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Icelandic Prime Minister Geir Haarde guaranteed domestic bank deposits and gave regulators the power to take over bank assets and obtain funds from lenders that may become “inoperable.''
“It is every country for itself,'' Haarde told a press conference in Reykjavik late yesterday. “We want to save what can be saved.''
His government aims […]
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Swiss bank UBS said Friday that it plans to cut an additional 2,000 investment banking jobs, bringing the total headcount reduction to 6,000 over the past year.
After the cuts, the company’s investment banking workforce will total 17,000. The layoffs are part of the bank’s efforts to revamp its operations to help shore up its […]
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The worries of credit markets grinding to a near-halt stretch to Europe, according to a gloomy analysis of European banks issued this week.
Morningstar analyst Erin Davis on Monday increased the uncertainty ratings on six big European banks to "extreme," citing "deep uncertainties" surrounding their ability to maintain access to the wholesale funding she […]
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The U.S. may fall into a recession as the financial rout deepens, the International Monetary Fund said in its most pessimistic outlook for the world's largest economy since the credit crisis began last year.
“The financial turmoil that began in the summer of 2007 has mutated into a full-blown crisis,'' the fund said in […]
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Federal Deposit Insurance Corp. Chairman Sheila Bair is being thrust into a bigger role in resolving the credit crisis as her better-known counterpart at the Federal Reserve runs into limits on what he can — and wants — to do.
The FDIC this week, for the first time, invoked its authority to avert a […]
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