Word: bankes
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Among the top-tier performers are also, perhaps surprisingly, a number of banks. While it's true that plenty of finance firms have been absolutely clobbered - worst of all, nationalized housing giants Fannie Mae (down 98%, to $0.70) and Freddie Mac (down 98%, to $0.74); insurers AIG (down 97%, to $1.80) and Ambac (down 95%, to $1.38); and brokerage MF Global (down 94%, to $1.96) - operators of smaller, community banks that ostensibly didn't get caught up in so much mortgage-related fancy footwork have often thrived. Among them: Capitol Federal Financial in Kansas (up 41%, to $43.65), Tompkins Financial...
...Crimson expressed concern that the hiring freeze on all FAS staff posts announced three weeks ago was an administrative effort to resuscitate the endowment that did not fully consider the impact on staff. “To me, this place always had the feel of an investment bank as opposed to an institution of higher education,” said Robert E. Holt, a lab administrator for the chemistry department. “The rub is that when times turn bad, we’re the first people targeted.” Since the freeze, the number of open...
...Excluding this scenario, the Canadian economy is expected to shrink 1.6% in the fourth quarter, on an annualized basis, followed by two consecutive quarters of decline, according to TD Bank Financial Group. After that conditions are expected to improve, but "it's going to be a shallow recovery," says economist Beata Caranci with TD Bank. She expects a contraction of 1.4% for all of 2009, followed by growth...
...Meanwhile Canada's major banks, which reported results for fiscal 2008 this month, continue to struggle with write-downs as a result of exposure to U.S. credit and equity markets. CIBC reported a loss of C$2.1 billion on the year, against net income of C$3.3 billion in 2007. The country's fifth-biggest bank blamed write downs to its U.S. subprime portfolio for the huge loss...
Hayward said that Bank of America was the initial favorite, but that the bank is not installing new ATMs due to the financial crisis...