Word: hsbc
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...star have fizzled. Given the role played by arcane financial engineering in triggering the current crisis--the troubles at AIG, for example, stem largely from its freewheeling London financial-products division--the future looks especially bleak for people working in structured finance and complex derivatives. No surprise, then, that HSBC, Citigroup, Credit Suisse and others have started cutting staff...
...star have fizzled. Given the role played by arcane financial engineering in triggering the current crisis - the troubles at AIG, for example, stem largely from its freewheeling London financial-products division - the future looks especially bleak for people working in structured finance and complex derivatives. No surprise, then, that HSBC, Citigroup, Credit Suisse and others have started cutting staff...
...predicting a wave of bad debts will crash the Indian financial system and economy. That's because commerce on the subcontinent still runs mostly on cash. Dheeraj Dikshit, the head of consumer assets in India for U.K.-based bank HSBC, reckons that credit cards are used for only about 2% of all retail transactions. But cash-strapped consumers will still hurt economic growth. Many spend half their salary on car and house payments and will be forced to cut discretionary spending. Some sectors are already getting hurt. New car sales - 80% of which are financed - are slowing. Tata Motors reported...
...large-scale efforts to connect the continent are picking up speed. On Sept. 9, O3b Networks - a Channel Islands-based telco backed by Google, HSBC and U.S. cable-TV operator Liberty Global - unveiled plans to offer cheap, high-speed Internet access via satellite to developing regions like Africa by the end of 2010. It's not the only ambitious scheme to bring the continent online. In recent months, work has begun on initiatives to connect countries in eastern and southern Africa - the only major populated regions not hooked up to the global broadband network of fiber-optic cables - to each...
...competition for business in the City weren't fierce enough, the financial quarter has a rival on its own doorstep. Canary Wharf, the financial district that has grown out of abandoned docklands to the east of the City in recent years, is already home to Citigroup, HSBC and Bank of America. And on Aug. 1, JPMorgan ditched plans to build its European headquarters in the City in favor of a development across town in Canary Wharf. (Rivals Goldman Sachs and Merrill Lynch remain in the City, though...