Financial Times Summary for Financial Services
Tue 26 Aug 2008
UBS
UBS expects to cut the amount it pays out in salaries and bonuses by about $4bn or one third, this year as it adjusts its finances for a lower headcount and shrinking income from many of its core businesses. The bank, Europe's biggest casualty of the credit crisis, attributed the decline largely to investment banking, one of its core divisions alongside the private banking and asset management, where there has been a sharp fall in business in many areas.
Citigroup
Citigroup moved to simplify its corporate hierarchy by axing a board directorate headed by Robert Rubin and giving the former US treasury secretary the new title of "senior counsellor."
Morgan Stanley
Morgan Stanley will take a seat on Chinatrust Financial's Board as the Taiwanese group's second largest shareholder.
KPMG
The housing downturn is likely to trigger an increase in mergers among building societies as bad debts from mortgages rise and profits fall, according to KPMG.
Continue