Is Tony Mussulin a new French hero? He stole his own security and 11,6 millions euros in it with no violence, before disappearing. He gave up the race a few days ago in Monaco, but Internet is abuzz with his story.
Despite receiving a bailout from the British Government, UK banking giant Lloyds is following in the footsteps of RBS and HSBC by announcing that it is looking to cut 5,000 jobs by 2010.
British bank Barclays, one of a handful of lenders to have avoided a government bailout, has blamed soaring bad debt charges for a 29 percent drop in net profit over the first nine months of the year to 2.73 billion pounds.
The British government will sharply shake up the banking sector by selling off assets from RBS and Lloyds to form new banks. The government will provide 30 billion pounds to support the changes. HSBC, meanwhile, is to axe 1,700 jobs.
The struggling Royal Bank of Scotland has announced it is planning to cut 3,700 jobs across its retail operations in Great Britain, it announced on Monday.
Muhammad Yunus, 2006 Nobel Peace Prize Laureate, is the Founder and Director of Grameen Bank dubbed “the bank of the poor”. The organisation was established in Bangladesh in 1983 and has helped more than 3 millions Bangladeshis obtain credit.
US banking giant Morgan Stanley posted third-quarter earnings of 757 million dollars after three straight quarterly losses. Improvements at its investment banking division helped the bank to swing back to profit.
The chief of Lazard investment bank, Bruce Wasserstein, died on Wednesday at the age 61. He had played a key role in some of Wall Street's biggest deals over the past 30 years.
American International Group, AIG, is set to sell its Taiwan unit, Nan Shan Life, the island's second-largest life insurer, to Hong Kong-based Primus Financial Holdings for 2.15 billion US dollars.
