September Layoffs Mostly Came From Army, BofA, but the two employers outlooks could not be more different
European stocks are dropping on reports that the Greek government will not achieve the deficit targets it needs to receive the next tranche of the bailout from the European Union (EU) and International Monetary Fund (IMF).
Britain's banks should shield their retail operations from riskier investment banking units and boost capital levels to protect taxpayers from future crises, according to far-reaching proposals that could cost the industry 7 billion pounds ($11 billion) a year.
Major global banks have been jettisoning workers en masse for the past few months – the brutal manifestation of a grim new economic landscape.
European stocks got hammered on Monday and the euro tumbled as well, as investors moved into safe assets. Rising fears over Europe's sovereign debt crisis and economic growth concerns in Europe and the U.S. is driving the move away from equities. The yield on the benchmark 10-year German government bond fell to well below two percent -- a new record. The Stoxx Europe 600 index fell 4.1 percent Monday, closing at 223.45.
Here are some of the largest global banks that are planning significant job cuts.
The company expects to record a restructuring charge of about 550 million Swiss Francs (U.S. $700 million) in connection with the cuts.
Large banks in the U.S. and Europe are undergoing a massive and painful re-organization in order to confront the gloomy new realities of the global economic landscape.
These banking institutions plan to let go tens of thousands of people around the world, the victims of a merciless economic climate and a brutal refiguring of the global banking industry.
Here are some of the largest global banks that are planning significant job cuts.
Bank of America (NYSE: BAC) said it plans cut an additional 3,500 jobs – on top of the 2,500 already announced year-to-date.
Although they?ve largely avoided enormous layoffs, there?s no reason for Middle Eastern banks to rest on their laurels, says The Islamic Globe.
U.S. stocks soared in turbulent trading Tuesday, coming off the worst three day selloff since the financial crisis, as investors took in stride the Federal Reserve's pledge to keep interest rates near zero at least through mid-2013.
BRC stated that retail shops of every size and type have lost business to the rioters.
Prime Minister Tayyip Erdogan has an unspoken pact with the Turkish electorate: he delivers rapid economic growth, jobs and money, and voters let him shape what kind of democracy this Muslim nation of 74 million people becomes.
In 1986, Moody?s and Standard & Poor?s cut Australia?s debt rating, prompting the Canberra government to impose strict budget cuts.
Royal Bank of Scotland slid to a pretax loss of 678 million pounds ($1.1 billion) in the second quarter, bruised by writedowns on Greek government bonds and Irish customers struggling to repay loans.
More than $2.5 trillion have been wiped off the value of world stocks this week on mounting concerns the global economy is heading toward another recession and Italy and Spain are being engulfed by the euro zone sovereign debt crisis.
The company?s shares fell by as much as 14 percent in London trading at one point
The U.S. stock market had a mini-meltdown on Thursday ahead of Friday's all-important Bureau of Labor Statistics (BLS) jobs report as fears about the global economy slipping into another recession weighed on the sentiment.
Royal Bank of Scotland slid to a pretax loss of 678 million pounds ($1.1 billion) in the second quarter, bruised by writedowns on Greek government bonds and Irish customers struggling to repay loans.
Royal Bank of Scotland slid to a pretax loss of 678 million pounds ($1.1 billion) in the second quarter, hit by losses on Greek government bonds and Irish customers still struggling to repay loans.
