Banks to suffer into '09 as credit crunch drags: S&P
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Banks will continue to suffer into 2009 as turmoil in the credit markets drags on, credit ratings agency Standard & Poor's said on Friday.
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U.S. and European banks including  Citigroup Inc  and HSBC Holdings PLC  are mulling  sales of parts of their businesses from branches to entire  units in a nod to crunch times ahead, the Wall Street Journal  reported on its Web site on Thursday.
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WASHINGTON -- A painful credit crunch is taking its worst toll on the already ailing housing market, while its impact on the rest of the national economy at least so far seems limited, the Federal Reserve reported Wednesday.
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Britain is likely to face an acceleration of inflation and a slowing of growth in 2008, Bank of England governor Mervyn King said Tuesday, as turmoil shook financial markets worldwide.
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Top UK banks are set to report combined profits of about Â£38bn for the past year despite worries about exposure to bad debts.
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The IMF warns that the global credit crunch will lower economic growth next year, with the US hardest hit.
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Swiss bank UBS could face billions of  dollars more in subprime-related write-downs in 2008, which  could tip it into a second year of losses, analysts warned  investors, sending its shares tumbling again.
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Business & money: Credit crunch and housing woes blamed for gloom as businesses begin lobbying for interest rate cut
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S&P 500 and Dow Jones industrial futures fell on Friday as worries about the impact of the credit squeeze on financial services companies tempered optimism about Google Inc's  solid profit.
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Royal Bank of Scotland , the British bank trying to lead a takeover of Dutch rival ABN AMRO, said it expects its UK bad debts to fall in the first half of this year to help it beat forecasts for underlying earnings.
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Net income at the bank fell to $1.69 billion in the third quarter, hurt by write-downs related to difficult credit market conditions.
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S&P 500 and Dow Jones industrial futures slipped on Friday as worries about the impact of the credit squeeze on financial services companies tempered optimism about Google Inc's  solid profit.
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A slowing economy and a fresh batch of financial problems for banks put the major indexes on track for one of their worst yearly starts.
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Fresh writeoffs at big European and  Japanese banks on Wednesday threw the investor spotlight firmly  back onto the credit crunch after days gazing at Societe  Generale's stunning losses, which it blames on a junior trader.
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Bonds of U.S. banks and brokers, among the worst performers last year, should turn around in 2008, helped by interest rate cuts and capital infusions, Bank of America strategists said on Thursday.
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Asian and European stocks fell on Monday while sterling hit a one-year low as concerns over financing for banks grew after UK mortgage lender Northern Rock  tapped the Bank of England for an emergency loan last week.
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Business at the UK's financial services firms is falling at its fastest rate in almost 17 years, warns the CBI.