May 26 news, regulatory documents show that through the use of accounting standards will be acquired by Washington Mutual Inc.'s Bad debts to income, JP Morgan Chase will harvest 29 billion U.S. dollars of windfall.
JP Morgan Chase in September last year to 1.9 billion U.S. dollars acquisition of Washington Mutual Bank, based on the acquisition accounting method, in accordance with the fair value recorded 118.2 billion U.S. dollars, therefore impairment of assets by 25%. However, with the borrower to begin repayment, the loan is expected to generate cash flow after loan impairment charges and the value of differences in accounting can be charged to the income, JP Morgan Chase may have access to 29.1 billion U.S. dollars of pre-tax earnings.
Regulatory documents also show that Wells Fargo Bank, Bank of America and PNC Financial Services Group Inc. Will be the same as taking over Wachovia Wachovia Corp., Countrywide Financial Corp. And National City Corp. And benefit from a similar accounting arrangements will bring a total of 56 billion U.S. dollars of the proceeds.
Faced with the high 25 points in the United States the unemployment rate and rising housing foreclosure rates, banks will be designed to use a standardized accounting provisions of the loan account. Tax consulting firm, president of Robert Willens LLC, the former Lehman Brothers executives, said Robert Willens, through the application of the accounting provisions, the banks will offer mortgages and commercial loans, "the wreckage of" benefit.
May. 26, 2009
Royal Bank of Scotland to the £ 5,000,000 paid executives bonuses
News May 25, according to media reports, the Royal Bank of Scotland recently issued to the four executives close to five million pounds worth of stock bonuses, it is likely to incite the public's acceptance of aid banks pay excessive criticism of the new round.
In accordance with the bonus plan, Royal Bank of Scotland Americas Ellen Alemany operations will be nearly 600 million shares of the bank stocks, based on the closing price last Friday, the stock value of approximately 2.4 million pounds. The other three executives, including head of corporate banking Alan Dickinson, and Chris Sullivan as well as the chief administrative officer Ron Teerlink.
Vice-Chairman of the British Liberal Democrats Vince Cable said the Royal Bank of Scotland is a bonus behavior "completely unjustified, it is absolutely unacceptable."
Earlier this year, Royal Bank of Scotland a few weeks after receiving government assistance, announced plans to staff of nearly one billion pounds prize money, which triggered a political storm. Royal Bank of Scotland in 2008 a loss of as much as 28 billion pounds, are being forced to accept government aid. At present, the British Government to hold the bank more than 70% of the shares.
May. 25, 2009
In accordance with the bonus plan, Royal Bank of Scotland Americas Ellen Alemany operations will be nearly 600 million shares of the bank stocks, based on the closing price last Friday, the stock value of approximately 2.4 million pounds. The other three executives, including head of corporate banking Alan Dickinson, and Chris Sullivan as well as the chief administrative officer Ron Teerlink.
Vice-Chairman of the British Liberal Democrats Vince Cable said the Royal Bank of Scotland is a bonus behavior "completely unjustified, it is absolutely unacceptable."
Earlier this year, Royal Bank of Scotland a few weeks after receiving government assistance, announced plans to staff of nearly one billion pounds prize money, which triggered a political storm. Royal Bank of Scotland in 2008 a loss of as much as 28 billion pounds, are being forced to accept government aid. At present, the British Government to hold the bank more than 70% of the shares.
May. 25, 2009
American Express will be 4,000 job cuts
U.S. credit card giant American Express on the 18th the company announced that 4000 will be further reductions in jobs, accounting for the total number of its global workforce by 6%.
American Express said he hopes the layoffs in 2009 and then save the remainder of the time cost of 800 million U.S. dollars. In October last year, American Express had announced layoffs of 7,000 people in 2009 with a view to saving the cost of 1.8 billion U.S. dollars.
American Express also said that the layoffs will enable the companies included in the second quarter of this year, from 180,000,000 to 250,000,000 U.S. dollars of restructuring costs. In addition to layoffs, the company also plans to reduce investment spending and travel and other operating costs.
American Express Chairman and CEO of Solutia, said Kenneth Tse, although in some areas of the credit card industry has suffered serious losses remain profitable, but the future Yuntong cautious economic outlook, it was decided to implement further restructuring to reduce operating costs.
May. 24, 2009
American Express said he hopes the layoffs in 2009 and then save the remainder of the time cost of 800 million U.S. dollars. In October last year, American Express had announced layoffs of 7,000 people in 2009 with a view to saving the cost of 1.8 billion U.S. dollars.
American Express also said that the layoffs will enable the companies included in the second quarter of this year, from 180,000,000 to 250,000,000 U.S. dollars of restructuring costs. In addition to layoffs, the company also plans to reduce investment spending and travel and other operating costs.
American Express Chairman and CEO of Solutia, said Kenneth Tse, although in some areas of the credit card industry has suffered serious losses remain profitable, but the future Yuntong cautious economic outlook, it was decided to implement further restructuring to reduce operating costs.
May. 24, 2009
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