Banks told to clear local cheques by next day
Reserve Bank of India has some good news for Indian banking customers.
RBI has directed the banks to clear local cheques deposited with them on the same day or at worse the next day.
This decision was taken after receiving tons of complaints from customers related to delayed clearances [...]

UBS to cut more jobs to stay alive
UBS has posted a first-quarter loss and the bank has announced that they are cutting more jobs to stay alive in these tough times.
UBS would be cutting another 11 percent of staff. Chief Executive Oswald Gruebel said that the bank would post a first-quarter loss of nearly [...]

ICICI Bank might outsource ATM division
ICICI Bank is said to be considering hiving off its ATM division into a separate entity.
The company currently has a network of 1,416 branches along with more than 4,600 ATM outlets.
A company representative spoke about the reports in the media about these developments: “We evaluate various options [...]

UBS announces a job cut
UBS has become the latest banking giant to announce a job cut to cut costs and enhance savings.
UBS has announced that they will slash over 2,000 jobs in its investment banking division.
The company is however unlikely to cut many jobs in their Indian operations.
UBS has posted a massive $6.9 [...]

Bank of America completes purchase of Merrill Lynch
Bank of America has announced that they have now completed their acquisition of Merrill Lynch.
The deal has now created the largest U.S. Bank.
Bank of America now has about $2.7 trillion of assets which makes it larger than both JPMorgan Chase and Citigroup.
Bank of America also gets access [...]

Merrill Lynch Vice Chairman Jeffrey Edwards leaving the company
News media company Bloomberg has reported that Merrill Lynch Vice Chairman Jeffrey Edwards will leave the bank in January.
The report cited information from an internal memo that is being circulated by the bank.
The memo has President Greg Fleming announcing that he is leaving the bank next [...]

Chanda Kochhar could become CEO of ICICI Bank next year
Chanda Kochhar could become the new CEO of ICICI Bank next year when KV Kamath retires from his current position.
Kamath would then become the non-executive chairman. He would replace N Vaghul would retire from the company.
Shikha Sharma is said to be another potential candidate though [...]

Citigroup to cut more than 52,000 jobs
Citigroup has announced a major job cut in their operations. The company is going to cut more than 52,000 jobs in the coming months.
The financial institution is aiming to reduce expenses by 20 per cent in 2009.
The company added that they are aiming to reduce the total head count [...]

American Express can operate as a commercial bank
American Express has now received permissions from the Federal Reserve to operate as a commercial bank.
They received a special waiving off of the 30-day waiting period which was required for the approval.
Goldman Sachs Group Inc. and Morgan Stanley have already received similar permissions to operate as banks in [...]

UBS set to cut more jobs
UBS has announced that they are now planning to cut more jobs as part of their restructuring process.
The Europe based bank is hit hard by the credit crisis and they are now going to cut 2,000 more jobs from its investment banking unit.
The aim is to cut costs and [...]