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Goldman Sachs eyes major cuts: report

Goldman Sachs is mulling drastic spending cuts as it braces for what could be one of its worst quarterly reports since it went public more than a decade ago, the New York Times reported Tuesday. After Goldman set out this summer to cut costs by $1.2 billion by mid-2012, including…

Facebook doubles first-half revenue

SAN FRANCISCO (Reuters) – Facebook’s revenue doubled to $1.6 billion in 2011′s first half, a source with knowledge of its financials told Reuters, underscoring its appeal to advertisers while it grapples with intensifying competition from the likes of Google Inc. Net income in the first half of 2011 came to…

U.S. government to sue major banks over mortgages: report

The United States plans to file lawsuits against more than a dozen big banks over mortgage-backed securities seen to have fueled the 2008 economic crisis, the New York Times said. The lawsuits are set to be filed Friday or early next week against Bank of America, JP Morgan Chase, Goldman…

Goldman Sachs to be fined over mortgage practices

NEW YORK — Goldman Sachs has agreed to pay a fine and reform some controversial mortgage practices that sparked the “robo-signing” scandal, the US Federal Reserve said on Thursday. The Fed’s announcement did not reveal the size of the fine, which stemmed from foreclosures carried out in 2009 and 2010…

Goldman CEO retains lawyer; shares slump

US banking giant Goldman Sachs said Monday its top executive Lloyd Blankfein had retained a private lawyer in connection with a US Senate investigation into the mortgage meltdown and the global financial crisis. The company said the chief executive and chairman had his own lawyer to deal with the possibility…

Economists: Threat of recession rising

WASHINGTON — The threat of a new recession is rising in the United States, economists say, as they slash their growth forecasts for the second half of the year. Slowing global expansion, the plunge in US stock markets after Standard & Poor’s cut the country’s credit rating, and political pressure…

Goldman says QE3 likely after Fed statement

SINGAPORE (Reuters) – Goldman Sachs said on Wednesday a third round of quantitative easing from the Federal Reserve is likely after the U.S. Federal Reserve promised to keep rates at extraordinarily low levels for at least two more years. “We now see a greater-than-even chance that the FOMC will resume…

Fed vows low rates for two more years

The Federal Reserve pledged Tuesday to hold interest rates near zero for two more years and said it was mulling the tools it has to boost a slowing economy. Meeting as worries grew of a new recession, the Fed’s policy board said growth so far this year had been “considerably…

Bankers warn Obama, Congress of ‘very grave’ threat if debt limit not extended

The heads of Wall Street’s top banks on Thursday urged President Barack Obama and Congress to reach a deal on the debt ceiling, warning of “very grave” dangers if agreement is not reached. “We strongly urge you to reach an agreement this week,” the chief executives of Bank of America, Citigroup, Goldman Sachs,JPMorgan…

Regulators looking at ways to cap big banks: source

LONDON (Reuters) – Global banking regulators are discussing how to use extra capital cushions as a means of stopping very big lenders getting even larger, a source familiar with the talks said on Friday. World leaders have asked the Basel Committee on Banking Supervision to flesh out a package of…

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