Banking & Financial
Fed slashes rates
WASHINGTON (Reuters) - The U.S. Federal Reserve on Tuesday slashed a key interest rate by the biggest amount in more than 23 years in an emergency bid to head off a U.S. recession and halt a global rout in stocks. Full Article | Video
Bank of America, Wachovia profits nearly wiped out
NEW YORK (Reuters) - Bank of America Corp and Wachovia Corp, the second- and fourth-largest U.S. banks, said on Tuesday quarterly profits were nearly wiped out by more than $10 billion of write-downs and credit losses. Full Article
WaMu CEO Gets 3.2 Million Stock Options for '08
NEW YORK (Reuters) - Washington Mutual Inc , whose share price sank 70 percent last year as mortgage losses soared, said on Tuesday it awarded Chief Executive Kerry Killinger 3.2 million stock options for 2008. Full Article
Ambac posts $3.3 billion loss, but shares surge
NEW YORK (Reuters) - Ambac Financial Group Inc reported a quarterly loss of $3.3 billion on Tuesday after recording massive credit derivative write-downs, but its shares surged after the bond insurer said it hopes to find much-needed capital "reasonably soon." Full Article
Freddie Mac, Fannie Mae May Write Down $16 Bln -CS
NEW YORK (Reuters) - The largest U.S. housing finance companies, Freddie Mac and Fannie Mae, may report $16 billion in write-downs for the fourth quarter due to the falling value of their subprime mortgage investments, according to Credit Suisse analysts. Full Article
US Regional Banks Profit Disappoint, But Shrs Rise
NEW YORK (Reuters) - Four large U.S. regional banks reported disappointing quarterly results on Tuesday as they set aside more money to cover escalating mortgage problems. Full Article
Citigroup says $30 bln capital helps exceed target
NEW YORK (Reuters) - Citigroup Inc , which last week posted a record $9.83 billion quarterly loss, on Tuesday said it has strengthened its balance sheet and replenished depleted capital levels by raising about $30 billion in the last two months. Full Article
E*Trade has higher customer activity
NEW YORK (Reuters) - E*Trade Financial Corp saw higher-than-normal customer activity on Tuesday, with the surge likely tied to a fall in stock markets worldwide, it said. Full Article
Arbor Asks CBRE for Update Amid Loan Troubles
NEW YORK (Reuters) - Arbor Realty Trust Inc , which invests in real estate securities and loans, on Tuesday asked CBRE Realty Finance to clarify its outlook on some of CBRE's investments, one of which includes loans to New York real estate mogul Harry Macklowe. Full Article
CS no comment on talk of interest in Bear Stearns
ZURICH (Reuters) - Credit Suisse declined comment on speculation on Tuesday that it might be interested in bidding for U.S. investment bank Bear Stearns , which suffered the first quarterly loss in its history in 2007. Full Article
Asia stocks drop with yen surging
Oct 6 - Asian stocks dropped by around 5 percent on Monday. Play Video
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Mammoth Ping An offer unsettles China markets
SHANGHAI, Jan 22 (Reuters) - A Chinese company eyeing a giant U.S. acquisition, an opportunistic capital boost, or among the worst timed equity offers in years? Full Article
