Big losses intensify turmoil for banks
Another big sell-off hit bank stocks after huge losses were reported by US-based Citigroup and Merrill Lynch and investors feared more capital would be needed for Britain’s Barclays, which fell 25%l
Another big sell-off hit bank stocks after huge losses were reported by US-based Citigroup and Merrill Lynch and investors feared more capital would be needed for Britain’s Barclays, which fell 25%l
Speculation is growing that the Obama administration will announce fresh plans to clean up US banks within days of taking office next week, after a top regulator called for a new bank to be set up to unblock the system
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Bank of America is to get capital injection of $20bn as part of a federal government emergency package which will also see the government guarantee most of $118bn worth of loans related to the acquisition of Merrill Lynch
Bank’s deputy governor says further action is likely to be needed on interest rates, fiscal stimulus and support for the banking system, to enable the UK economy to recover from recession and the banking crisis
The US Senate voted to release the second $350bn in emergency bail-out funds for the banking sector as Bank of America moved closer to securing a new rescue package, including $15bn in fresh capital and a government backstop for up to $200bn in toxic assets
The Irish government nationalised Anglo Irish Bank, the republic’s third largest lender which has seen the collapse of its share price accelerate in recent days amid fresh reports of large-scale deposit withdrawals
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