Tag Archive
Bank Of England Sees Inflation Below Target
LONDON (Reuters) — British inflation will be well below the 2% target in two years if interest rates rise in the first quarter, the Bank of England said on Wednesday, suggesting markets are pricing in rate hikes too early.In its quarterly Inflation Report, BoE projections showed CPI inflation at around 1.4% in two years’… »
Collapse Of Guaranty Bank Would Be Biggest Failure Of 09
NEW YORK (Fortune) — Guaranty Bank is hardly a household name. But the Austin, Texas-based thrift’s looming failure is shaping up as a big headache for bank supervisors — not to mention a black eye for Carl Icahn and others in the smart money set. Guaranty (GFG) could be soon seized by the government in… »
Bank Of America Plans China Subsidiary
HONG KONG/NEW YORK (Reuters) — Bank of America Corp. plans to set up a wholly owned subsidiary in China to expand in the world’s fastest-growing major economy, people briefed on the plan said.The largest U.S. bank plans to build up its corporate and investment banking business, and offer wealth management services to tap rich Chinese… »
Bank Of America To Close 10 Of Branches
NEW YORK: Bank of America Corp. is planning to shrink its branch network by about 10%, according to a report published Tuesday.Kenneth Lewis, Bank of America’s chief executive, told investors last week that the company’s 6,100-branch network would be reduced by about 10%, according to the Wall Street Journal. The newspaper, citing people familiar with… »
Lack Of Sales Could Put A Crimp In Stock Rally
NEW YORK: I want to believe that this earnings-fueled stock rally of the past few weeks is for real. But when you look more closely at corporate results, you have to scratch your head and wonder — just like the old lady in the famous Wendy’s commercials from the 1980s — where’s the beef?In this… »
Bank Of New York Mellon CEO Says TARP Helped
NEW YORK (Fortune) — Bank of New York Mellon is not a name familiar to retail customers, but its role in the financial system is important enough that it was one of the first nine banks persuaded to accept billions of dollars last October from the Troubled Asset Relief Program — in Bank of New… »
Recall Of Beef From Colorado Company Expanded
ATLANTA (CNN) — A recall of beef by a Colorado company that was announced last week because of possible E. coli contamination was expanded Sunday to include an additional 380,000 pounds of the company’s beef products, according to the U.S. Department of Agriculture.The initial recall of 41,280 pounds announced last Wednesday was voluntarily expanded… »
Bank Of America Sued For Gender Bias
NEW YORK (Reuters) — Bank of America Corp. was sued on Thursday in a federal lawsuit in New York, accusing the largest U.S. bank of discriminating against female brokers at the former Merrill Lynch & Co. by offering them lower retention bonuses than their male counterparts.The lawsuit seeks class-action status, and contends that women… »
Five Of The Firms Paying Back TARP Arent Consumer Banks
NEW YORK (Fortune) — Don’t expect TARP-free banks to unleash a torrent of loans to cash-strapped consumers. The Treasury Department told ten big bank holding companies Tuesday that they are healthy enough to repay their federal loans. In turn, the big banks said they would repay 68 billion to Treasury’s Troubled Asset Relief Program. JPMorgan… »
Pace Of US Job Cuts Slows In May
Pace of US job cuts slows in May
US employers cut 345,000 jobs in May, the Labor Department said, far less than expected and the lowest monthly job loss since September. The US jobless rate rose to 9.4% in May, the highest since 1983, up from 8.9% in April. This data provides further support to those… »