Archive for the Business Category
Northern Trust cuts 4% of staff
Northern Trust, the Chicago-based bank, said that it would cut 450 jobs, or 4 per cent of its workforce to reduce costs and improve efficiency amid worsening economic conditions
View of the day: Kevin Logan, Dresdner Kleinwort
Kevin Logan at Dresdner Kleinwort on the growing fears that the US recession will be the worst for 50 years
Full Article: View of the day: Kevin Logan, Dresdner Kleinwort
US industrial production slips further
US industrial production fell by 0.6 per cent in November, slightly beating analysts’ forecasts, while notching a third decline in the last four months, the Federal Reserve said
KKR Financial gets new chief in shake-up
KKR is in effect transforming its ill-fated, publicly listed KKR Financial Holdings into a new asset management division with about $13 bn under management to be headed by William Sonneborn
Beijing widens search engine ads crackdown
A state TV channel’s campaign against domestic search engine Baidu has broadened to include the entire industry, including Google
Buffett could quit Constellation battle
The US billionaire could withdraw from the battle for Constellation Energy after his MidAmerican Energy utility group said it would not try and outbid EDF of France
Goldman Sachs reports $2.12bn loss
The US group, which converted from an investment bank into a bank holding company in September, reports its first quarterly deficit since going public in 1999
Madoff’s UK arm left to wonder what went wrong
Stephen Raven, the head of Bernard Madoff’s UK company says he knew so little about Mr Madoff’s American operation that he visited it only once in eight years and “didn’t realise there was a third floor”
Full Article: Madoff’s UK arm left to wonder what went wrong
Bonuses tumble 80% at Goldman Sachs
Partners at Goldman Sachs
are set to see their bonuses fall by up to 80% and the cash component of their year-end packages capped at $400,000, with the rest paid half in stock and half in options
Biggest Madoff loser eyes legal move on PwC
The fund believed to be the biggest single loser in Bernard Madoff’s alleged $50bn “Ponzi” scheme is considering suing PwC, its own accountants, for failing to detect the fraud, as victims start looking for deep-pocketed sources of compensation for their losses