Nomura Holdings Axes 1,000 London Jobs due to Lehman acquisition

Nomura Holdings (NYSE:NMR) the Japanese brokerage firm who brought parts of failed Lehman Brothers back in September is shedding 1,000 staff in London. The news comes as Citigroup (NYSE:C), JPMorgan (NYSE:JPM), Credit Suisse (NYSE:CS) and Goldman Sachs (NYSE:GS) all announce huge job losses amid the spiraling market conditions in the global financial industry.

The 1,000 job losses at Nomura equates to around 22 percent (read more…)

Category: Business News, US | December 4th, 2008 | Comments (0)

Selling FDIC-Backed Debt: Citigroup, Wells Fargo & Co. and GE Capital

Wells Fargo & Co (NYSE:WFC), Citigroup Inc (NYSE:C) and GE Capital join other banks by selling US government backed bonds to refinance debt by buying the cheap funds.

According to Bloomberg data Wells Fargo will issue three-year fixed and floating rate bonds. Citigroup sold $5.5 billion of FDIC-guaranteed bonds, split among floating-rate notes maturing to two and three years and fixed-rate (read more…)

Category: Business News, US | December 3rd, 2008 | Comments (0)

New Mortgage Rates: Most people don’t qualify for loan

Even though the US mortgage rates dropped last week and homeowners are being in-undated with mortgage brokers calling them up, many of them still find themselves not qualifying for mortgage loans.
Millions of homeowner does not qualify for re-financing as they are in negative equity which means they owe more than their home is worth, and with the tighter controls on lending, certain loans (read more…)

Category: Mortgage News, US | December 3rd, 2008 | Comments (0)

No Closing Cost Mortgage: Is it right for you?

According to Mortgage Brokers in the US, if you are looking to refinance, your home there is no better time than now to do it. Even though the economy and most homeowner’s finances have seen better days mortgage still say this is the time to refinance.

Over the last few days, interest rates have fallen to just over 5 percent. This is the lowest rates for three years. Also you should look into a no closing cost mortgage loan, this type of mortgage loan gives you the option to purchase or refinance a new home with no closing costs at all. In the case (read more…)

Category: Mortgage News, US | December 3rd, 2008 | Comments (0)

Countrywide Financial Corp is being sued over $8.4 Billion Loan Deal

Greenwich Financial Service Fund sued Countrywide Financial Corp, the troubled home lender that Bank of America (NYSE:BAC) recently brought over claims an agreement to reduce payments on mortgages by $8.4 billion would hurt investors.

The fund said that 400,000 mortgages will decline under the deal, and that investors (read more…)

Category: Business News, US | December 2nd, 2008 | Comments (0)

JPMorgan Chase axes 9,200 jobs at Washington Mutual(WaMu)

JPMorgan Chase (NYSE:JPM) the NY City banking giant will be cutting 9,200 jobs at Washington Mutual (WaMu) (OTC:WAMUQ) the announcement was made on Monday several months after they acquired the failed loans and saving bank.

Due to bad mortgage debts, WaMu the Seattle-based bank collapsed, resulting in the biggest bank failure in American history, JPMorgan Chase brought the troubled bank in (read more…)

Category: Business News, US | December 2nd, 2008 | Comments (0)

30 year fixed mortgage rate drops: Time to re-finance?

If you are looking to take out a 30 year fixed mortgage rate you would be offered deals in the region of 5.5 percent and in some cases you may find even lower interest rate depending on your chosen lender.

You would need to match a certain lending criteria to qualify for the 30 year fixed rate mortgage deal that are being offered including a credit score of 720 or more, have a solid credit history and substantial deposit or (read more…)

Category: Mortgage News, US | December 1st, 2008 | Comments (0)

Cyber Monday sends Dow Jones Tumbling 430 Points

Cyber Monday 2008 sales started today, the on-line shopping day that follows on from Black Friday and thanksgiving, allowing a kick-start of the US holiday shopping season and the optimism of a profitable one for retailers.

Meanwhile Wall Street suffered as Investors feared the worsening economic conditions would continue throughout the holiday shopping season, sending the Dow Jones Industrial Index tumbling (read more…)

Category: Business News, Global Economy, US | December 1st, 2008 | Comments (0)

Morgan Stanley Set To Buy Overlapping Regional Banks

Just months after Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS) became bank holding companies, reports have been made that Morgan Stanley are in negotiations to acquire several regional banks that overlap its existing asset management and brokerage clients, according to a report on Monday in the WSJ.

According to reports the new-York based bank is in presently cutting jobs overseas (read more…)

Category: Business News, US | December 1st, 2008 | Comments (0)

Cyber Monday 2008: Paying the mortgage and holiday spending

With the holiday shopping season well under way in America, with the start today of the huge Cyber Monday Sales, and last week’s Black Friday kicking off the shopping frenzy, you are still advised to watch your dollars, with the United States on the brink of recession and other countries around the world (read more…)

Category: Global Economy, US | December 1st, 2008 | Comments (0)