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European banks get bailouts
United States regional bank Wachovia succumbed to the worldwide credit crisis as authorities rescued a slew of European banks.
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Wall Street expected to plunge
Wall Street was expected to plunge at the opening of trading on Tuesday, extending its huge losses from last week and taking more cues from heavy selling that has spread throughout the world. Indicators showed the Dow Jones industrial average was set to fall by about 500 points when trading begins.
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‘Retirement’ of Merrill chief causes jitters
Merrill Lynch parted company on Tuesdya with its chief executive, Stan O’Neal, leaving the investment bank’s leadership in a state of limbo and prompting unease on Wall Street. After days of speculation, Merrill announced that O’Neal (56) had decided to retire with immediate effect.
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Merrill Lynch chief plans exit strategy
The head of the Wall Street investment bank Merrill Lynch was on Monday night negotiating a severance package tipped to be as high as -million after a risky strategy of betting billions on American mortgage-backed securities came disastrously unstuck.
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Merrill Lynch board weighs fate of CEO
As Merrill Lynch’s board deliberates the fate of chairperson and chief executive Stan O’Neal, a leading contender for the job on Sunday said he is not aware of being a candidate. Meanwhile, Merrill’s board has reached a broad consensus to remove O’Neal as chairperson and CEO, the New York Times reported on Sunday.
