Finance Sector Archive

American Express to Cut 5,400 Jobs

American Express Co. (AXP) will eliminate 8.5% of its staff in the credit-card lender’s biggest cost cuts in recent years as it works to shore up its business in light of a tough global economy and rejigger its travel business to better compete in an increasingly digital environment. The unexpected cuts, announced

Mortgage Rates Mostly Higher in Week

Average mortgage rates in the U.S. were mostly higher during the past week, while the 30-year fixed rate remained near historic lows, according to mortgage-finance company Freddie Mac (FMCC). Freddie Mac Chief Economist Frank Nothaft said fixed-mortgage rates rose slightly following a positive employment report for December, which showed that the unemployment

Morgan Stanley to Cut 1,600 Jobs

Morgan Stanley (MS) plans to cut 1,600 jobs within its institutional securities business, or 6% of its headcount within the investment banking and trading unit and support staff, according to a person familiar with the situation. The layoffs will focus more on senior employees, with half of the cuts coming in the

Morgan Stanley reports 3rd quarter loss tied to changing value of bank’s own debt

Morgan Stanley became the latest investment bank to report weaker results Wednesday from a trading slowdown during the summer. The New York-based bank reported a net loss during the third quarter as revenue fell 20 percent and because of some special one-time charges. Even stripping out the charges, adjusted earnings tumbled from

Dow Pushed Below 10K As Bank of America Fails To Impress

Investors decided that they would be selling shares this morning as earnings from Bank of America (BAC), General Electric (GE) and IBM Corp (IBM) failed to live up to street expectations. It will be interesting to see if there are enough buyers out there that can push the Dow average back above

Central Banks Favor Euro Over Dollar

Dollar Reaches Breaking Point as Banks Shift Reserves Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades. Policy makers boosted foreign currency holdings by $413 billion last quarter, the most since

FDIC May Run "Bad Bank"

Bloomberg has an article on: FDIC may run Bad Banks The Federal Deposit Insurance Corp. may manage the so-called bad bank that the Obama administration is likely to set up as it tries to break the back of the credit crisis. U.S. stocks gained, extending a global rally, on optimism the bad-bank

Sector Watch: Good, Bad & Ugly

Education: Good sectorShares of ITT Educational Services Inc (ESI) lifted educational stocks on Thursday after the company reported fourth-quarter earnings of $1.61 a share on revenue of $279.8 million, above Wall St estimates of $1.44 a share and $270.7 million in revenue. Shares rose nearly 11 percent to $126,73. Fellow education provider

Interesting Updates From The Market

Morgan Stanley, Goldman Search for Deposits Goldman Sachs, Morgan Stanley: Playing It Safer Blame Fannie Mae and Congress For the Credit Mess Fannie Mae to sell $2 billion bills Wednesday WaMu Deal Could Take Time Holiday sales set for worst gain in 6 years Gold Futures Extend Gains on Demand for Haven;

Is Goldman And Morgan On Right Track ?

Goldman Sachs Group Inc. and Morgan Stanley have transformed themselves into bank holding companies. The change in status allows the last two major independent investment banks on Wall Street to take advantage of different accounting rules, gives them more access to federal funds and buys them time to stabilize their funding base