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Financial Job Losses Across Western Europe Surpass 30,000 Financial job losses in western Europe surpassed 30,000 this year as firms including Royal Bank of Scotland Group Plc and UBS AG cut positions amid the sovereign debt crisis. While the 33,437 reductions are less than half of the 76,654 made in region during the same period a year ago, analysts expect the cuts to increase. Financial firms have announced more than 60,000 cuts [...] UBS AG (UBSN) has dismissed about two dozen traders and managers in connection with an investigation of manipulation of the London interbank offered rates, Der Sonntag reported. The Swiss bank terminated the traders for possible involvement in a fraudulent ring across several banks and the managers for not exercising controls or for boycotting an internal investigation, the newspaper reported today, citing an unidentified person familiar with the proceedings. Dominique Gerster, a spokesman at [...] Bloomberg’s Lindsay Fortado and Joshua Gallu report that traders at Deutsche Bank AG, HSBC Holdings Plc , Societe Generale and Credit Agricole are under investigation for manipulating the interest rate.
Specfically, regulators are investigating Michael Zrihen at Credit Agricole, Didier Sander at HSBC and Christian Bittar at Deutsche Bank because of their links to former Barclays trader Philippe Moryoussef, says the report. So far, 34 traders have been caught up in the probe and either fired and put on probation by [...] Italian and Spanish banks are running out of cash borrowed through the European Central Bank’s three- year-loan program, diminishing their “firepower” to buy government bonds, according to Royal Bank of Scotland Group Plc. Banks in Italy have spent the equivalent of 46.4 percent of the funds they received from the longer-term refinancing operations, while Spanish ones have used up 42.3 percent, Harvinder Sian, Biagio Lapolla and Simon Peck, interest-rate strategists in [...] Feb. 15 (Bloomberg) — JPMorgan Chase & Co., Deutsche Bank AG and HSBC Holdings Plc are among at least seven firms accused by another bank of participating in a conspiracy to manipulate the price of derivatives worldwide for more than three years. The unnamed bank, seeking immunity, told Canada’s Competition Bureau that traders and cash brokers conspired to influence the Yen London interbank offered rate from 2007 to 2010 to profit [...] From Bloomberg: Anthony Roche is urging his unemployed son to emigrate to Australia from Ireland to escape joblessness stemming from the country’s economic collapse. “I’ve seen the good times and the bad and these are the worst,” Roche, 45, who works a day or two a week after closing his business laying floors for bars and restaurants 18 months ago, said outside a welfare office in Dublin. “There are plenty of people [...] (For more on the euro crisis, click on EXT4.)
Dec. 13 (Bloomberg) — Portugal’s government may have to partly nationalize crisis-hit banks, even as it sells assets as part of the 78 billion-euro ($102.8 billion) bailout agreement. Portuguese lenders’ stock-market value has tumbled to historic lows amid Europe’s deepening sovereign crisis and requirements for banks to bolster capital and mark to market the prices of euro-region debt holdings. The nation’s three biggest [...] by ZH Pick the odd one out of the following 7 banks, while in the process pointing out what they have in common: Bank of America Corp, Citigroup Inc, Deutsche Bank AG, Goldman Sachs by Zh Cost-cutting days are here again. With the year grinding to a close, and with various banks around the world and in the US once again the target of popular adoration, management teams are wondering whether or not to cancel their “elves” parties come Christmas-time. The first bank to vote Nay on free booze, finger food and cheesy music is UK’s nationalized RBS: “Royal Bank [...] Germany May be Ready to Surrender in Fight to Save Greece Germany may be getting ready to give up on Greece. “After almost two years of fighting to contain the region’s debt crisis and providing the biggest share of three European bailouts, Chancellor Angela Merkel is laying the ground for what markets say is almost a sure thing: a Greek default. “It feels like Germany is preparing itself for a [...] 1) ECB Said to Buy Bonds of Italy, Spain to Cap Gain in Yields “The European Central Bank bought Italian and Spanish government bonds amid concern their rising bond yields may force the two countries to seek bailouts, according to six people with knowledge of the transactions. The ECB isn’t buying Irish or Portuguese bonds, said one of the people, who asked not to be identified because the [...] The U.S. plans to auction $32 billion of three-year notes tomorrow, $21 billion of 10-year debt on July 13 and $13 billion of 30-year bonds on July 14. The sizes are unchanged from the last time the U.S. auctioned these securities in June. The $66 billion of offerings will be the first note and bond sales since the end on June 30 of the Fed’s $600 billion [...] Senate Republicans blocked a Democratic Bill to End tax Breaks for Moving U.S. Jobs Offshore! http://goo.gl/6qhnK
Republican committee voted for a 18-month delay of regulations to reduce risk in OTC Derivatives. http://goo.gl/4IYGP
Republican Senate Campaign Contribution Monies from Government Military Contractors with Free Speech Argument http://goo.gl/35V9l
Secret Hold On Whistleblower Protection Narrowed Down To Two Senators http://goo.gl/INklc
UBS Whistle Blower in Jail for helping the IRS with over 2,000 Tax Dodgers! http://goo.gl/s8JYp ‘Austrian tax evasion [...] Lloyds Banking Group Plc (LLOY) and Royal Bank of Scotland Group Plc (RBS) are among 14 U.K. lenders whose debt Moody’s Investors Service is considering downgrading because the withdrawal of government support may increase their credit risk. Santander U.K. Plc and customer-owned lenders including Nationwide Building Society also had their debt ratings put on review for a possible downgrade, Moody’s said in a statement today. Lloyds and RBS and Santander U.K.’s [...] May 6 (Bloomberg) — Dubai World won’t pay interest on outstanding loans starting this month as the state-owned holding company waits for lenders to agree to the $14.2 billion debt restructuring proposal, two bankers familiar with the plan said. Interest accrued on the loans as of May 1 will be added to the new rolled-over securities offered to creditors, the bankers said, declining to be identified because the negotiations are [...] 1) Greece Turning Viral Sparks Search for EU Solutions ($794 billion?) “April 29 (Bloomberg) — European policy makers may need to stump up as much as 600 billion euros ($794 billion) in aid or buy government bonds if they are to stamp out the region’s spreading fiscal crisis, said economists at JPMorgan Chase & Co. and Royal Bank of Scotland Group Plc. With Greece’s budget turmoil infecting markets [...] |
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Europe stocks sink; Germany drops over 5%
By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) — European stock losses deepened on Monday afternoon, as Deutsche Bank AG and several other banks tumbled after being named in a U.S. mortgage-related lawsuit, while a defeat for the party of Germany’s chancellor in regional elections weighed on already downbeat sentiment.
Sellers picked up the pace in the afternoon, with the Stoxx Europe 600 index [...]