The group says it will sell [...]
THE DECLINE OF ING May 13, 2009 08 October 08ING Direct, the online banking arm of ING Group, said it was to acquire more than €3bn (£2.7bn) of British deposits from Icelandic online savings providers Icesave and Kaupthing Edge. 19 October 08The Dutch government announces it is preparing to inject €10bn into the group. 20 October 08The group says it will sell [...]
Unemployment inflicting huge toll on UK July 15, 2009 EVEN though the economy has now stabilised, the recession’s terrible human cost keeps on rising. Yesterday’s jobless data was horrific; younger people are being hit especially hard. Jobless numbers jumped by 281,000 to 2.38m in the three months to May, the largest quarterly rise since 1971; 7.6 per cent of the workforce is now officially [...]
Unemployment inflicting huge toll on UK July 15, 2009 EVEN though the economy has now stabilised, the recession’s terrible human cost keeps on rising. Yesterday’s jobless data was horrific; younger people are being hit especially hard. Jobless numbers jumped by 281,000 to 2.38m in the three months to May, the largest quarterly rise since 1971; 7.6 per cent of the workforce is now officially [...]
GAS LEAK CLOSES L&G OFFICE FOR THE DAY July 13, 2009 LEGAL & General had the opportunity to test its contingency plans yesterday, after a gas leak forced the firm to close its Moorgate mother-ship. City types said that the road outside L&G’s Coleman Street corporate headquarters was in a state of disarray in the morning as workers frantically fought to deal with the leak, which [...]
American Express axes 4,000 jobs May 18, 2009 American Express, the credit card and travel services company, yesterday said it plans to eliminate 4,000 jobs, or six per cent of its workforce, as the weakened economy causes higher customer defaults. The cuts are part of the company’s plan to save $800m (£521.5m) over the rest of 2009. They are in addition to 7,000 [...]