Take a look at some of Friday's midday movers:» Read More
Bob Diamond, chief executive of Barclays, has “very serious questions” to answer about the growing scandal around attempts to manipulate the London Interbank Offered Rate (Libor), UK Chancellor George Osborne said Thursday.
Take a look at some of Friday's midday movers:
"We are in the worst economic crisis since 1929," Credit Agricole CEO Jean-Paul Chifflet. If you think the Greece mess is costless or bloodless, just look at the European bank news this morning. At least four banks posted poor earnings and cited losses on their Greek holdings.
Computers and Bloomberg terminals dominate trading floors, but the human element remains a crucial feature of transacting across derivatives and other parts of the global financial system, the Financial Times reports.
Moody’s will likely downgrade some of the credit ratings of 17 global and 114 European financial institutions, but the downgrades likely will not result in a worse-case scenario, one analyst told CNBC.
UBS has suspended some of its most senior traders in connection with an international probe into the possible manipulation of interbank borrowing rates, in the latest controversy to hit the Swiss bank since the financial crisis, the Financial Times reports.
Citigroup was forced to write off $50 million after two traders accused of attempting to influence global lending rates left the bank, according to people familiar with a worldwide investigation that is gathering pace, the Financial Times reports.
More than a dozen traders and brokers in London and Asia have been fired, suspended or put on leave by their employers as a multinational probe into alleged manipulation of crucial global lending rates accelerates, the Financial Times reports.
European banks are preparing to tap the European Central Bank’s emergency funding scheme for up to twice as much as the ECB supplied in its debut 489 billion euro auction last month, providing further evidence of the sector’s liquidity squeeze. The Financial Times reports.
Nokia Siemens Networks has raised more than 1.2 billion euros ($1.54 billion) of finance from a consortium of 14 European and US banks in a vote of confidence from the lending market in the troubled telecoms equipment maker’s strategic overhaul.
The departure of Urban Outfitters' CEO has prompted one analyst to upgrade it to "neutral" from "sell" and raise the company's 12-month price target to $25 from $22.
Euro yo-yo: Euro rallies on strong Spanish and Italian bond auctions, drops when European Central Bank leaves rates unchanged, rallies on poor U.S. retail sales and initial jobless claims.
Take a look at some of Thursday morning's early movers.
Three years after the financial crisis, the Grinch still hovers over Wall Street. In the precrisis era, big banks were renowned for their extravagant holiday parties. Goldman Sachs once rented out huge halls for its end-of-year galas, which featured appearances by performers such as Harry Connick Jr. and Bette Midler. NYT reports.
George Osborne has called time on Royal Bank of Scotland’s ambitions to be a force in global investment banking, as the chancellor backed sweeping reforms to ensure taxpayers never again have to rescue the banks. The FT reports.
A break-up of the single European currency would have severe consequences on the UK economy, with unemployment pushing above 4 million, the pound appreciating sharply and major banks failing, analysts at ING wrote in a market note.
Euro Zone debt crisis will get a lot worse, weak banks will fail, the EU will act at the last minute, US debt will dominate.
Banks are shedding jobs worldwide as stricter regulations and a tough second quarter for trading income take their toll on investment banking units in particular.
The banking sector in Europe has been largely unable to staunch the heavy selling of stocks as investors bet the euro zone debt crisis will lead to recapitalization for the region's lenders and a second collapse in bank shares in the last three years.
Stocks ended lower Friday with the Dow and S&P closing down for the seventh week out of eight amid continuing jitters over the euro zone debt crisis.