Major banks have announced some 160,000 job cuts since early last year and with more lay-offs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two-to-one.
Major banks have announced some 160,000 job cuts since early last year and with more lay-offs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two-to-one.
China’s central bank governor, Zhou Xiaochuan, is likely a step nearer retirement on Wednesday after he was left out of a key policymaking group of the ruling Communist Party.
The Bank of England on Wednesday cut its forecast for British economic growth next year to about 1.0 percent owing to the sovereign debt crisis in the neighbouring eurozone.
Cyprus’ Central Bank chief says “it’s very important” to sign a bailout agreement with potential creditors by next month in order to calm jittery investors.
Five UAE bank are ranked among the “50 safest banks” in emerging markets.
LONDON - The Bank of England decided on Thursday against pumping the British economy up with more new cash and voted to hold its key interest rate at a record-low level of 0.50 percent after the country emerged from recession.
FRANKFURT - The European Central Bank held its main interest rate at 0.75 percent on Thursday, deferring any cut in borrowing costs while it assesses the extent of the euro zone’s economic downturn and waits for a cue to use its new bond-purchase programme.
FRANKFURT, Germany — The European Central Bank has left its key interest rate unchanged at 0.75 percent despite sagging growth in the 17 countries that use the euro.
The European Central Bank is set to leave interest rates unchanged on Thursday, deferring a cut in borrowing costs that would risk undermining the impact of Mario Draghi’s signature policy a year into his ECB presidency.
Reassured by ECB anti-crisis moves, major international investors have begun dipping their toes back into the eurozone, even though they don’t believe the crisis is over.