City job fears grow after banks cut jobs
Summary from multiple countries, from articles in English
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With banks expecting more loans to go sour, people can expect tight lending standards for many months - perhaps years - to come. (article 3)
Citigroup underlined the plight of financial firms squeezed by the credit crunch and the slowing US economy on Friday by announcing a $5.1bn quarterly loss, nearly $16bn in writedowns and 9,000 job cuts. (article 5)
The first quarter results missed Wall Street expectations and showed losses or sharp falls in profits across Citi's portfolio of retail, commercial and investment banking businesses. (article 5)
The financial giant sounded a bearish note on the US consumer business, saying that further losses were likely as consumers fell behind on credit card and loan repayments. (article 5)
Fears of huge redundancies in the City mounted yesterday as Merrill Lynch announced 4,000 job losses worldwide, Citigroup signalled its intention to cut costs by up to 20 per cent and UBS prepared to eliminate about 900 positions in London. (article 2)
Spring finally arrived in New York this week, and the sunny mood transcended another round of big banking writedowns and higher loan loss provisions. (article 6)
NEW YORK- Citigroup's 9,000 job cuts and $14 billion in write-downs suggest that even if the worst of the credit market volatility is over, the industry is now in a conservative, cost-cutting mode. (article 4)
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Banks, bn, billion, capital, mortgage |
Source articles
- Citigroup sees second giant loss (BBC News, 04/18/2008, 443 words)
- City job fears grow after banks cut jobs (business.timesonline.co.uk, 04/18/2008, 516 words)
- Big job cuts, write-downs at struggling Citigroup (seattletimes.nwsource.com, 04/19/2008, 685 words)
- Citigroup cuts value of investments by $14B in 1Q (boston.com, 04/18/2008, 785 words)
- Citi’s $5.1bn loss highlights depth of crisis (ft.com, 04/18/2008, 447 words)
- On Wall St: Spring’s shoots of hope face bitter wind (ft.com, 04/18/2008, 702 words)
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