Swiss bank USB has announced it is cutting 3,500 jobs worldwide, in the bank’s latest effort to save $2.5 billion annually by 2013. USB’s investment bank unit will see 1,600 jobs eliminated – about 45 percent of the total expected job cuts. The banking giant has 65,000 worldwide employees located in more than 50 countries. […]
World Bank Chief Warns of New Danger Ahead
Posted August 13th, 2011 at 12:40 pm (UTC-5)
The president of the World Bank is warning the world’s already troubled economic recovery is in even greater trouble. World Bank chief Robert Zoellick told The Weekend Australian newspaper the global economy has entered what he called a “new and more dangerous phase.” In the interview, published Saturday, Zoellick put most of the blame on […]
Germany’s Commerzbank Profits Plunge
Posted August 10th, 2011 at 2:25 am (UTC-5)
Germany’s second largest lender Commerzbank said Wednesday its second quarter net profits plunged by 93 percent from the same period a year earlier. Commerzbank said its net income fell to $34.4 million after it revalued its holdings of Greek debt, resulting in a depreciation of more than $1 billion. The Greek government has asked bondholders […]
World Bank Freezes Loans to Cambodia Over Lakeside Development
Posted August 9th, 2011 at 3:50 am (UTC-5)
The World Bank said Tuesday it will not issue any new loans to Cambodia before the government resolves a dispute with citizens displaced by a lakeside development in Phnom Penh. Country director Annette Dixon confirmed to reporters that the lending institution has not made any loans to the country since December and will not do […]
AIG Sues Bank of America
Posted August 8th, 2011 at 6:05 pm (UTC-5)
Insurance conglomerate AIG has sued Bank of America for more than $10 billion, saying the bank cheated it by selling residential mortgage-backed securities that were overvalued. The formerly debt-ridden insurer filed suit in New York Monday, accusing the bank of “massive” fraud in its handling of the mortgage-backed securities that triggered the 2008 financial crisis. […]
Karzai Bans US Advisors From Afghan Central Bank
Posted July 20th, 2011 at 12:35 pm (UTC-5)
) A new report says Afghan President Hamid Karzai has banned U.S. Treasury advisers from the country’s central bank, where they had been working to prevent the flow of money from getting into the wrong hands. The audit by the U.S. special inspector general for Afghan reconstruction, which was released Wednesday, says the ban has […]
Karzai Bans US Advisors From Afghan Central Bank
Posted July 20th, 2011 at 10:45 am (UTC-5)
A new report says Afghan President Hamid Karzai has banned U.S. Treasury advisers from the country’s central bank, where they had been working to prevent the flow of money from getting into the wrong hands. The audit by the U.S. special inspector general for Afghan reconstruction, which was released Wednesday, says the ban has been […]
Pakistan’s Central Bank Governor Resigns
Posted July 13th, 2011 at 7:30 pm (UTC-5)
Pakistani media say the governor of the country’s central bank, Shahid Kardar, has resigned. It was unclear exactly when or why Kardar, the governor of the State Bank of Pakistan, stepped down, but media reports said Wednesday he had developed “differences with the government on key policy issues.” Kardar took office in September 2010, after […]
Top Afghan Bank Denies Facing Collapse
Posted July 11th, 2011 at 7:35 pm (UTC-5)
One of Afghanistan’s top financial institutions, Azizi Bank, has denied it is facing collapse like the corruption-ridden Kabul Bank and says its liquidity is solid. Afghan lawmakers on Monday demanded that the acting central bank governor appear before parliament to answer questions about Azizi Bank’s current state. The bank’s senior customer relations manager, Fraidoon Mohtasheme, […]
Former Top Officials in Kabul Bank Scandal Under Arrest
Posted June 30th, 2011 at 12:45 pm (UTC-5)
Afghanistan is going after former officials linked to a massive banking scandal that has jeopardized tens of millions of dollars in foreign aid. Deputy Attorney General Rahmatullah Nazari said Thursday authorities have arrested the former chairman and former chief executive at Kabul Bank, the country’s biggest private lender. He refused to share the specific charges […]
