Saved from bankruptcy by massive aid from the government, U.S. banks are again in a position to provide big financial bonuses to bankers, although they have been accused in many areas of causing the current crisis to start in the first place.
Critics charge that, in order to gain as large a bonus as possible, bankers [...]
The banks Citigroup and Bank of America continued good progress in announcing first quarter profits of $4.2 billion (3 billion euro) and $2.4 billion ( 1.7 billion euro).
In the same period last year, Citigroup, the beneficiary of aid $ 45 billion (32 billion euro) from the American state, made a loss of $ 2.5 billion, [...]
Citigroup has launched an exchange of shares worth 58 billion dollars, after which the U.S. government would get a participation of 34% in the third largest bank in the United States.
In the program, Citigroup will offer common shares in exchange for preferential securities of 33 billion dollars. Other preferential shares for 25 billion dollars, held [...]
The president of the European Central Bank (ECB), Jean-Claude Trichet, has estimated that the rest of 2009 will be “less difficult”; than the first quarter, from an economic point of view, and that boosting the economy will start during next year.
“The following quarters will be less difficult than the first, although, overall, this year will [...]
The European Parliament (EP) has adopted stricter rules on the activities of the banks, including the establishment of committees to oversee transnational banks to prevent a new crisis in financial system.
The new rules will come into force at the end of next year. “It is clearly a first step, a response to the financial crisis, [...]
The ideal rate of interest for the American economy in the current conditions would be minus 5%, according to an internal study prepared for the last meeting of strategists of the Federal Reserve Bank, writes The Financial Times. The interest rate impacts home loans, credit cards, and more.
The analysis was based on an approach [...]
The Industrial and Commercial Bank of China (ICBC), already the largest lender in the world based on market capitalization, recently became the largest bank globally in the terms of volume of deposits, the Financial Times writes.
ICBC has attracted deposits worth 1300 billion U.S. dollars (986 billion euro) to the end of past mounth, outgrowing bank [...]
German finance minister, Peer Steinbrueck, has made a plan to remove toxic assets from the balance sheets of banks based on government funding for financial institutions, in order to create so-called “bad banks”, says Bloomberg.
Ministry of Finance has submitted to the Chancellor Angela Merkel, and officials of the administration and industry to decided on the [...]
“Economic recession will continue until 2010 and most big risk to U.S. economy is the lack of political desire to save the financial system”, said the head of the Federal Reserve Ben Bernanke, in a television interview for CBS, Mediafax writes.
“This economic decline will be moderated and will begin to see a setback. We will [...]
Germany made the first step toward HRE bank nationalization, by taking equity of 9%. German government made the first step in taking control of the bank building HRE, which had been previously announced, after the bank posted losses of nearly 5.5 billion euro in 2008.
Waited for several weeks and imminent after the Friday announcement that [...]
