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.
Societe Generale has announced it will raise 4.8 billion euros to repay aid money lent by the French government. The government provided 3.4 billion euros to help Societe Generale during last year's financial crisis.
Five of Britain’s biggest banks have signed up to measures to curb bankers' bonuses agreed at last week's Group of 20 summit in Pittsburgh, said British finance minister Alistair Darling in a joint statement with the banks.
Kenneth Lewis, the man at the helm of the largest US bank, who saw his establishment hobble to the brink of collapse, has said he will retire by Dec. 31, 2009, according to a statement by the bank.
