Stock index futures extended losses on Monday as investors fretted about the health of the financial sector and after Bank of America's results relied heavily on one-time items as credit quality deteriorated markedly.
Strong banks will be allowed to repay federal bailout funds, but only if such a move passes a test to determine whether it is in the national economic interest, the Financial Times reported on Sunday, citing a senior U.S. administration official.
Citigroup Inc reported a smaller-than-expected first-quarter loss for shareholders as cost-cutting and improved results in investment banking and trading helped to offset red ink from consumer lending and credit cards.
Citigroup Inc reported a smaller-than-expected first-quarter loss for shareholders as cost-cutting and improved investment banking and trading results helped offset red ink from consumer banking and credit cards.
JPMorgan Chase & Co reported better-than-expected first-quarter profit on Thursday as improved investment banking performance offset increased losses from credit cards and other consumer debt.
U.S. banks have been told to keep quiet for now about results of a sweeping regulatory checkup into their health, raising questions about whether investors are being wrongly kept in the dark.
World stocks were steady to weaker on Wednesday, trading off the previous session's 3-month high, while government bonds firmed as news of job cuts at Swiss bank UBS and weak data fanned economic concerns. UBS warned of a first-quarter loss of nearly 2 billion Swiss francs and said it would cut a further 8,700 jobs, weighing on other banking shares.
Credit Suisse plans to set up its second back office in India by September and hire 350 staff by 2010 as it aims to reduce costs, the Swiss bank said on Wednesday.
World stocks fell on Wednesday, stepping back from the previous session's three-month high, and the low-yielding yen firmed as news of job cuts at Swiss bank UBS and weak U.S. and Chinese data fanned economic concerns. UBS warned of a first-quarter loss of nearly 2 billion Swiss francs and said it would cut a further 8,700 jobs, weighing on other banking shares.
Meet the new Goldman Sachs, trying to be the same as the old Goldman Sachs.
On Tuesday hopes of the recession coming to an end were dashed sending U.S. stocks down after reports of the economy and banking sector.
Goldman Sachs Group Inc sold $5 billion of stock to help fulfill what it called its duty to repay a federal bailout, but the government worries a quick return of funds could pressure other banks to repay their aid prematurely.
Stocks fell on Tuesday as a surprising drop in retail sales dented hopes the recession was abating and financial shares slid on fears that Goldman Sachs' share offering could prompt others to follow suit.
The influential chairman of the U.S. House Financial Services Committee, Representative Barney Frank, on Tuesday welcomed Goldman Sachs Group Inc's plan to repay government bailout funds and said worries it could stigmatize other banks were silly.
Stocks fell on Tuesday as a surprising drop in retail sales dented hopes the recession was abating and financial shares slid on fears that Goldman Sachs' share offering could prompt others to follow suit.
Stocks fell on Tuesday as a surprising drop in retail sales dented hopes that the recession was abating and financial shares slid on fears that a stock offering by Goldman Sachs could prompt others to follow suit.
Chrysler LLC's first-lien lenders are preparing a counter-offer for the U.S. Treasury that might include equity in a Chrysler-Fiat alliance and some cash in exchange for abandoning their claim to some $7 billion in debt, sources with knowledge of the matter said.
Stocks tumbled on Tuesday as an unexpected drop in March retail sales suggested that the economic slump was far from abating and as Goldman Sachs slid sharply after a stock offering.
Citigroup Inc shares surged to a three-month high on Tuesday on expectations of strong quarterly results, one day after Goldman Sachs Group Inc posted surprisingly strong earnings.
Goldman Sachs Group Inc sold $5 billion of stock to help fulfill what it called its duty to repay a federal bailout, but the government fears a quick return of the funds would put other banks in a bad light.
Stocks fell on Tuesday after an unexpected drop in retail sales dampened recent optimism over the state of the U.S. economy.
Goldman Sachs Group Inc has a duty to return the $10 billion it received in a U.S. government bailout, as it moves to benefit from an expected recovery in capital markets, its chief financial officer said.
