The FDIC sued 16 of the world's largest banks on Friday, accusing them of collusively suppressing interest rates, Reuters reported.» Read More
Japan's Sumitomo Mitsui Financial Group could take a stake of up to 4% in British bank Barclays, two senior banking sources said on Monday.
Japan's Sumitomo Mitsui Financial Group may invest about $926 million in British bank Barclays, people familiar with the matter said on Friday, as subprime-hit Western lenders increasingly turn to Asia for funding.
U.S. 30-year mortgage rates continued their ascent this week, reaching their highest level since September 2007, according to a survey released on Thursday by home funding company Freddie Mac.
Two former Bear Stearns managers have surrendered to face criminal charges linked to the collapse of a hedge fund that bet heavily into subprime mortgages before the market collapsed, federal authorities said.
As discontent grows inside Lehman Brothers over the firm's financial problems, pressure is building on Chief Executive Officer Richard Fuld to sell the securities firm to a bigger player, CNBC has learned.
Following are the day’s biggest winners and losers. Find out why shares of Hess and GameStop popped while Verizon and Coca-Cola dropped.
Barclays plans to raise billions of pounds by selling stakes to outside investors and offering shares to existing shareholders to boost its balance sheet, sending its shares soaring on Monday.
S&P futures dropped about 5 points as the New York Empire State Index was notably weaker than expected and has been down 4 of the last 5 months, then dropped again on oil. The most important issues this week:
Some may point to how RBS has stronger risk management than rivals, but the problem for many shareholders is the lack of oversight over CEO Fred Goodwin.
Futures dropped a bit as core PPI for April was a stronger than expected. Elsewhere: 1) Home Depot beat estimates, reporting earnings of $0.41 (14 percent below last year's $0.48), vs. consensus estimates of $0.37. Despite the apparent beat, the stock is down 3 percent:
British bank Barclays said profits fell by an undisclosed amount in the first quarter and refused to rule out a rights issue after a 1 billion pound ($1.95 billion) writedown on assets tarnished by the credit crunch.
Profits at Barclays, Britain's third biggest bank, were well below those of a year earlier in the first quarter after its investment bank and fund management arms were hit by tough financial market conditions.
Europe's two biggest casualties from the subprime crisis tomorrow face shareholders who will want answers on how, between them, the two banking giants lost well over $50 billion.
European shares snapped a two-day winning streak to end Tuesday 1 percent lower, led down by banks on persistent worries of more losses from a global credit crisis, and by weakness in technology shares.
Ambac's plan to raise up to $1.5 billion in capital is nearly complete, bankers say, which should help the troubled bond insurer keep its crucial triple A debt rating.
Ambac Financial Group announced plans to raise up to $1.5 billion in capital in an attempt to keep its crucial triple A debt rating.
The week started and finished with news of the nationalization of British troubled bank Northern Rock, ending a five-month period of uncertainty about the bank’s future. In between, results from banks caused investors ecstasy or agony.
Volatility will continue to be the name of the game in European stock markets next week, as jittery investors fear more surprises from the banking sector, analysts said on Friday.
Barclays raised the value to its 2007 writedowns to 1.6 billion pounds ($3.1 billion), but its profit was in line with expectations and the risks are under control, Barclays President Bob Diamond told CNBC Europe on Tuesday.
The fate of European stocks rests with banks next week, as big financial institutions are due to report earnings and investors will remain very nervous about the health of the sector, analysts said on Friday.