UK bank Alliance & Leicester (A&L) said it had secured funding to see it through this year but warned that profits would plunge after it trebled the impact of its losses on complex financial instruments.
Sumitomo Mitsui Financial Group Inc's third-quarter profit fell after Japan's second-largest bank by market value wrote down the value of US mortgage investments by more than it predicted two months ago and as provisions for bad loans surged.
France's economy minister said Societe Generale, reeling from losses blamed on a rogue trader, is a bank in crisis and may need to ditch its chairman.
Bankers meeting at the Swiss ski resort of Davos said there are increasing risks of a global recession, while manufacturers countered that they have yet to feel it in their business.
Japan has probably fallen into recession, ending the nation's longest period of growth in more than 60 years, according to Goldman Sachs Group Inc.
Talks between the leaders of the United Kingdom, Germany, France and Italy in London today will focus on financial market turmoil and its impact on the world economy, an Italian government source was quoted as saying yesterday.
A few months ago I had dinner with an old friend who told me an amazing story.
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