With UBS losing approximately $2 billion from unauthorized trades by a "rogue" trader, the road for recovery for the Swiss bank could be long.
Gold prices slipped below $1,800 an ounce on Thursday as stock markets extended gains, with assurances from Germany and France about keeping Greece in the euro bloc boosting appetite for assets seen as higher risk at the precious metal's expense.
Moody's cut the credit ratings of two French banks on Wednesday because of their exposure to Greece's debt, highlighting growing risks to Europe's financial sector from a deepening euro zone sovereign debt crisis.
In July, Nomura said it would seek to reduce annual expenses at its wholesale unit by about $400 million.
HSBC Holdings Plc <0005.HK> has launched the sale of its non-life insurance business, sources told Reuters on Monday, a global division worth about $1 billion and now part of the bank's plan to strip away non-core units.
Bank of Nova Scotia (BNS.TO) said on Friday it will buy a near 20 percent stake in Bank of Guangzhou for about C$719 million ($722 million) to expand its footprint in China, becoming the latest foreign bank to invest in a Chinese bank before the bank does an IPO.
Major global banks have been jettisoning workers en masse for the past few months – the brutal manifestation of a grim new economic landscape.
The bank’s chief executive Stuart Gulliver warned in August that HSBC will cut up to 30,000 jobs around the world by 2013.
A Manhattan federal judge rejected HSBC Holdings Plc's proposed $62.5 million settlement with investors in an Irish fund that lost money in Bernard Madoff's Ponzi scheme.
HSBC <0005.HK> , Europe's biggest bank, is to cut 3,000 jobs in Hong Kong over the next three years as it targets its first wave of an aggressive cost-cutting plan on five countries.
China's campaign to protect its maritime industry during a severe downturn will become more costly for foreign companies as Beijing grabs a bigger slice of the profits for shipping iron ore, coal and grains to the world's second largest economy.
Hong Kong shares edged higher on Tuesday, as a late short covering rally helped snap a two-day losing streak, but strong gains in utilities names and low turnover suggest that investors remain skeptical the bounce can be sustained.
Asian shares fell and the euro slipped Tuesday amid fears that Europe's sovereign debt troubles are worsening and could trigger a second full-blown banking crisis.
The Shanghai branch of British bank Barclays has won approval to become a trading member of the Shanghai Gold Exchange, the seventh foreign financial institute to obtain such membership, said the exchange on its Web site.
Gold prices recovered some early losses on Thursday after European stock markets fell, snapping a three-day rally, and as investors weighed up the prospect of a fresh round of quantitative easing from the U.S. Federal Reserve.
Slumping export demand slowed factory activity in some of Asia's biggest economies in August, although China fared better thanks to solid domestic growth, a series of surveys released on Thursday showed.
India's economy probably grew an annual 7.6 percent in the quarter through June, slowing from the previous quarter's 7.8 percent growth, the median forecast from a poll of 28 economists showed
Switzerland's banking industry may have to slash 10,000 jobs by the end of next year, particularly at Swiss subsidiaries of big foreign banks, Swiss newspaper SonntagsZeitung reported.
XCMG Construction Machinery Co Ltd (000425.SZ) is slated to start pre-marketing on September 5 for an up to $1.5 billion planned share listing in Hong Kong, IFR reported on Friday.
This year's heady bout of risk aversion on financial markets has ratcheted up demand for gold, U.S. Treasuries and the Swiss franc to levels that suggest they may no longer be the safe havens they are billed as.
Russia's central bank will offer gold-backed loans for up to 90 days at an interest rate of 7 percent, it said in a statement on Friday, expanding its lending facilities for dealing with any future liquidity crunch in the banking system.
This year's heady bout of risk aversion on financial markets has ratcheted up demand for gold, U.S. Treasuries and the Swiss franc to levels that suggest they may no longer be the safe havens they are claimed to be.
