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Wall Street's allure may be gone for good

Wall Street's fat cats are in the public's doghouse, and it could be a long time -- if ever -- before the eye-popping paychecks and glamour of the last two decades return.

Soros sees no bottom for world financial collapse

Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis. Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union. He said the bankruptcy of Lehman Brothers in September marked a t...

Soros sees no bottom for world financial 'collapse'

Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.

Nationalization fears pummel BofA, Citi

and it's getting worse, said Nouriel Roubini, a prominent New York University economist who forecast much of the credit and housing recession. The cost of insuring $10 million of Citigroup debt for five years rose to $475,000 annually from $405,000 on Thursday, according to data from Phoenix Partners Group. The cost of insuring Bank of America debt rose to $275,000 a year from $245,000. S...

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Lehman CEO says bank is 'sound' despite 'unacceptable' $2.8 billion loss

Lehman Brothers Holdings Inc's chief executive Richard Fuld said the fourth largest U.S. investment bank is 'sound' as it matched its previous loss forecast on Monday by restating an unacceptable $2.8 billion loss for the second fiscal quarter.

Lehman shakes up top ranks after big loss expectations

Lehman Brothers Holdings, Inc is replacing a pair of its top level managers in the same week it announced an expected $2.8 billion loss for the second quarter.

U.S. Stocks Plunge, Led by Financial Shares

U.S. stocks fell for a second day Tuesday with increasing speculation that Lehman Brothers Holdings Inc. will be forced to raise more capital led a slump in financial shares.

S&P Slashes Ratings of Major U.S. Securities Firms

Morgan Stanley, Merrill Lynch & Co. and Lehman Brothers Holdings Inc. had their credit ratings cut on Monday by Standard & Poor's on concerns that continued weakness in the sector could lead to more write-offs.

U.S. Stocks Plunge as Banks Decline

Wall Street began June in the red, falling for the first time in five days, as the Dow quickly lost more than 100 points Monday morning on more worries about the financial sector after Wachovia Corp. ousted its chief executive.

Financial stocks fall despite AIG gains

Financial sector stocks fell on Friday, despite gains from the leading U.S. insurer, American International Group.

Lehman Cuts Staff in Global Pruning

Lehman Brothers Holdings Inc is laying off nearly 5 percent of its workers worldwide as a response to recent write-downs due to the sub-prime mortgage crisis and ensuing global credit crunch, according to news reports released Tuesday.

AIG Bumps Capital Raising Plans to $20 Billion

American International Group is boosting the amount of capital it plans to raise to a total of $20 billion, the insurer's chief executive officer said on Tuesday.

Lehman to Cut 5 Pct of Workforce: Report

Investment bank Lehman Brothers Holdings Inc. will begin to cut jobs on May 19 and plans to shed 5 percent of its workforce, according to media reports.

Major U.S. financial shares mixed as broader market advances

Shares of major U.S. financial institutions were mixed on Friday as the broader market advanced on easing fears of poor market liquidity.

Merrill to Give New Global Sales Exec $39.4 Million Bonus

Merrill Lynch & Co. will give its new global sales and trading executive Thomas Montag a 2008 bonus of $39.4 million, according to a regulatory filing.

Lehman CFO Sees Market Recovery in 2009

Recovery for the worldwide credit crunch and recovery in the securities market may not begin until next year, Lehman Brothers Holdings Inc. Chief

Lehman Bails Out Funds and Assets Worth $1.8 Billion

Lehman Brothers Holdings Inc. bailed out three of its struggling investment funds and bought distressed assets from others for $1.8 billion, Wall Street bank said in a regulatory filing.

Treasuries Rise on Falling Stocks, Suspect Bank Assets

Treasury prices rose on Wednesday as stocks fell and the financial sector showed additional signs of trouble.

Bank Write-offs to hit $400 Bln

Total global write-offs at financial institutions are expected to reach $400 billion by the end of the year according to one researcher.

Treasuries fall sharply as investors seek risk

Treasuries fell sharply on Tuesday as investors sought out riskier investments following the announcement of capital raising plans by major banks UBS and Lehman Brothers.

Dollar Up Against Euro, Yen on Manufacturing, Banks

The dollar rose against the euro on Tuesday after a better than expected manufacturing report and news of plans by major banks UBS and Lehman brothers to raise capital.

Stocks Rise on Bank News in NY

U.S. stocks rallied Tuesday, the first day of the second quarter, after two banks hit by the credit crisis move towards raising cash, and UBS AG disclosed new write-downs totaling around $19 billion, with UBS and Lehman Brothers Holdings Inc. offering for sale between them $18 billion in equity.