Bailout chaos hits the City

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The breakdown of rescue talks in Washington plunged the world's financial system back into despair after a day of rising optimism.

Meanwhile, another series of blows buffeted the City and Wall Street at the end of a second week of drama and uncertainty.

In London, leading shares dropped sharply in early trading with the FTSE-100 down 91.67 points to 5105.35.

Shares in Bradford & Bingley slumped again, falling 4p to an all-time low of 17.25p after a 25 per cent drop yesterday.

Banking giant HSBC said it is to cut at least 500 jobs in London as part of a worldwide cost-cutting initiative.

US bank Washington Mutual had to be rescued by JP Morgan Chase after savers withdrew billions of dollars of deposits making it the biggest US bank to fail.

City bankers were warned that their bonuses are likely to be halved this year.

The Bank of England said it was making $80 billion (£43.5 billion) available to British-based banks because they are refusing to lend to each other.