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The usual bureaucratic response to adversity is to rearrange the deck chairs as the ship goes down. But the Securities and Exchange Commission, whose task had been to regulate the now-defunct -- okay, transformed -- investment banking industry has come up with a creative variant.
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Swiss financial giant Credit Suisse Group (CS) will cut 500 investment banking and support jobs, due to sluggish demand amid the financial crisis, media reported on Tuesday. Nearly all of the job cuts would be in the United States and Britain.
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Investment bankers at JPMorgan Chase should get their résumés ready. Layoffs appear imminent. JPMorgan is planning eliminate about 10 percent of its investment banking staff, or about 3,000 people, both Reuters and Bloomberg News report, citing unidentified people familiar with the bank’s plans. The job cuts would be in line with those at JPMorgan’s investment banking competitors [...]
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NEW YORK (Reuters) - JPMorgan Chase & Co is cutting 10 percent of its investment banking staff -- about 3,000 jobs -- as the economic slowdown starts to bite into its earnings, people familiar with the situation said on Thursday.
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Shares of JPMorgan Chase & Co. (JPM) fell about 18% on Thursday's trading, reaching the lowest point in five years, following media reports that the New York-based banking giant is planning to cut about 3,000, or 10%, of its investment banking staff, to tackle with the global economy downturn.
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ZURICH (Reuters) - Recent losses at Credit Suisse Group AG do not mean the end of investment banking at the Swiss group, its chairman was quoted as saying in an interview published on Saturday.
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NEW YORK (Reuters) - Citigroup is combining its corporate and investment banking businesses, in a bid to streamline and cut costs, a person briefed in the matter said on Tuesday.
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Banking firm Citigroup, Inc is planning to merge its investment and corporate banking operations as part of its attempts to breakdown barriers between its businesses amid the ongoing turmoil in the financial services sector, the FT.com reported Wednesday. The company's move is likely to be announced internally as early as this week.
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Greg Fleming, the head of investment banking at Merrill Lynch, is leaving scarcely a week after it was acquired by Bank of America
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Barclays (BCS) rallied in pre-market trading, after the company named a new head of investment banking in Canada.
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With its iconic stagecoach, Wells Fargo & Co. has evoked images of the wild West throughout its 156-year history.
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Federal antitrust regulators on Friday cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp., capping a weeklong battle for the Charlotte, N.C.-based bank.
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In her latest despatch from an arty arctic voyage, singer Martha Wainwright talks to Helen Brown.
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China's mainland reported a 39.85 percent surge in the actual use of investment from other areas in the first eight months over the same period last year. Investment inflow reached 74.37 billion U.S. dollars during the January to September period,
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They say Michael Jarvis is a trainer's trainer.
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John McCain used to be someone whom I often admired for his independence and decency. Not so much anymore. I'm thinking "that one" is looking better and better and McCain is looking sadder and sadder.
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Regulators have completely squandered any trust that taxpayers may have had in them. Earning it back is going to take time and a commitment to transparency.
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A senior Conservative MP is one of the first opposition politicians to call for the resignation of top bankers involved in the financial crisis.
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Gordon Brown says he believes confidence in the banking system will be restored by global action "in the next few days".
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The government is set to become the biggest shareholder in two of Britain's banks, according to the Sunday Times.
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Two of Britain's biggest high street banks will in effect be nationalised today in a dramatic move by the Government that follows a day of international negotiations aimed at co-ordinating a pan-European approach to the global financial crisis.
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The governments of the world's largest economies have moved decisively to prevent any recurrence of the collapse of the global financial system.
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The investment in Morgan Stanley by the largest bank in Japan is considered a crucial step in the U.S. government's strategy for revitalizing the financial system.
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The chief of the $700 billion U.S. bailout is 35 years old, and his boss repeatedly assured us over the last few months that the system was sound. Whom are investors, and U.S. taxpayers, to trust?
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A small Michigan community breathes easier thanks to neighbors? generosity.
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Flames raced through an apartment in Bushwick, Brooklyn, killing a man and the nephew he was raising, fire officials and witnesses said.
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US banking regulators need a "dramatic overhaul", according to Harvey Pitt who used to run one of them.
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Monday's paper talk of a historic moment in British banking.
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BANKING and insurance group Suncorp Metway is assessing whether to sell its banking and wealth management operations after the Federal Government announced it would guarantee all deposits.
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The global financial crisis may force the Reserve Bank to delay the roadmap for further liberalising the banking sector by six to eight months from the scheduled date of April, 2009, a finance ministry official said.
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The US Federal Reserve Board approved Wells Fargo's takeover of troubled banking rival Wachovia, the fouth largest US bank by assets. The deal will create the largest bank branch network in the United States.
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Mitsubishi UFJ said today it bought a stake in beaten-down Morgan Stanley, as the US government reportedly offered to support the Japanese bank's investment.
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There are two immediate and obvious lessons from the huge public sector recapitalisation of UK banks and the associated flooding of the money markets with liquidity by the world's central banks.
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