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Leading European bank stocks tumbled on Friday as worries mounted that the U.S. subprime crisis has taken a sharp turn for the worse and will force another round of hefty writedowns of bank exposures.
Charles Prince resigned on Sunday as chairman and chief executive of Citigroup, and the bank said it may suffer an $11 billion write-down for subprime losses.
The analyst whose downgrade of Citigroup sparked a broad stock market sell-off on Thursday said she has received several death threats stemming from her research, the Times of London said.
European credit spreads widened on Monday on renewed U.S. subprime concerns, but the cost of insuring J Sainsbury's debt against default fell sharply after Qatar's Delta Two dropped its planned bid.
British Chancellor of the Exchequer Alistair Darling said on Monday the global banking industry was experiencing great uncertainty, but it was vital to keep the problems of U.S. bank Citigroup in perspective.
Asian stocks closed sharply lower Monday, pulled down by the financial sector, with fears that the credit crisis is still in full swing returning.
Merrill Lynch's board of directors has alerted BlackRock chairman Larry Fink that he can take over as CEO if he so choses. Fink, according to sources close to the matter, has said he will take the next two weeks to decide.
Merrill Lynch's credibility and stock took a big hit Friday on reports that the biggest brokerage firm sought to delay billions of dollars of losses on troubled assets by moving them to hedge funds.
Stocks could be setting up for a bit of a bounce back but first investors need to decide just how radioactive the financial sector has become. Heading into the weekend, market rumors of lurking credit issues plagued bank and brokerage stocks.
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Despite the late day 100 point move in the Dow, the day had a feeling of disappointment to it. Traders made it clear we were now data-dependent, and we got the kind of positive data we needed in the jobs report. The result? A rally that lasted 15 minutes at the open, and then traders sold into it.
Stocks closed on a positive note after several wild swings that ended an equally volatile week.
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Large U.S. banks and brokerages will suffer additional writedowns of more than $10 billion in the fourth quarter as deteriorating credit trends continue, a Deutsche Bank analyst said.
Jobs data for October will set the course of trading Friday, and maybe even for days after. "I think it will be good for the market to focus on fundamentals rather than the ethereal notions of credit and its relative crappiness," said CNBC senior economic correspondent Steve Liesman.
After Thursday's huge selloff in the stock market, investors are now turning their attention to the October jobs report.
Several of Wall Street’s most prestigious banks went sliding into a tailspin recently, after the CEOs failed to protect their firms from the subprime slime. What's the trade as new leaders are called in to clean up this mess?
Stocks closed sharply lower as investors found themselves confronted by two uncomfortable prospects: an end to interest rate cuts and a slowing economy.
From the chatter heard on Wall Street, you'd think Citigroup was running out of money.