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HSBC to Cut 30,000 Jobs by 2013
Monday, August 1, 2011 - 6:19am | 202Europe's largest bank, HSBC Holdings PLC (NYSE: HBC), announced Monday a cost-saving initiative to cut 30,000 jobs from its workforce by 2013. First half earnings were announced, with the bank reporting net income of $9.22 billion. Commercial Banking profits were up 31% for the half, but the deep...
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HSBC Agrees to Sell 195 US Branches for $1B
Sunday, July 31, 2011 - 7:14pm | 45HSBC (NYSE: HBC) has agreed to sell 195 branches in upstate New York to First Niagara Financial Group (NASDAQ: FNFG), Buffalo-based bank, for $1B in cash, the companies said Sunday.
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HSBC to Announce 10,000 Job Cuts -Sky News
Saturday, July 30, 2011 - 8:43pm | 42HSBC (NYSE: HBC) will announce on Monday August 1, it will cut at least 10,000 jobs over the next year, according to Sky News sources. The majority of these job cuts will be outside the UK.
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Moody's Thinking About Screwing With Spain Next
Friday, July 29, 2011 - 2:51pm | 534Moody's Investors Service said Friday it might cut Spain's credit rating soon, and few in Madrid are going to be happy with that thought. Then again, it's unclear whether the idea to cut Spain's rating can really qualify as a thought, given the "logic" behind it. Moody's has said the downgrade...
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ETF Showdown: International Banking Battle
Friday, July 29, 2011 - 2:32pm | 500Unless one has resided under a rock or in a cave for the past three or four years, one knows that U.S. bank stocks have seen better days. European financials have faced and continue to face myriad problems, similar and exclusive to those endured by their U.S. brethren, so where do investors turn in...
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Credit Suisse is Latest to Announce Job Cuts, is HSBC Next?
Thursday, July 28, 2011 - 6:24am | 268Swiss bank Credit Suisse (NYSE: CS) announced Thursday that it would be cutting 2,000 jobs in light of a weak quarter and an uncertain economic outlook. The bank announced that its second quarter net profit fell just below $1 billion, to $959 million. Credit Suisse is only the latest European...
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Army Recycles Over Six Million Pounds of Steel Containers That Held Chemical Weapons
Thursday, July 28, 2011 - 5:05am | 54When the U.S. Army began to decontaminate the 4,307 ton containers (TC) which stored chemical weapons at its Pine Bluff Arsenal in Arkansas in September 2003, it realized rinsing the TCs wasn't working. To rinse all of the TCs would require 660,000 gallons of liquid. The U.S. Army Chemical...
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Karen L. Parkhill Named a Comerica Vice Chairman, Assumes Role of CFO in Q4
Wednesday, July 27, 2011 - 4:50pm | 47Comerica Incorporated (NYSE: CMA) today announced that Karen L. Parkhill, 45, will be a new Vice Chairman. Parkhill will become a member of Comerica's Management Policy Committee, and will report to Ralph W. Babb Jr., chairman and chief executive officer.
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Allied Irish Banks Has Issued 500B Ordinary Shares At EUR0.01/Share
Wednesday, July 27, 2011 - 2:13pm | 206Allied Irish Banks (NYSE: AIB) announces that, further to its announcement on 1 July 2011, and following the approval by AIB shareholders of all resolutions at the extraordinary general meeting on 26 July 2011 required to implement AIB's capital raising (as announced on 1 July 2011), it has today...
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Buy These: Debt Ceiling Will Be Raised
Wednesday, July 27, 2011 - 1:49pm | 245With the markets panicking over the possible default of the United States, stocks are scary but cheap. When the debt ceiling is raised, a big rally will take place. The key is to be in positions that will reward you with big profits. Ultimately, the debt ceiling will be increased by the time August...
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Earnings Roundup
Wednesday, July 27, 2011 - 8:43am | 1811Boeing Co (NYSE: BA) reported a 20% rise in its second-quarter profit. Boeing's quarterly profit surged to $941 million, or $1.25 per share, from $787 million, or $1.06 per share, in the year-earlier period. Its revenue gained 6% y/y to $16.54 billion from $15.57 billion. However, analysts were...
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Santander Reports Drop In Q2 Net Profit; Shares Down In Pre-Market
Wednesday, July 27, 2011 - 4:53am | 70Banco Santander SA (NYSE: STD) reported a decline in its second-quarter net profit. Banco Santander's quarterly net profit dropped to €1.39 billion ($2 billion), or 0.23 euro per share, from €2.23 billion, or 0.26 euro per share, in the year-earlier period. Its net interest income increased to €7...
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Playing Chicken 07-26-2011
Tuesday, July 26, 2011 - 6:46pm | 1029Cusick's Corner We finished right on the lows and the bureaucrats in Washington still think that it is ok to continue to play Deficit Chicken. The pullback in the Buck was something that caught my eye and explained the run in the Commodities, XLE/DBC/FCX, so these are the sectors that investment...
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Zings Of The Day July 26, 2011
Tuesday, July 26, 2011 - 3:23pm | 125U.K. GDP fell to 0.2% in the second quarter, but it could have been 0.7% if the Japanese earthquake and the Royal wedding had not happened. Sure, blame the Royals. As if Queen Elizabeth doesn't have enough responsibility sitting there trying not to fall asleep all day. Royal Bank of Canada (...
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Puts Purchased on Barclays
Tuesday, July 26, 2011 - 1:03pm | 108Shares of Barclays (NYSE: BCS) are higher on the session by 0.27%, currently trading at $15.03. The stock has been moving largely lower over the past six months and is currently trading below the 50-day moving average. Options traders are buying puts on the name today. A short while ago the...