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JPMorgan cuts investment banking jobs: sources
NEW YORK - JPMorgan Chase & Co (JPM.N) is cutting 10 percent of its investment banking staff -- about 3,000 jobs -- as the economic slowdown starts to bite into its earnings, people familiar with the situation said on Thursday.
2008-11-20
Citi shares sink despite Saudi prince's investment
NEW YORK - Citigroup Inc. shares tumbled below $5 a share Thursday for the first time in 15 years, a sign that a Saudi prince's decision to boost his stake in the bank failed to galvanize confidence among increasingly anxious investors.
Activities:Global Financial Crisis
2008-11-20
Citigroup to shed another 53,000 jobs
NEW YORK - Citigroup Inc. is shedding approximately 53,000 more employees in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.
Nations:United Arab Emirates Activities:Global Financial Crisis
2008-11-17
Damage Control at Insurance Companies
Individual investors aren't the only ones scared to look at their portfolios. Insurance giants are also watching their holdings wither, a situation that could have serious implications for their customers and the markets. The biggest independent life insurer, MetLife, reported total paper losses of $12.2 billion on its $340 billion portfolio. "You have to plan for things to be depressed for the next few quarters at a minimum," says Steven A. Kandarian, chief investment officer at MetLife. (NYSE:MET - News)
Nations:U.S. Source:(BusinessWeek)
2008-11-15
Jobless claims surge while trade deficit narrows
WASHINGTON - Applications for unemployment benefits soared to the highest level since just after the Sept. 11, 2001, terrorist attacks while the trade deficit shrank more than expected as demand for imports plunged, further evidence of the struggling U.S. economy.
People:Henry Paulson Harry Reid Nancy Pelosi George Soros Barack Obama Charles Schumer Activities:2008 U.S. Recession
2008-11-13
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