Merrill Lynch's subprime unit cutting jobs
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Merrill Lynch & Co Inc  said on Monday that its subprime lender, First Franklin Financial, would cut an unspecified number of jobs, in another setback to the brokerage's $1.3 billion acquisition.
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HSBC Holdings Plc&#39;s  U.S.  subprime unit scheduled a management conference call with its  staff on Friday amid concern about layoffs and even a winding  down of operations, two employees at the unit said.
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Merrill Lynch & Co Inc  has  rehired Jeffrey Kronthal, a fixed-income executive who left the  company last year, to help sort through its subprime mortgage  problems, the brokerage told employees on Monday.
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Citigroup Inc , the largest U.S. bank, may eliminate 17,000 to 24,000 jobs and write off as much as $24 billion for subprime and other credit losses, as part of a plan to cut costs and add capital, CNBC television said on Monday.
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EquiFirst Corp., a subprime mortgage unit of British bank Barclays Plc , on Tuesday said it will cut an unspecified of number of jobs to cope with the U.S. housing slump.
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Employers cut jobs for the first time in four years last month, the government reported yesterday, driving stock prices down in the United States and Europe and raising fears the slowdown in the housing and credit markets brought on by the crisis in subprime mortgages is spreading across the economy.
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Morgan Stanley  on Wednesday  said it has suffered a $3.7 billion loss stemming from its U.S.  subprime mortgage exposure, which it expects will reduce  fourth-quarter earnings by about $2.5 billion.
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About 1,000 jobs will go at Morgan Stanley as the US bank cuts back its home lending business.
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Bank of America Corp  said on Tuesday it would eliminate 650 corporate and investment banking jobs and sell its equity prime brokerage business, as the second-largest U.S. bank retrenches in the face of difficult credit market conditions.
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Troubled subprime mortgage lender Countrywide Financial Corp. plans to slash as many as 12,000 jobs over the next three months, according to company statement released late Friday.
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Merrill Lynch also took a write-down of more than $14 billion as subprime mortgage woes took another bite out of its balance sheet.
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Citigroup expects a $15 billion fourth-quarter  write-down at Merrill Lynch & Co Inc  and said  CDO/subprime exposures will decline by 50 percent to 70 percent  in aggregate.
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The Swiss banking group Credit Suisse said Wednesday it was shedding 150 jobs due to the impact of the recent subprime lending crisis in the United States.
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Merrill Lynch, hit by huge subprime mortgage losses, said it would raise up to $6.2 billion in a private placement with Singaporeâs Temasek Holdings and Davis Selected Advisors.
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Merrill Lynch warned yesterday that shaky credit markets forced it to reduce the value of securities linked to risky subprime mortgages and other products, a move that could hurt third-quarter profit.
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Wells Fargo & Co.,  the fifth-largest U.S. bank, on Monday said it stopped offering a popular subprime mortgage product in response to market and regulatory pressure.
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Merrill Lynch & Co Inc on Thursday said it took a $14.1 billion write-down in the fourth quarter on bad subprime mortgage bets plus other charges that have forced the brokerage to sell pieces of the company to foreign investors to raise capital.