Lehman announces further mortgage cutbacks
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Lehman Brothers Holdings Inc said on  Thursday it will fire 850 workers in its mortgage operations,  just two weeks after the fourth largest investment bank said it  was closing its subprime mortgage lending business.
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Bank of America Corp. BAC.N will cut  an additional 4,500 jobs from its ranks, increasing the number  of jobs lost since its FleetBoston Financial acquisition by 36  percent to 17,000.
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Stocks were little changed on Wednesday after comments from Lehman Brothers Holdings Inc. renewed worries about the mortgage market, but investors snapped up some bargains after Tuesday's 2 percent market fall.
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Lehman Brothers on Tuesday unveiled changes to its investment banking management designed to strengthen its standing in Europe and Asia.
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Lehman Brothers, one of a handful of Wall Street banks to avoid large losses related to subprime mortgages, nonetheless exceeded analystsâ diminished expectations.
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Six of the biggest US banks are set to announce plans to offer more help to those struggling with mortgages.
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Lehman Brothers Holdings Inc.  posted a 3.2 percent decline in quarterly earnings on Tuesday as the U.S. investment bank wrote down mortgage and leveraged loan assets, but the results beat expectations and its shares jumped before the market opened.
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The Federal Reserve cut the target on a key short-term interest rate by a half of a percentage point today to 4.75 percent, further acknowledgment from the central bank that the mortgage meltdown plaguing Wall Street and Main Street could have a negative impact on the economy.
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Countrywide Financial Corp, the largest U.S. mortgage lender, said on Friday it plans to cut 10,000 to 12,000 jobs to cope with weak housing demand, rising foreclosures and tightening credit markets.
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Lehman Brothers Holdings Inc.  posted a 3.2 percent decline in quarterly earnings on Tuesday as the U.S. investment bank wrote down mortgage and leveraged loan assets, but the results beat expectations and its shares rose.
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In the first sign of the toll that subprime mortgages will take on investment banks for the quarter, Lehman reported a drop in profit, but the firm managed to beat expectations.
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Bank of America said Thursday that it would cut an additional 4,500 jobs from its work force, increasing the number pared since its acquisition of FleetBoston Financial by 36 percent, to 17,000.
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HSBC, Standard Chartered, Hang Seng bank announced Thursday that they will cut their lending and saving rates despite the 25 points rate hike in the United States overnight.
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Individuals and businesses are likely to see their borrowing costs drop further as the Federal Reserve weighs another interest-rate reduction to bolster a sagging economy.
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Interest rates on US 30- and 15-year mortgages fell in the latest week amid signs that inflation is being held in check, leaving consumers more cash to spend on other items such as purchasing a home, mortgage finance
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The Federal Reserve will cut lending rates aggressively in the first half of 2008 as the United States faces a possible recession, PIMCO fund manager Bill Gross said in an investment outlook posted on Tuesday.
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Lehman Brothers Holdings Inc  said on Thursday fourth-quarter earnings fell 11 percent, as the credit market crisis triggered write-downs, and the company said further write-downs were possible.