JPMorgan Chase shuffles management of investment banking team, names Jes Staley CEO of unitSeptember 30th, 2009 JPMorgan shuffles investment banking managementNEW YORK — JPMorgan Chase is shuffling the management duties of its investment bank and asset management units. The New York-based bank holding company says Steve Black will become executive chairman of the investment bank business.
Opel decision could come from GM board meeting; Germany eager to know outcomeSeptember 8th, 2009 GM board meeting could decide Opel fateFRANKFURT — General Motors Co.'s board is beginning a two-day meeting that could see it decide the fate of its German unit Opel, with German business leaders and politicians hoping any solution preserves jobs. GM has two primary bids for the Ruesselsheim-based Adam Opel GmbH, with German officials, Opel workers and unions endorsing one from Canadian auto parts maker Magna International Inc.
Diebold sells much-maligned US voting machine unit to Election Systems & SoftwareSeptember 3rd, 2009 Diebold sells US voting machine unitNORTH CANTON, Ohio — Ohio-based ATM maker Diebold Inc. has sold its much-criticized U.S.
Citigroup sells $1.3 billion in credit card assets from 3 card portfoliosAugust 31st, 2009 Citi sells $1.3 billion in credit card assetsNEW YORK — Citigroup Inc. said Monday that it sold $1.3 billion in credit card assets as the bank reorganizes itself in the wake of government bailouts.
Rising Canadian dollar threatens recoveryAugust 3rd, 2009 TORONTO - The Canadian economy is yet to get back on the revival path and the runaway Canadian dollar is threatening to thwart any hopes of recovery. The loonie, as the Canadian dollar is called, has already reached 92.5 cents US after having sunk as low as 77 cents US in March this year.
Germany's Commerzbank sells Swiss subsidiary to Vontobel GroupJuly 30th, 2009 Commerzbank sells Swiss subsidiaryFRANKFURT — Germany's Commerzbank AG said Thursday that it is selling a Swiss subsidiary which specializes in private banking to Vontobel Group of Switzerland. Financial details of the sale of Commerzbank (Switzerland) were not disclosed.
Global recovery has begun, says Bank of CanadaJuly 22nd, 2009 TORONTO - The Bank of Canada, the central bank of the most robust of the G8 economies, has said that global recovery from the financial crisis has begun. In its economic outlook report released Tuesday, the bank said: "There are now increasing signs that economic activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures to stabilize the global financial system.
German mail operator Deutsche Post sells remaining Deutsche Bank sharesJuly 6th, 2009 Deutsche Post completes Deutsche Bank share saleFRANKFURT — German mail and logistics company Deutsche Post AG has sold off its remaining shares in Deutsche Bank AG, the company said Monday. The sale of the shares, which it received in the recent sale of its retail bank Postbank AG unit to Deutsche Bank, amounted to about €100 million ($140 million) more than it anticipated, Bonn-based Deutsche Post said.
Canada keeps interest rate at record low, warns of rising Canadian dollarJune 4th, 2009 Canada keeps interest rate at record lowTORONTO — Canada's central bank is keeping its trendsetting interest rate unchanged at a historic low of 0.25 percent and says the rise of the Canadian dollar is threatening the country's economic recovery. The Bank of Canada reiterated Thursday its conditional commitment to hold the rate at a record low through June 2010.
JPMorgan Chase seeks to raise $5 billion in bid to repay government's TARP programJune 1st, 2009 JPMorgan Chase to raise $5 billion to repay TARPNEW YORK — JPMorgan Chase & Co. said Monday it plans to raise $5 billion through a common stock offering as it seeks to repay the $25 billion that the bank was awarded in the government's troubled asset relief program.
Bank of America sells $7.3 billion stake in China Construction BankMay 14th, 2009 BofA sells $7.3B stake in China Construction BankCHARLOTTE, N.C. — Bank of America Corp.
More banks selling debt without FDIC guarantee to raise capital, prove soundnessMay 13th, 2009 JPMorgan sells $2.5B more in unguaranteed debtNEW YORK — The new way for banks to flex their muscles? Selling bonds without the U.S. government backing them.
AIG sells Canadian operations for $375 millionJanuary 13th, 2009 TORONTO - Bank of Montreal (BMO) Tuesday announced it is buying Canadian business of the troubled global insurance giant American International Group (AIG). The bank said it is acquiring the AIG Life Insurance Company of Canada (AIG Life of Canada) for $375 million in cash.
Canadian dollar, markets keep risingJanuary 8th, 2009 TORONTO - Though prices of two main Canadian resources of oil and commodities continue to slip, the Canadian dollar has risen appreciably against the US dollar in the new year. Thanks to the weakening US dollar, the loonie - as the Canadian dollar is called - rose as high as 84.85 cents US, gaining 1.31 cents against the greenback Thursday.
Oil prices help Canadian markets recover 11 per centJanuary 5th, 2009 TORONTO - Higher oil prices helped the Canadian market maintain its upward trend from the New Year's first day, with energy and metal sectors posting further gains on the Toronto stock exchange (TSX). The Canadian dollar also made major gains against the US dollar, edging 1.77 cents higher to close at 84.03 cents US even as the country's finance minister met with top banks to discuss availability of credit to stimulate the economy.
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