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Many more job cuts ahead for Street banks

Wall Street investment banks, stung by debt losses, have cut tens of thousands of jobs, but even more significant cuts are coming in the months ahead amid a bleaker earnings outlook.

UBS write-downs could double

Swiss bank UBS could face billions of dollars more in subprime-related write-downs in 2008, which could tip it into a second year of losses, analysts warned investors, sending its shares tumbling again. Some said UBS might be only halfway through clearing the debris from the subprime loan disaster that has already saddled it with $18 billion in charges in 2007.

Morgan Stanley, Credit Suisse, Lehman Cut 1,640Jobs: Report

Morgan Stanley, Lehman Brothers Holdings, Inc. and Credit Suisse Group are cutting over 1,640 jobs, according to people familiar with the matter, Bloomberg reported.

Bank Hit by $7.1 Billion Trader Fraud

A massive fraud by a junior rogue trader has punched a $7 billion hole in the finances of French bank Societe Generale, leaving its credibility in tatters and forcing it to get emergency cash. France's central bank and government scrambled to shore up confidence in the banking system after Societe Generale, France's second-biggest bank, said on Thursday it had been the victim of massive and exceptional fraud resulting in losses of 4.9 billion euros.

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Lehman Buys Van Der Moolen U.S. NYSE Assets

Lehman Brothers said on Tuesday it would buy assets from Dutch specialist market maker Van der Moolen Holding including its New York Stock Exchange portfolio.

Market falls on dim outlook for financials

Stocks fell on Tuesday after a brokerage cut its earnings outlook for major Wall Street companies and as uncertainty about the outlook for a credit crisis recovery mounted.

Markets Stumble after Holiday Cheer Fades

U.S stocks declined on Monday after turbulent Monday trading as financial sector woes deflated holiday sentiment entering the post Thanksgiving week. The Dow Jones Industrial Average plunged 237.44 points, or 1.83 percent, to close at 12,743.44, while the tech-heavy Nasdaq Composite Index was down 55.61 points, or 2.14 percent, at 2,540.99.

US Stocks Flat as Credit and Housing Woes Persist

US stocks were nearly flat in Mid-day trading on Monday, recovering after earlier losses following continued concerns over a weakening credit market and a worsening subprime mortgage situation.

Bank investors prepare flood of ballot measures

U.S. activist investors are preparing a flurry of corporate ballot measures at Wall Street banks in hopes that some big items on their wish lists, such as CEO pay reforms, will gain new traction amid the subprime lending crisis.

Lehman leads $10 mln fundraising for China's Qunar.com

Lehman Brothers Private Equity Partners Ltd has led the fundraising of nearly $10 million for Chinese travel search engine Qunar.com, in its first deal in China's consumer Internet sector, a source familiar with the situation said on Tuesday.

Goldman paints bleak picture for housing, financials

Goldman Sachs issued a gloomy report on the U.S. financial services sector, saying housing prices are likely to fall a lot further, write-downs will mount and some mortgage insurers and guarantors will be forced to raise capital just to survive.

Productivity implies growth without inflation

Non-farm worker productivity increased at the strongest rate in four years during this year's third quarter, the government said on Wednesday in a report implying the economy could keep growing without generating inflation.

Wall Street drilling for Middle East riches

Wall Street bankers are flocking to the Middle East, and it's not for oil or the balmy weather.

Auto sales seen dipping in October

U.S. auto sales are expected to have dipped slightly in October, as stepped-up incentive spending by automakers could not totally offset the drag from continued turmoil in the U.S. housing market, analysts said.

Japan jobless rate jumps, spending firm

Japan's jobless rate rose unexpectedly last month, reinforcing expectations the Bank of Japan will delay its next rate rise, although household spending jumped more than forecast.

Wall Street faces more job cuts, smaller bonuses

As fallout from the summer credit crunch spreads, Wall Street faces more job cuts -- and smaller bonuses. Investment banks have announced thousands of jobs cuts as investors stopped snapping up risky corporate loans, mortgage securities and complex asset-backed securities.

Dow and S&P fall with oil shares

The Dow and S&P 500 declined on Monday as energy company shares fell on lower oil prices and investors worried about the economy, but Nasdaq rose, lifted by Apple Inc. Oil dropped 2 percent amid economic concerns, sending Exxon Mobil Corp down 2.1 percent at $90.15. The stock weighed on the Dow and S&P 500.

Bear Stearns and CITIC set alliance

Bear Stearns Cos, the U.S. investment bank battered by slumping mortgage markets, and China's CITIC Securities Co have agreed to swap stakes in each other and form a broad alliance, the firms said on Monday. The deal would bolster access to business in booming China for Bear, which lags bigger Wall Street rivals in expanding its business beyond the United States.

Departing Bear Stearns Star takes $8 billion

Bear Stearns Cos Inc said on Thursday it expects that departing star money manager will take about $8 billion of its asset management division's $44 billion of assets with him.

Goldman tops views, Bear falls short amid turmoil

Two Wall Street investment banks had dramatically different success in weathering summer market turbulence as results at Goldman Sachs Group Inc easily exceeded expectations, while those at Bear Stearns Cos Inc fell far short.

Goldman profit surges

Goldman Sachs Group Inc said on Thursday that quarterly profit surged 79 percent, blowing away expectations of weak results, as the investment bank generated its second-highest revenue ever despite turbulent summer markets.

Goldman profit surges despite summer turmoil

Wall St climbs on Lehman, PPI; Fed on tap

U.S. stocks rose on Tuesday after forecast-topping earnings from Lehman Brothers Holdings Inc calmed investors' fears about the recent credit turmoil as investors anticipated an interest rate cut.

Lehman net falls on writedowns

Lehman Brothers Holdings Inc. posted a 3.2 percent decline in quarterly earnings on Tuesday as the U.S. investment bank wrote down mortgage and leveraged loan assets, but the results beat expectations and its shares rose. The results soothed investors concerned that the widening U.S. subprime mortgage crisis would wallop investment bank earnings.

LEHMAN BROTHERS

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