New York - US banking giant Citigroup said Monday in New York that it was cutting some 50,000 jobs from its international workforce after suffering massive losses as a result of the global financial crisis.

The bank was planning to cut costs by 20 per cent, it said Monday.

Hong Kong - Banking giant HSBC axed 450 jobs in Hong Kong Monday because of the impact of the global financial crisis, a government-run radio station reported.

The bank blamed the cuts among the 20,000-strong Hong Kong workforce on the deteriorating global economy and a pessimistic outlook for 2009, according to Radio Television Hong Kong.

Both front and back office staff have been affected by the job cuts, the radio station said.

The apex bank and central government are worried about slowdown in industrial growth following international financial crisis. More monetary steps are expected by RBI in coming days including revision of key interest rates. 

Global consultancy firm Dun and Bradstreet expects that Reserve Bank may cut CRR and Repo rate by 50 basis points to ensure proper money supply in country’s financial system. The central bank had already slashed Repo rate and CRR in its previous policy revision causing some stability in the monetary system.

Tokyo  - Sumitomo Mitsui Financial Group Inc saw its net profit drop 51.2 per cent during the April-September period to 83.28 billion yen (870.74 million dollars) from a year earlier, the banking g

Amsterdam - SNS Reaal has increased its equity capital by 1.25 billion euros (1.57 billion dollars), the Dutch bank and insurance firm announced on Thursday.

Of the total equity increase, 750 million euros originates from the Dutch government, which has purchased securities yielding the Dutch state 8.5 per cent interest on an annual basis.

In addition, the Dutch government acquired the right to appoint two people to SNS Reaal's board. Finally, all SNS managers will give up their bonuses.

Tokyo - Mizuho Financial Group Inc on Thursday announced a plan to increase its capital by issuing preferred subscription securities and establishing a wholly-owned subsidiary company in the Cayman Islands amid the global financial crisis.

The preferred securities, which are not convertible to common shares, would be sold mainly to Japanese insurance companies, the firm said.

Mizuho Financial was expected to issue about 300 billion yen (3.08 billion dollars) in the securities by the end of the year, according to media reports.