Citigroup plans to lay off another 2,000 investment bankers and traders before the end of the month, people close to the situation said on Wednesday. ...
236.com | Posted 03.28.2008 | Business
Economic meltdown looms, and Federal Reserve Chairman Ben Bernanke is doing what he does best: lowering interest rates. At least, that's what financia...
Reuters | Posted 03.28.2008 | Business
The Federal Reserve slashed a key U.S. interest rate by three-quarters of a percentage point Tuesday, a substantial cut but smaller than many in finan...
MarketWatch | Greg Morcroft | Posted 03.28.2008 | Business
Wall Street titans Lehman Bros. and Goldman Sachs, at the center of a credit storm swirling through the global financial markets, both said Tuesday th...
Wall Street Journal | CASSELL BRYAN-LOW, KATE KELLY | Posted 03.28.2008 | Business
British billionaire Joseph Lewis made his fortune gambling on currencies. His recent investment in Bear Stearns Cos. has turned out to be a disastrous...
Fortune's Stanley Bing | Posted 03.28.2008 | Business
I'm sure your eyes goggled when you saw it too. JP Morgan paid a couple or three hundred million for a company worth incalculably more. It's stunning.
AP | STEPHEN BERNARD and JOE BEL BRUNO | Posted 03.28.2008 | Business
NEW YORK — On the verge of a collapse that could have shaken the very foundations of the U.S. financial system, investment bank Bear Stearns Cos...
Daily Mail | Posted 03.28.2008 | Business
Tony Blair was a step closer to his predicted £40million a year salary today after being signed up by a second financial firm. The former prime mini...
Wall Street Journal | MARK MAREMONT and SUSANNE CRAIG | Posted 03.28.2008 | Business
In the spring of last year, two investment arms of J.P. Morgan Chase & Co. began accumulating shares in Rural Cellular Corp., a small Minnesota provid...
AP | Posted 03.28.2008 | Business
Investment bank Merrill Lynch & Co. said Monday it sold a stake in itself to Temasek Holdings and Davis Selected Advisors for $6.2 billion as it looks...
AP | Posted 03.28.2008 | Business
Morgan Stanley and the Chinese government said Monday that the U.S. investment bank has determined the range of prices to be used when China's interna...
AP | Joe Del Bruno | Posted 03.28.2008 | Business
This might have been one of Wall Street's most dismal years in a decade, but that hasn't stopped bonus checks from rising an average of 14 percent. F...
Seeking Alpha | Posted 03.28.2008 | Business
Goldman Sachs (GS) continues to be the favorite investment bank for many, but market instability and its premium valuation has analysts debating its p...
AP | Posted 03.28.2008 | Business
Bear Stearns Cos., the No. 5 U.S. investment bank, said Thursday a bigger-than-expected writedown of its mortgage portfolio caused a substantial quart...
Silicon Valley Insider | Henry Blodget | Posted 03.28.2008 | Business
We are fans of Morgan Stanley CEO John Mack, but we were annoyed by his description of the incineration of $9.4 billion as "embarrassing." It's not "e...
AP | Madlen Read | Posted 03.28.2008 | Business
Stock was poised to open lower Wednesday as investors awaited results from the Federal Reserve credit auction held Monday and digested Morgan Stanley'...
AP | Joe Bel Bruno | Posted 03.28.2008 | Business
Morgan Stanley, the No. 2 U.S. investment bank, on Wednesday reported a larger-than-expected fiscal fourth-quarter loss due to a $9.4 billion writedow...
AP | Joe Bel Bruno | Posted 03.28.2008 | Business
Goldman Sachs Group Inc. on Tuesday gave a cautious outlook for Wall Street in 2008 because of the ongoing credit crisis, even as the world's largest ...
CNBC | Charlie Gasparino | Posted 03.28.2008 | Business
It's shaping up to be a blue bonus season for employees at Merrill Lynch. Probable, continued massive writedowns at the investment bank are weighing ...
New York Times | MICHAEL J. de la MERCED | Posted 03.28.2008 | Business
As the credit crisis sweeps wildly through Wall Street, major investment banks face a grim truth about their already-slumping profits: the worst is ye...
New York Times | JENNY ANDERSON, LANDON THOMAS Jr. | Posted 03.28.2008 | Business
For more than three months, as turmoil in the credit market has swept wildly through Wall Street, one mighty investment bank after another has been br...
MarketWatch | Simon Kennedy | Posted 03.28.2008 | Business
Swiss giant UBS said Tuesday its investment-banking arm probably won't return to profit in the fourth quarter after the division took around $3.6 bill...
Washington Post | Tomoeh Murakami Tse, Renae Merle, Howard Schneider | Posted 03.28.2008 | Business
Merrill Lynch on Wednesday posted a loss of $2.2 billion -- its first quarterly loss since 2001 -- which coupled with a poor homes sales report and a ...
New York TImes | Posted 03.28.2008 | Business