Fitch cuts ratings for several leading banks

Note: This section contains information in English only.
Source: Bloomberg

Fitch Ratings agency reduced credit ratings for 3 major US banks: Goldman Sachs Group Inc, Citigroup Inc. (C) and Bank of America Corp. Lenders' long term credit ratings were cut from A+ to A, reported Fitch yesterday. Fitch Ratings also downgraded several European banks including BNP Paribas SA, Barclays Plc, Credit Suisse Group AG and Deutsche bank AG.   

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Fri, 16 Dec 2011 09:31:46 GMT

India maintains its key interest rate

The Reserve Bank of India announced it would maintain the key interest rates at the same level and would devote its strategies towards sustainable growth. The lending rate stayed at 8.50% while borrowing rate at 7.50%. The bank cited worsening economic outlook and outlined that it now put all its efforts in boosting economy rather than combating exorbitant inflation.

Fri, 16 Dec 2011 10:00:32 GMT

Morgan Stanley to reduce about 1600 jobs worldwide

Morgan Stanley, sixth-largest US financial institution, whose stocks experienced 45% drop this year is going to cut around 1,600 jobs worldwide as revenue in investment banking decreases sharply. Job cuts are planned to take place during the 1st quarter of 2012, said Mark Lake, a representative of company. The estimate equals around 2.6% job reduction of 62,648 workers.

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