Posts Tagged ‘Economic Impact’
Omni National, with $980 million in assets, was shut by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. was named receiver, the OCC said today in a statement. The Federal Reserve on March 17 ordered the bank to bolster its capital and make improvements in accounting controls within 30 days.
Quote of the day, March 10, 2009: Private equity company Blackstone Group LP CEO Stephen Schwarzman said that up to 45 percent of the world’s wealth has been destroyed by the global credit crisis.
When we first started writing Mortgage Blues we knew there would be an economic fallout. We did not know what the world’s biggest quarterly loss would look like. How does one imagine the biggest quarterly loss of any American company ever seen?
As poor lending decisions continue to hurt the economy, one company might show us how bad thing really are as we start 2009. That company is AIG, which has new financial problems. A.I.G. declined to provide details of its new financial problems, citing the “quiet period” just before it issues fourth-quarter results. But some people familiar with A.I.G.’s negotiations said it was on the brink of reporting one of the biggest year-end losses in American history.
Whether you think it is good strategy or a huge hole in security, banks are cutting IT workers. Among the gruesome numbers to come out of the financial crisis are the ones hitting corporate IT, especially at major banks. In a recent round of cuts, 650 IT jobs will go at Credit Suisse, 500 at HSBC and up to 1,800 at Barclays. Many are also slashing their spending with contractors. Goldman Sachs and Citigroup, for example, have demanded that contractors accept a 15% cut in daily rates, while HBOS and Barclays made take-it-or-leave-it offers of 10% reductions.