Banking Sector

UBS to cut 8,700 jobs after announcing more losses

UBS Zurich - The Swiss banking giant UBS said Wednesday it will take a first quarter loss of almost 2 billion Swiss francs (1.7 billion dollars) and will cut 8,700 jobs worldwide by 2010. "Unfortunately I am not able, as yet, to offer you any good news," Oswald Grubel, Chief Executive Officer of the UBS Group was expected to tell shareholders later at an annual meeting. He took over his role in February this year.

Most of the new losses were in further writedowns and cash outflows in its wealth management divisions.

Buy SBI, Target Rs 1265: Nirmal Bang

Buy SBI, Target Rs 1265: Nirmal BangNirmal Bang Research is bullish on State Bank of India (SBI) and maintained ‘Buy’ rating on the stock to achieve a target of Rs 1265.

Traders can buy the stock on dips with a stop loss of Rs 1240.

Shares of the company, on Monday (April 13), closed at Rs 1217.90 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 130.14 and 9.51 respectively. The share price has seen a 52-week high of Rs 1840 and a low of Rs 894 on BSE.

Allahabad Bank Launches Gold Coins; Eyes Over 20% Growth In 2009-10

Allahabad Bank Launches Gold Coins; Eyes Over 20% Growth In 2009-10On the eve of entering its 145th year of service, Kolkata-based Allahabad Bank, has made announcement about the retail selling of gold coins publicly.

The public sector lender said that it will shortly launch the scheme in other areas.

While speaking to media persons, Mr. KR Kamath, Allahabad Bank Chairman & Managing Director, stated that at first, the coins will be available in denominations of four (4), eight (8) and ten (10) grams in select core banking solutions branches of the bank.

SBI extends its ‘Home-cum-Auto loan Offer’ till September 2009

SBI extends its ‘Home-cum-Auto loan Offer’ till September 2009In a latest development, State Bank of India, the country’s largest lender, has decided to extend the special offer for auto and home loans by five months till September, this year.

According to banking officials, the move was taken to benefit those peoples, who felt the April deadline was insufficient for availing of the scheme.

Goldman Sachs to sell 5 billion dollars in new shares

Goldman Sachs to sell 5 billion dollars in new sharesNew York - US investment bank Goldman Sachs said Tuesday it would raise 5 billion dollars in new capital through the offering of 40.6 million new shares of stock. The funds would be used to repay part of the 10 billion dollars in government loans the firm received in October.

Goldman Sachs surprised analysts with quarterly profits announced late Monday that rose 13 per cent to 1.7 billion dollars in the first quarter despite the global financial crisis. Other major banks and investment firms are to report quarterly earnings in the coming days.

Bank of Rajasthan signs ‘Partnership Deal’ with DBS Cholamandalam

Bank of Rajasthan signs ‘Partnership Deal’ with DBS CholamandalamBank of Rajasthan, one of the oldest, fastest growing, technology driven and customer friendly private sector bank, has informed that it has tied up an alliance with DBS Cholamandalam Asset Management Ltd, to qualitatively enhance its reach in the category of mutual fund investors across the country.

According to a senior official, the tie-up is intended to fulfill the investment needs of Bank of Rajasthan customers, by helping them to reach their financial goals.