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Friday 20th of February 2009

News Tag: loss

February 16, 2009

Lloyds shares hit by nationalisation rumours

by Kay Murchie
Lloyds Banking Group shares have fallen further this morning after closing more than 30% down on Friday following the news of a potential £10 billion loss at HBOS. Lloyds, which is 43% owned by the taxpayer, saw its shares fall 7.4p to 54p this morning amid speculation that the Government may be forced to inject more money into the bank, or even ...

February 11, 2009

Credit Suisse announces biggest ever annual loss

by Kay Murchie
Credit Suisse, which is Switzerland's second-largest bank, has reported its biggest annual loss ever of SwFr8.2 billion (£5 billion) - the majority of which (SwFr6 billion) came during the October to December period in 2008. Chief Executive, Brady Dougan, described the results as ‘clearly disappointing’ but added that they had started 2009 with a very strong capital position. The fourth quarterly loss ...

February 10, 2009

UBS reports annual loss, further job losses

by Kay Murchie
Swiss banking giant, UBS, has reported a full-year loss of SwFr19.7 billion (£11.3 billion) following a turbulent year in the banking industry. Furthermore, the bank, which is Switzerland's largest, reported a fourth quarter loss of SwFr8.1 billion. UBS said it plans to refocus on its domestic market after a turbulent year overseas and is to create two new business units - wealth ...

February 5, 2009

Deutsche Bank announces first ever annual loss

by Kay Murchie
Germany’s largest bank, Deutsche Bank, has highlighted the severity of the global financial crisis by announcing its first ever annual loss. The bank made a net loss of €3.9 billion (£3.5 billion) in 2008 following a €6.5 billion profit the previous year. Meanwhile, the last quarter of 2008 saw the biggest deficit, with the bank reporting a net loss of €4.8 ...

January 27, 2009

Japan’s Nomura reports heavy losses

by Kay Murchie
Japan’s largest stockbroking firm, Nomura, has reported its worst ever quarterly loss blaming the integration of Lehman Brother’s Asian and European operations, which it bought last September. Its quarterly loss (which related to the October to December 2008 period) amounted to 342.9 billion yen (£2.7 billion), compared with 400.37 billion yen for the same period in 2007. Nomura's chief financial officer, Masafumi Nakada, described ...

January 26, 2009

ING to eliminate 7,000 jobs

by Kay Murchie
Banking and insurance group, ING, is set to shed 7,000 positions from its workforce as it looks to save €1 billion (£949 million), as a result of challenging economic conditions. The job losses represent 5.4% of its 130,000 workforce but the Dutch firm has not given details yet as to where the jobs will be eliminated. Furthermore, the company has confirmed that its ...

January 16, 2009

Citigroup reports quarterly loss and plans to split into two businesses

by Kay Murchie
US banking giant Citigroup has today announced a worse-than-expected fourth quarter net loss of $8.29 billion (£5.6 billion) and said it plans to split the firm into two separate businesses to restore profitability. The bank’s net loss for the last quarter of 2008 works out at $1.72 per share, far worse than most analysts' forecasts of a ...

December 17, 2008

Morgan Stanley announces Q4 loss of $2.2bn

by Kay Murchie
US investment bank Morgan Stanley has announced a loss of $2.19 billion (£1.41 billion) for the three months ended November 30. The news follows that from Goldman Sachs who yesterday reported its first loss since it floated almost a decade ago. Goldman said that losses during the three months to the end of November hit $2.12 billion (£1.41 billion). However, the ...

December 16, 2008

Goldman Sachs announces biggest loss since 1999

by Kay Murchie
Former investment bank, Goldman Sachs has reported its first loss since it floated almost a decade ago. The bank said that losses during the three months to the end of November hit $2.12 billion (£1.41 billion). However, the loss was still less than the market expected and shares gained 4%. As a consequence of the loss, Goldman said its compensation and benefits ...

August 29, 2008

B&B posts £26.7m loss as arrears soar

by Kay Murchie
The UK's biggest buy-to-let lender, Bradford & Bingley (B&B;), has posted a loss of £26.7 million for the six months to the end of June. The result compares with a pre-tax profit of £180.4 million in the same period of 2007. Credit impairment charges for the six months rose to £74.6 million, up from £5.3 million in the first half of last ...

August 3, 2008

RBS to reveal biggest loss in UK banking history

by Kay Murchie
There has been a flurry of British banks reporting results and last week saw Alliance & Leicester announce that half-year profits have nearly been wiped out after taking a £209 million hit on risky assets and higher funding costs. In addition, other banks to reveal significant falls in profits include Lloyds TSB and HBOS, who have both been ...

April 25, 2008

Japan’s Nomura Holdings hit by sub-prime losses

by Kay Murchie
Nomura Holdings, Japan's largest securities brokerage group, announced today that it has incurred losses in the fiscal year ended March, due to sub-prime loan-related losses. Nomura posted a three-month net loss of 153.9 billion yen (£745 million, $1.47 billion). Revenue dropped 22.2% to 1.59 trillion yen. It is the latest in a long line of financial institutions to report losses linked to ...