European bank heavyweights Credit Suisse AG and HSBC Holdings Plc are axing hundreds of jobs in Britain as the biggest financial crisis since the Great Depression bites.
Japan and Australia announced new measures to try to ease the global credit crisis Tuesday after the United States formally announced it was in recession, sparking a massive worldwide stock sell-off.
Japan's central bank on Tuesday announced new measures to tackle a worsening credit crunch that threatens to push up corporate bankruptcies and send Asia's biggest economy deeper into recession.
The Federal Reserve's new consumer credit program is well intended, but $200 billion is only a fraction of the credit that will be pulled out from under American consumers in the next 18 months.
Switzerland's Credit Suisse AG and Britain's HSBC Holdings Plc are axing hundreds of banking jobs as the biggest financial crisis since the Great Depression continues to bite.
Swiss banking giant Credit Suisse said Tuesday it had cut 650 additional jobs at its investment banking unit in Britain in the face of deepening financial uncertainty.
Dec. 2 (Bloomberg) -- Traders of credit-default swaps on loans to Hawaiian Telecom Communications Inc. will settle contracts linked to the collapsed phone company through an auction held in “the next few weeks,” Markit Group Ltd. said.
Dec. 2 (Bloomberg) -- Credit Suisse Group AG fell as much as 7.5 percent in Zurich trading after a report that the U.S. Justice Department widened a tax evasion investigation to include the bank.