Results tagged “financial crisis”
"If the banks want to go because they are worried about being regulated properly, then let them. I say call their bluff."
That's the view of American analyst and author Michael Lewis on the veiled threat that some banks might leave London if reform leads to their break-up. But Lewis is critical of what he thinks is an empty threat.
Protesters, commuters, police and the world's press descended on the City as talk of the G20 summit dominated London.
Events began early on Wednesday outside Bank station, as thousands from around the country plan to make their voices heard.
As the recession sinks its teeth into Canary Wharf, many workers are feverishly scratching away at their desks, waiting for the axe to fall.
Shadow treasury minister Mark Hoban remembers the feeling well.
Citigroup is to split into two units as it bids to bounce back from fourth quarter losses of $8.29billion.
The results are the US bank's worst since the credit crunch began, and were revealed as the US Senate voted to release the remaining $350billion of the country's bail-out fund.
Morgan Stanley looks set to be the next Wharf bank to make major job cuts as the economic gloom sinks lower over London.
Up to 1,100 jobs are expected to be culled at the American bank's Canary Wharf headquarters, despite recent moves taken to avoid meltdown along the lines of Lehman Brothers. A decision is expected to be made in the next few days.