Argentina's central bank on Tuesday ordered HSBC Argentina to name a new president and vice president within 24 hours, accusing the bank of failing to establish necessary controls to prevent tax evasion and money laundering.» Read More
It is a feature of French business life that politicians feel they should comment widely on and influence the outcome of corporate decisions. This time they should butt out.
Crisis counselling will replace cosy dealmaking at the business and political summit in Davos this year as bankers face a market slump that has aggravated the worst conditions in generations.
Stocks finished little-changed after another up-and-down session.
Berkshire snaps up the Dutch bank's reinsurance company, NRG, for $435.2 million, while Citi and HSBC are reportedly also interested in shedding parts of their businesses.
Top European lender HSBC Holdings, which is building up its global insurance business, may strike a distribution partnership in fast-growing China in 2008, its Asia chief said on Wednesday.
Futures drop about 6 points on CPI stronger than expected. Elsewhere: 1) Following HSBC and others, Citi said that it's bringing its $49 billion in SIV assets on its balance sheet. Taking this exposure onto their balance sheet can be viewed as a surprise--they had previously indicated that they would not take on any exposure beyond the $10 billion in liquidity funding they provided to the SIVs.
A late-day selloff pushed the major stock averages down 10% from their highs, meaning the market is now officially in a correction.
The U.S. Federal Reserve and European Central Bank announced plans to pump more funds into troubled money markets to give banks enough cash to tide them through a year-end squeeze.
HSBC Holdings, Europe's biggest bank, has stepped in to support its two structured investment vehicles -- Cullinan and Asscher -- with funding of up to $35 billion to prevent forced sales of assets.
Gains in energy shares helped European equities end more than 1 percent higher on Tuesday, paring the previous session's 2 percent fall.
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.
European shares rose for the third straight day on Wednesday led by British bank HSBC, which reported higher profits, but analysts and traders said sentiment was fragile and big investors cautious.
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.
Futures rallying on economic and subprime news. 1) Economic news showed no inflation at the wholesale level and retail sales on the aggregate were a tad better than expected. 2) Two large financial companies made relatively positive comments concerning their subprime exposure this morning.
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.
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.
Here's what I see this Monday morning:1) U.S. dollar finally showing some strength on weakness overseas, Hong Kong at a 6 week low, about 12% from historic high. 2) Jitters in tech land. All those momentum traders piling into techs in the last couple months are nervous.
Europe's biggest bank HSBC is this week expected to unveil a further big hit from its exposure to the U.S. mortgage crisis.