I have been thinking for more than a few weeks now, that the Dec 31, 2008 results of most large international banks will be pretty dire. Unfortunately, my thoughts are kind of becoming real. I am fearing that when results of all financial institutions and other industry leaders are announced for the full year 2008, the story will be much rough and pretty bad for all. The coming few quarters will not be good as well. Rising unemployment, bad financial system with no lending, falling retail sales are not good signs for all of us! However, today's banking news is going to go into history as one of baddest news day of them all, especially for the large well known banks.
UBS ex-Global Head of Private Banking is announced as a fugitive by US courts in a case for helping Americans evade US taxes (that's a big no, no!, to fight IRS!)
Ex-UBS Executive Raoul Weil Declared a Fugitive by U.S. Judge
HSBC announces lower profit guidance, halving its dividend and expectation to raise almost USD 30 billion as capital
HSBC Falls on Report It May Need to Raise $30 Billion (Update3)
Citibank sells Smith Barney, announces withdrawal from China, has received over USD 700 billion funding
Can Pandit save Citigroup?
Breaking Up the Citi
Deutsche announces a huge loss of EUR 4.8billion (USD 6.4 billion)
Deutsche Stumble Poses New Capital Questions
2nd UPDATE: Deutsche Bank Warns Of 4Q Loss Around EUR4.8 Billion
Standard Chartered loses its CEO who will become UK Trade Minister
StanChart's Davies steps down for government role
Barclays to cut over 2,100 jobs
Barclays plans to cut another 2,100 jobs
RBS bank sold its China stake under pressure from its new owners - the UK Govt
British bank RBS says has sold Bank of China stake
So much news on one day that it makes your head spin......Can it get any more worse?
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.