Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Subprime Waves Ripple Across Europe

Crises at German and Norwegian banks underscore exposure to US collapse

By Jim O'Neill, Newser User

Posted Nov 29, 2007 1:59 PM CST

(Newser) – The ripples from the US subprime collapse continue to rock Europe as a group of German banks agreed to bail out troubled IKB Deutsche Industriebank, reeling from additional risk from US bond investments. Meanwhile, four Norwegian municipalities scrambled to recover after they they invested $156... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

There are no comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

Cops Shoot Naked Guy Eating Man's Face on Highway

Japanese Artist Serves Up Own Cooked Genitals

Wall Street Journal (Source Grid »)

Crisis rocks European banks
Knight Ridder

German firms shake off worries
BBC

Money • World

Citigroup • Europe • subprime mortgages • Norway • banking • municipal bonds • IKB Deutsche Industriebank

More Newser Stories

Citigroup to Bail Out Struggling $49B SIVs

Citigroup reverses course; Moody's downgrades its credit rating

(NEWSER) - Citigroup will take over seven subprime-plagued investment funds, with $49 billion in assets, and provide emergency support if necessary, to keep them solvent, the Wall Street Journal reports. The decision yesterday to bail out its affiliated SIVs—structured-investment vehicles—is a reversal of Citi's earlier decision to keep them off its balance sheet, and it led Moody’s to downgrade Citi’s credit rating. More»

Same Missteps Felled 2 Wall Street Stars

Prince, O'Neal gambled they could ride out subprime storm

(NEWSER) - With the CEOs of two financial giants making their exits within a week of each other, the Financial Times looks at the similarities in the undoing of Citigroup's Chuck Prince and Merrill Lynch's Stan O'Neal. Both struggled unsuccessfully to change corporate cultures, making enemies along the way, and both invested heavily in mortgage-related securities. Their key mistake, adds the the New York Times, was siting on them even as they tanked. More»

Citigroup Earnings Plunge 60% on Subprime Woes

Company will be latest victim of market turmoil when it reports

(NEWSER) - Citigroup is the latest big-name victim of the subprime crash, the company announced today, warning of a 60% third-quarter earnings drop. Full earnings will be out Oct. 15, but it appears net income will drop to $2.2 billion from the $5.51 billion reported last year. “Our expected third-quarter results are a clear disappointment,” said CEO Charles Prince. More»

Acrimony, Frail Plan as Euro Talks Adjourn

Analysts unimpressed by plan to bolster banks

(NEWSER) - With the Greek economy in shambles and Italy's teetering, European leaders emerged today from talks on saving the Euro—with little to show for it, the New York Times reports. Their big announcement—a mandate for banks to bolster their reserves—inspired a sigh from analysts, who say the proposed $139 billion reserves aren't enough to create confidence in the banks' creditworthiness and reinstate their access to world money markets. More»

Citibank Reveals Massive Data Breach

Info on hundreds of thousands of customers breached

(NEWSER) - Hackers breached Citibank's systems early last month and may have made off with the personal data of hundreds of thousands of customers, the bank has revealed. The data breach—which Citi admitted after being questioned by the Financial Times —exposed customers' names, account numbers, and contact information. But information like Social Security numbers and card security codes was not compromised, according to the bank. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Subprime Waves Ripple Across Europe

Crises at German and Norwegian banks underscore exposure to US collapse

Citigroup • Europe • subprime mortgages • Norway • banking • municipal bonds • IKB Deutsche Industriebank

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Citigroup to Bail Out Struggling $49B SIVs

Citigroup reverses course; Moody's downgrades its credit rating

Same Missteps Felled 2 Wall Street Stars

Prince, O'Neal gambled they could ride out subprime storm

Citigroup Earnings Plunge 60% on Subprime Woes

Company will be latest victim of market turmoil when it reports

Acrimony, Frail Plan as Euro Talks Adjourn

Analysts unimpressed by plan to bolster banks

Citibank Reveals Massive Data Breach

Info on hundreds of thousands of customers breached

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?