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latest news & developmentsUBS to slash 5 500 jobs as it sells down subprime
UBS will cut 5 500 jobs in one the biggest purges seen so far in the financial markets crisis, as the Swiss wealth-management titan slashes at the investment bank that plunged it…
UK backs Northern Rock bonds, seeks rescue bids
Britain set a two-week deadline for a private-sector rescue of Northern Rock on Monday, as it confirmed plans to convert its billions of pounds of loans to the stricken bank into…
Virgin team picked for Northern Rock rescue
A consortium led by Richard Branson’s Virgin Group has been picked as the preferred bidder to rescue Northern Rock and plans to repay £11-billion (,6-billion) quickly to the Bank…
Northern Rock may still owe billions by 2010
Shareholders in ailing British bank Northern Rock could be left with nothing and the Bank of England could still be funding the lender in three years. A briefing memorandum sent…