Barclays says profits fell in 2007 due to credit crunch
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Barclays, Britain's third biggest bank, said Tuesday that net profits sank by about 3.0 percent last year owing to the US subprime housing crisis and related global squeeze on credit.
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Brokerage Bear Stearns Companies  BSC.N on Wednesday said quarterly profit fell 10 percent hurt  by lower investment banking revenue and higher expenses.
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Bank of America Corp , the No. 2 U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.
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Bear Stearns Cos Inc  said on Thursday quarterly profit plunged 61 percent to its lowest level in five years on bad bets on subprime mortgages and disrupted fixed-income trading.
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Business at the UK's financial services firms is falling at its fastest rate in almost 17 years, warns the CBI.
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The bank said fourth-quarter net income fell to $11.1 million, hurt by a tripling of credit losses and a bailout of money market mutual funds.
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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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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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Ford Motor Co.  on Tuesday said earnings will fall this year due to a drop in profit from its finance unit, which it expects to be hit by rising interest rates.
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Swiss bank UBS reports a loss for the whole of 2007, hit by bad investments in US sub-prime home loans.
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Brambles Industries Ltd., the world&#39;s biggest supplier of storage pallets, said full-year profit fell 7 percent after taking A$117 million ($82 million) in writedowns and charges to restructure its CHEP business.
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London equities fell on Tuesday after news of increased full-year writedowns at Barclays (NYSE:BCS) took the shine off banking stocks. There was further pressure in the sector after surprise news of fresh $2.85bn losses at Credit Suisse (NYSE:CS).
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BARCLAYS, Britain&#39;s third-biggest bank, said that its full year profits would come in as expected, although costs have surged ahead of income because of acquisitions, labour costs and regulatory expenses.
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Bank of America Corp, the second-largest U.S. bank, said on Tuesday fourth-quarter profit sank 95 percent, hurt by more than $7 billion of losses tied to poor trading decisions and mounting credit woes.
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Fears that a hiring spree at Barclays Capital, the investment banking division of Barclays, could drive up cost growth next year sent the bank&#39;s shares sharply lower yesterday.
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Business & money: Leading stores forecast shortfall in year's profits after shoppers cut back on festive spending
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London equities fell on Friday after Northern Rock went to the Bank of England to arrange emergency financial support, a move that led to a two-year profit warning and undermined share prices in its peers.