JPMorgan Chase, the giant US bank that employs thousands of people in London, smashes profit forecasts as it kicks off the big banks’ first-quarter reporting season... more
Martin Hughes, the high-profile hedge-fund manager and majority owner of Toscafund Asset Management, took a massive pay cut last year but still collected a cool £15 million... more
America’s biggest bank JPMorgan Chase reported better-than-expected first-quarter profits, making it the third US bank to cheer Wall Street in a week... more
Economy: JPMorgan underlined its credentials as one of the great survivors of the credit crunch as the US banking giant announced it still made a profit in the last quarter of 2008... more
Finance: Citigroup and Morgan Stanley are set to announce a deal to combine their brokerages, a move that could trigger a fresh wave of consolidation in the troubled and thinning banking industry
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A great fanfare for Work and Pensions Secretary James Purnell’s declaration that the unemployed will be required to undertake some work. Er, haven’t we heard all this before?... more
Zurich Financial, the world's fifth-largest insurer, saw operating profits fall 15% to $4.2bn in the first nine months, amid a double hit by hurricanes and the financial markets slump... more
Banking: HBOS admitted it suffered a serious surge in savers withdrawing their cash in the six weeks of September and early October ahead of the Government's bailout and forced takeover by Lloyds TSB... more
Banking: Banks in the US, receiving billions of dollars in taxpayer bailouts, owe their executives more than $40 billion in pay and bonus deals racked up before they hit the rocks... more
Credit crunch: America's biggest life insurer, MetLife, admits third-quarter profits will plunge by up to 48% as investment income is slashed by the financial turmoil... more
Shares of failed buy-to-let lender Bradford & Bingley were suspended at 20p before the start of trading on the stock market, to allow for the transfer of ownership into public hands... more
Citigroup saved US bank Wachovia from almost certain bankruptcy as the worst financial crisis since the Great Depression wreaked more havoc on Wall Street... more
Analysts are beginning to ask whether Washington Mutual — or indeed Lehman Brothers before it — could have been saved had Treasury Secretary Hank Paulson come up with his plan earlier... more
Credit Crunch: Collapsing confidence in the US economy and financial system claims its biggest victim as Washington Mutual becomes the largest banking collapse in US history... more
JP Morgan's acquisition of Washington Mutual, following its key role in the rescue of Bear Stearns, has led some to compare the bank’s chief executive Jamie Dimon to his firm’s legendary founder J Pierpont Morgan... more
The global banking crisis deepened after American politicians failed to agree a bail-out deal, plunging the world's financial system back into despair after a day of rising optimism... more
Banking: HSBC, which has been linked to a range of deals to pick up distressed US banks, has found itself with even deeper pockets after walking away from it its long-running £3.29bn pursuit of Korea Exchange Bank... more
Banking: US building society Washington Mutual is said to be closer to sale after its largest investor agreed to let it raise capital, even if that meant diluting the group’s holdings... more
Jamie Dimon’s JPMorgan Chase is expected to make a new bid for Washington Mutual, the biggest building society in the US, after its credit rating was cut to junk by Standard & Poor’s... more
So the worst kept secret in the City and Wall Street is out: after Lehman, Merrill was next. It was the bank causing the most anxiety, the big one, that if it collapsed, could bring the whole pack of cards crashing down. Merrill occupies a position in American society quite different from its relative obscurity here... more
Credit crunch: Share prices have tumbled around the world as Wall Street slashed the value of Lehman Brothers, one of its oldest investment banks, for the second time this week... more
Authorities in San Diego in southern California are looking to make their city a mortgage "foreclosure sanctuary", and are suing home lenders Bank of America and its recent acquisition Countrywide to help carry out the plan... more
The FBI is investigating possible fraud at US mortgage lender IndyMac, whose failure could leave depositors more than £500 million out of pocket... more
Afternoon:
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