(AFX UK Focus) 2008-10-21 18:24 UPDATE 3-National City to cut 4,000 jobs, posts loss (Interactive Investor)
Tuesday, October 28th, 2008(AFX UK Focus) 2008-10-21 18:24 UPDATE 3-National City to cut 4,000 jobs, posts loss (Interactive Investor)
NEW YORK NEW YORK, Oct 21 (Reuters) - National City Corp, a U.S. Midwest regional bank hard hit by the credit crisis, said on Tuesday it will cut 4,000 jobs, after increased reserves for soured mortgage and real estate construction loans led to its fifth straight quarterly loss. The job cuts amount to 14 percent of the bank’s workforce and are expected to take place over three years. They are …
THE FINTAG NEWSLETTER @ 24 October 2008
FINTAG COMMENT It is so easy to be grim. A few months ago, many pundits like John McCain were telling us the fundamentals were fine. And some still are. The consensus today is that we are falling into a large black hole. This is good news, for those who make their fortunes tend to do so while the majority have their heads routed in the sand. Whilst the world turns to sandals and begging bowls, it is a brave person who drives around in a red Ferrari and wears a diamond encrusted watch. Have yo
Nothing New Under The Depression Sun
October 25, 2008 Elaine Meinel Supkis As the US falls into the same system that runs Japan, we have to recognize that the effects of the 0% system is not going to fix the US trade deficit. The Treasury is allowing all our dear, bankrupt banks to announce that they are going to the bankrupt Fed for funds. We also look at a series of old, old newspaper clippings that clearly show that today’s mess is nearly totally identical to past messes. The IMF is going to allow many of the ‘first world’ natio