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Wells Fargo believes the nation's housing slump is the worst since the Great Depression and is far from over, Chief Executive John Stumpf said Thursday.
Several financial institutions have been telling investors that subprime losses may not be as big as feared. Yet many wonder if it's all just wishful thinking.
US stocks closed an uneasy session lower as investors, uncertain if the worst of the credit crisis is over, refrained from extending Tuesday's huge advance.
John Thain told CNBC that he sees his new job as CEO of Merrill Lynch as "an opportunity to make things better" after the financial giant suffered huge subprime-related losses.
Citigroup has placed sole responsibility for its fixed-income, commodities and currencies group in the hands of a London-based executive following the restructuring of its capital-markets unit, the Wall Street Journal said Thursday in its online edition.
Barclays, Britain's third-biggest bank, unveiled a 1.3 billion pound ($2.7 billion) writedown on its exposure to credit market problems on Thursday, less than was feared.
Merrill Lynch's decision to name John Thain as its new chief executive came after the firm's first choice, BlackRock CEO Larry Fink, demanded that Merrill make a full accounting of its subprime exposure, CNBC has learned.
Merrill Lynch plans to announce shortly that NYSE Euronext CEO John Thain will become its new chief executive, according to two reports.
HSBC Holdings, Europe's biggest bank, said its third-quarter profits were ahead of last year's and revenue growth across the group offset a jump in its charge for bad debts in the United States.
Inflation and retail sales data, plus a speech from Fed Chairman Ben Bernanke are the big before-the-bell events that could sway market direction Wednesday.
Stocks rebounded from four days of losses, buoyed by a recovery in technology shares, optimism over Wal-Mart Stores' solid profit and an easing of concerns about credit losses atmajor banks.
Citigroup, the largest U.S. bank, on Tuesday overhauled the structure of its investment bank, combining equity and debt capital markets activities.
Bank of America, the second-largest U.S. bank, said on Tuesday it expects to write down $3 billion of debt in the fourth quarter, as fallout from the nation's housing slump deepens.
While Citigroup searches for a new CEO, there is growing speculation that the troubled financial services conglomerate may finally be broken up.
Never in history has Wall Street seen such dramatic changes at the top. Who are the new leaders? And what do they mean for the future? Charlie Gasparino takes you inside as only he can.
U.S. stock indexes closed lower as a rally in financial shares lost steam late Monday, pushing down markets already pressured by falling tech shares.
Help may be on the way for the financial sector, but in the meantime individual institutions are continuing to get hit with damage from the growing subprime mortgage crisis.
Financial stocks today mirror the schizo nature of the stock market. There are a few big winners, and some really big losers. Speculation of a breakup of Citigroup is driving that stock higher and is drawing money into the financial sector.
Jittery investors sent shares of Countrywide Financial down Monday on news that the mortgage giant is worried over what could be a crippling downgrade to its credit rating.
Banks worldwide may lose as much as $400 billion from subprime mortgages, as at least one in four of the risky home loans go into default, analysts said on Monday.