National City Corp, one of the 10 largest U.S. banks, on Wednesday said it will cut its common stock dividend 49 percent and eliminate 900 jobs as it stops offering mortgages through brokers, and it plans to raise more capital to cope with weakened credit markets. The Cleveland-based company cut the quarterly dividend to 21 cents per share from 41 cents. Chief Executive Peter Raskind said the cut ...
As more banks report write-downs tied to the global credit crunch, analysts say Wachovia Corp may have losses lurking in an area that has garnered less investor attention.
U.S. and European banks including Citigroup Inc and HSBC Holdings PLC are considering selling off
Former First Republic Bank shareholders sued Merrill Lynch & Co on Friday accusing the Wall Street investment bank and brokerage of hiding billions of dollars of losses related to subprime mortgages while the companies' merger was pending.
The greenback extended its losses broadly after a report showed the nation's housing market deterioration has not ended yet. The dollar posed for the biggest weekly decline versus the euro. US new home sales fell from 728k to
Here's a bad idea whose time has gone: Retirees should keep a lot of their money safe in bonds.
U.S. and European banks including Citigroup Inc and HSBC Holdings PLC are considering selling off parts of their businesses as they prepare for tough times ahead, the Wall Street Journal reported.
Billionaire Joseph Lewis disclosed in a regulatory filing on Wednesday that he has increased his stake in hard-hit investment bank Bear Stearns Cos to 9.57 percent.
U.S. stock index futures were pointing to a slightly higher open on Wall Street on Thursday, as investors awaited data that could shed more light on the health of the economy.
If you thought finance had nothing to do with angels, think again.
U.S. stocks jumped the most in three weeks on Friday,
U.S. Stocks gained the most in two weeks, after news of a possible foreign investment in Merrill Lynch and a government report that consumer spending increased in November by the most in two years.
The yen rose on Thursday after a sign that the U.S. economy is still facing more trouble from the subprime mortgage market mess as financial firms continued to report high exposure and losses.
Bear Stearns Cos Inc posted a much bigger-than-expected quarterly loss on Thursday, capping a fiscal year when the fifth-largest U.S. investment bank took a beating on bad bets on risky subprime mortgages. It was the first loss in the company's history, and the bank decided top executives would not receive bonuses.
U.S stocks on Wednesday dropped after Standard & Poor cut its outlook on two companies that insure more than $1 trillion of debt.
Stock rose on Wednesday after Morgan Stanley said it will sell a stake to a China firm, while the Federal Reserve said it would lend $20 billion to banks to improve market liquidity.
U.S. Stocks rose Tuesday as investors economic worries were consoled with the European Central Bank's $500 billion injection along with profit gains at Goldman Sachs and Best Buy.
Goldman Sachs Group Inc said on Tuesday fourth-quarter earnings rose 2 percent, beating expectations and capping a record year, but its shares fell after the investment bank cautioned that markets will remain challenging in the near future.
A new Goldman Sachs Group stock hedge fund could be launched with ore than $6 billion, with some investors expecting the fund to attract as much $10 billion, people familiar with the fund said. Goldman has been raising money and preparing to launch its latest fund for the past few months.
Gold futures fell to a two-week low on Monday after the dollar rose against the Euro causing the precious metal to lose appeal for investors.
At Goldman Sachs Group, success has become something of a liability.
U.S. stocks fell on Friday after a government report showed consumer prices rose the most in more than 2 years, raising concerns over inflation.
