Banking News

Asian currencies fell this week, led by South Korea s won, on speculation record oil prices will damp the region s economic growth and the US Federal Reserve may have finished cutting interest rates. via Taipei Times

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NEW YORK: Citigroup Inc announced a series of measures aimed at shedding $400 billion worth of assets over the next three years and increasing revenue by 10 percent per year. via Daily Times

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Oil rose above $126 a barrel for the first time yesterday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports ... via GloucesterTimes.com, Gloucester, MA

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“They cannot increase their shareholdings without the company asking to go forward, and we have not asked.”

The chairman of Sovereign Bancorp Inc. on Thursday said the company has not been in talks with its largest shareholder about an increase in its stake in the Wyomissing financial-services firm. via Reading Eagle/Reading Times

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“I told (Preval) not to put my name forward if my chances were not at least good”

An international banker nominated to be Haiti's next prime minister said Friday that Haiti must concentrate on long-term strategies to help the millions pushed deeper into misery by higher food prices.

In an interview with The Associated Press, Ericq Pierre promised to back President Rene Preval's far-reaching plans to address soaring prices, increase national food production and create jobs.

Pierre, a senior official with the Inter-American Development Bank, said it will take decades for the country to build up the revenues and resources needed to address the poverty and high prices that sparked deadly riots in April. Read more

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“We remain vigilant about the economic environment and rising food prices”

European shares declined on Friday morning, with financials under pressure after American International Group unveiled plans to raise more capital after a steep quarterly loss and as Citigroup may unveil a plan ... via MarketWatch

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Citigroup's new CEO Vikram Pandit said the company will shed $400 billion in assets as he moves to lead America's largest bank back to profitability. via Reuters

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“We expect a number of these sales to be completed in the coming months”

Central Pacific Financial Corp. 's bond ratings outlook has been downgraded to "negative" from "stable" by Fitch Ratings . via Honolulu Star-Bulletin

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National Australia Bank unit, Bank of New Zealand, today reported its March half year net profit increased 14.9 percent to $239 million. via XtraMSN Real Estate

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“We're a very different company than we were a year ago”

Reuters Thursday, May 8, 2008; 9:44 PM NEW YORK - Sovereign Bancorp Inc , the second-largest U.S. savings and loan, plans to raise just over $1 billion in an equity offering to help it navigate a difficult ... via Washington Post

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