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Business Events Corporate Restructuring

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  • UBS Seen Slashing Jobs with Big Quarterly Loss Friday, 2 May 2008 | 10:48 AM ET
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    UBS shares rose over 5 percent on Friday on hopes the ailing Swiss bank will unveil job cuts next week to reverse breakneck expansion into investment banking which made it Europe's worst subprime victim.

  • Asahi Glass to Close Three North American Plants Thursday, 17 Apr 2008 | 1:01 AM ET

    Japan's Asahi Glass said on Thursday that it will close three North American factories and halt production at two others, battered by a U.S. housing market slump in the wake of the subprime mortgage crisis.

  • Poll: Should UBS Be Broken Up? Friday, 4 Apr 2008 | 8:06 AM ET

    Shares of Swiss bank UBS rose 3.7 percent Friday as activist investor Luqman Arnold called for a restructuring of the company that would include a sale of its asset-management business.

  • Citi Splits Consumer Banking and Credit Cards Units Monday, 31 Mar 2008 | 2:09 PM ET

    Citigroup plans to split its consumer banking unit from its credit-card business as part of a broader reorganization to cut costs and simplify the large financial institution's structure, the company said Monday.

  • Ebay to Cut 125 Jobs in Europe, North America Thursday, 20 Mar 2008 | 4:27 PM ET

    EBay said Thursday it is cutting 125 jobs in Europe and North America, including 70 positions at the online auctioneer's headquarters in San Jose, Calif.

  • Rentokil Hires ICI Team in Fight for Recovery Thursday, 20 Mar 2008 | 6:00 AM ET

    Pest control to parcel delivery firm Rentokil Initial is parachuting in the management team that turned around chemicals group ICI in a bid to recover from two profit warnings that have hammered its shares. 

  • Siemens Issues Profit Warning, Shares Tumble Monday, 17 Mar 2008 | 4:46 AM ET
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    Engineering group Siemens issued a profit warning after a review of major projects at three operations, sending its shares down as much as 7 percent in pre-market trading on Monday.

  • Congress Rips Lavish Pay of Subprime CEOs Friday, 7 Mar 2008 | 2:03 PM ET

    The stunning pay packages of executives at financial groups hammered by the U.S. mortgage crisis came in for stinging criticism from Democratic lawmakers and investor advocates at a congressional hearing Friday.

  • T. Italia Shares Hit 10-Year Low as Debt Fears Grow Friday, 7 Mar 2008 | 12:11 PM ET

    Telecom Italia shares slid to a 10-year low on Friday as a grim sales outlook and plans to expand overseas in a much-heralded new strategy stoked fears over its costly debt.

  • Countrywide: Mortgage Controls Have Gone Too Far Friday, 7 Mar 2008 | 10:42 AM ET

    Countrywide Financial CEO Angelo Mozilo told a congressional panel Friday that he is "extremely concerned" that recent tightening of mortgage underwriting criteria has gone too far.

  • Banks CEOs Face Grilling over Compensation Friday, 7 Mar 2008 | 7:25 AM ET

    The heads of three companies implicated in the mortgage crisis have been asked to explain how they collectively received hundreds of millions of dollars in compensation while their companies were losing money.

  • E*Trade Chairman Layton to Add Role as CEO Monday, 3 Mar 2008 | 12:47 AM ET
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    E*Trade plans to give Chairman Donald Layton the additional role of chief executive officer, The Wall Street Journal reported on Sunday.

  • MBIA CEO: Bond Insurer Is Done Raising Capital Tuesday, 26 Feb 2008 | 4:46 PM ET

    MBIA, the world's biggest bond insurer, is finished raising significant dilutive capital, CEO Jay Brown told CNBC.

  • Siemens to Cut 6,800 Jobs at SEN Unit Tuesday, 26 Feb 2008 | 6:25 AM ET

    Siemens will cut 6,800 jobs at its corporate telecoms unit -- two-fifths of the unit's workforce -- to reshape the business into a software provider as it seeks to divest the division, it said on Tuesday.

  • MBIA

    MBIA, the world's largest bond insurer fighting to hang on to its top-notch rating, said Monday it is eliminating its quarterly dividend in a move expected to save the company $174 million a year.

  • NYT Shareholders Group Boosts Stake to 19% Monday, 25 Feb 2008 | 6:39 PM ET

    A dissident shareholders group of the New York Times raised its stake to 19.03 percent, according to a U.S. regulatory filing, nearing the equity value its controlling family holds.

  • Government Buys All Northern Rock Shares Friday, 22 Feb 2008 | 1:43 PM ET
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    The UK Treasury announced on Friday it bought all the shares in troubled bank Northern Rock, including its preference shares, and that an order setting up compensation for shareholders will be sent to parliament shortly.

  • Harbinger Raises New York Times Stake to 15.6% Thursday, 21 Feb 2008 | 6:46 PM ET

    An investment firm seeking board seats at New York Times disclosed Thursday that it has increased its stake in the company again, to 15.6%. 

  • Uncertainty Lingers over IKB Rescue, Shares Slump Monday, 18 Feb 2008 | 12:23 PM ET

    Investors in subprime-stricken lender IKB took a further blow on Monday as details of government plans to rescue and sell the bank stoked uncertainty and wiped a further quarter off the shares.

  • Owners Rescue WestLB, Slash Jobs ahead of Sale Friday, 8 Feb 2008 | 1:39 PM ET

    WestLB's owners stumped up a further 3 billion euros ($4.4 billion) to rescue the state-sector lender which said it would slash up to 1,500 jobs in the next two years as it prepares to be sold.