Barclays banks lower profits due to credit crunch
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Barclays, the nation's third-biggest bank, said on Tuesday that net profits sank in 2007 owing to fallout from the US subprime housing crisis and the related global credit squeeze.
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Blue chips closed lower, with the banking reporting season off to a bad start as mid-cap Bradford & Bingley's shares lost 23 percent after its results, and the Bank of England's hawkish inflation report having a more widespread negative effect, though Wall Street was higher.
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Bank of America Corp , the  second-largest U.S. bank, on Thursday said third-quarter profit  fell 32 percent, a steeper decline than expected, hurt by  mounting credit losses and the impact of volatile markets on  its investment banking unit.
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Business & money: Index of leading UK shares falls to lowest level since credit crunch began last August
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Turmoil in the subprime mortgage market took its toll on two Wall Street investment banks today, as second-quarter profit at Bear Stearns dropped 33 percent and Goldman Sachs squeezed out a modest 1 percent rise in profit.
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Earnings at U.S. banks fell slightly  in the first three months of the year amid a continuing housing  slump and tightening credit standards, a banking regulator said  on Thursday.
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Barclays, Britain&#39;s third-biggest bank, said annual profit for the year would be in line with expectations at Â£4.5 billion but its shares fell more than two per cent amid concern
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Barclays PLC  may have tallied big losses in a Bear Stearns Cos.  hedge fund that invested in risky mortgages, The Wall Street Journal reported on Saturday.
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HSBC Holdings  fell just short  of analysts' expectations with a 5 rise in 2006 profits on  Monday as Europe's biggest bank took a $10.6 billion hit for  bad debts after problems in its U.S. mortgage lending.
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Morgan Stanley and Bear Stearns posted drops in quarterly profit yesterday, surprising some investors one day after two other big investment banks reported a rise in earnings.
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London equities fell sharply on Thursday with banks in the vanguard of the sell off after HBOS and Northern Rock revealed the extent of their credit market writedowns.
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Earnings at U.S. banks fell slightly in the first three months of the year amid a continuing housing slump and tightening credit standards, a banking regulator said on Thursday.
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Barclays&#39; surprise announcement that costs will rise faster than expected next year as it beefs up its key investment bank and credit card division sent its shares lower yesterday.
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Alliance & Leicester reports a 30% fall in annual profits following the recent credit market turmoil.
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UBS AG, Europe&#39;s biggest bank, said third-quarter profit fell 1 percent as gains from managing funds for millionaires cushioned a drop in investment-banking earnings.
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Bank of America sees quarterly profits slump 32%, harmed by credit losses and an investment banking slowdown.
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NEW YORK -- Lehman Brothers Holdings Inc., the No. 4 investment bank, on Tuesday said third-quarter profits fell less than expected, as strength in stock trading and investment banking offset losses from the struggling mortgage market.