Slow job market adds to Bank's woes
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Business & money: Employers' clamour for rate cut reaches new pitch as credit crunch hits the British job market
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The axe has fallen. Bank of America said it will eliminate 3,000 jobs following its announcement last week of a huge drop in earnings for the third quarter. Most of the layoffs will come from its investment banking unit. BofA also said it was starting a strategic review of its investment banking business, raising [...].
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Smaller banks find problems in some commercial real estate loans.
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Problems in the banking sector hit I.B.M.âs earnings as financial services companies pulled back from buying mainframe computers and large software packages.
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Despite a bad quarter, the bank is shrewdly planning for the future.
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Employers eliminated 4,000 jobs in August, the Labor Department said today, showing that the job market was soft even as conditions in credit markets began to deteriorate.
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A slowing  economy may be a drag on corporate profits, some analysts say.
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A disappointing November employment report helped push mortgage rates lower this week, according to Freddie Mac&#39;s weekly mortgage survey.
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A swathe of figures have provided further evidence of a slowdown in the UK property market. The Council of Mortgage Lenders (CML), British Bankers Association (BBA) and Building Societies Association (BSA) all said mortgage lending was slowing.
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Slow growth in Japanese bank loans has ignited concerns that the world's second- biggest economy may head into a recession.
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Net income at the bank fell to $1.69 billion in the third quarter, hurt by write-downs related to difficult credit market conditions.
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STAFF WRITER; Staff writers Alan J. Wax and Regina Marie Glick contributed to this story. As Bank of America pushes ahead with its takeover of Fleet Bank, about 1,000 jobs were cut companywide yesterday throughout the Northeast, ...
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The pace of job losses in mortgage lending slowed in December, as some companies shifted workers to other areas of financial services, but the losses may pick up again in the new year as the U.S. housing market continues to weaken and credit remains tight.
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Â· Run on Northern Rock escalatesÂ· Fears over second bankÂ· Intervention too slow, say critics
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Slow growth in Japanese bank adds to concerns the world's second-biggest economy may head into a recession.
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CHARLOTTE, N.C. -- After a tough third quarter, Bank of America Corp. has become the latest bank to slash jobs due to poor results brought on by the unrest in global credit markets.
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The bank said its fourth-quarter earnings fell sharply,  to $268 million from $5.26 billion a year earlier, hurt by mounting credit losses and weak investment banking results.