Morgan Stanley posted its second straight quarterly loss on Wednesday and slashed its dividend as real estate investment losses and a charge from the improving value of it own debt wiped out gains in its trading businesses.
U.S. Treasury Secretary Timothy Geithner said he would consider the health of the financial system and the flow of credit in deciding whether banks can repay bailout funds from the government, the Wall Street Journal reported on Monday.
A surge of troubled loans overshadowed better-than-expected earnings at Bank of America Corp, and the largest U.S. bank said it expects the credit situation to worsen, driving its shares down 24.3 percent.
Stocks slid on Monday on concerns over the sustainability of recent better-than-expected results from banks after Bank of America Corp reported a big increase in troubled loans.
Stocks slid on Monday on concerns over the sustainability of recent better-than-expected results from banks after Bank of America Corp reported a big increase in troubled loans. Wall Street's tumble follows a six-week winning streak, the longest for the S&P 500 since 2007, with the Dow scoring its biggest gain over the period since 1938.
A surge in troubled loans overshadowed better-than-expected earnings at Bank of America Corp, and the largest U.S. bank expects the credit situation to worsen, driving its shares down 17 percent.
Wall Street was set to fall at the open on Monday on worries that problems persist for the struggling banking sector and after Bank of America's results relied heavily on one-time items as credit quality deteriorated markedly.
Stock index futures extended losses on Monday as investors fretted about the health of the financial sector and after Bank of America's results relied heavily on one-time items as credit quality deteriorated markedly.
Strong banks will be allowed to repay federal bailout funds, but only if such a move passes a test to determine whether it is in the national economic interest, the Financial Times reported on Sunday, citing a senior U.S. administration official.
Citigroup Inc reported a smaller-than-expected first-quarter loss for shareholders as cost-cutting and improved results in investment banking and trading helped to offset red ink from consumer lending and credit cards.
Citigroup Inc reported a smaller-than-expected first-quarter loss for shareholders as cost-cutting and improved investment banking and trading results helped offset red ink from consumer banking and credit cards.
JPMorgan Chase & Co reported better-than-expected first-quarter profit on Thursday as improved investment banking performance offset increased losses from credit cards and other consumer debt.
U.S. banks have been told to keep quiet for now about results of a sweeping regulatory checkup into their health, raising questions about whether investors are being wrongly kept in the dark.
World stocks were steady to weaker on Wednesday, trading off the previous session's 3-month high, while government bonds firmed as news of job cuts at Swiss bank UBS and weak data fanned economic concerns. UBS warned of a first-quarter loss of nearly 2 billion Swiss francs and said it would cut a further 8,700 jobs, weighing on other banking shares.
Credit Suisse plans to set up its second back office in India by September and hire 350 staff by 2010 as it aims to reduce costs, the Swiss bank said on Wednesday.
World stocks fell on Wednesday, stepping back from the previous session's three-month high, and the low-yielding yen firmed as news of job cuts at Swiss bank UBS and weak U.S. and Chinese data fanned economic concerns. UBS warned of a first-quarter loss of nearly 2 billion Swiss francs and said it would cut a further 8,700 jobs, weighing on other banking shares.
Meet the new Goldman Sachs, trying to be the same as the old Goldman Sachs.
On Tuesday hopes of the recession coming to an end were dashed sending U.S. stocks down after reports of the economy and banking sector.
Goldman Sachs Group Inc sold $5 billion of stock to help fulfill what it called its duty to repay a federal bailout, but the government worries a quick return of funds could pressure other banks to repay their aid prematurely.
Stocks fell on Tuesday as a surprising drop in retail sales dented hopes the recession was abating and financial shares slid on fears that Goldman Sachs' share offering could prompt others to follow suit.
The influential chairman of the U.S. House Financial Services Committee, Representative Barney Frank, on Tuesday welcomed Goldman Sachs Group Inc's plan to repay government bailout funds and said worries it could stigmatize other banks were silly.
Stocks fell on Tuesday as a surprising drop in retail sales dented hopes the recession was abating and financial shares slid on fears that Goldman Sachs' share offering could prompt others to follow suit.
