The surviving financial giants of America (the erstwhileWall Street to be precise) are now taking every possible step to keep them guarded
from the spillovers of the on going financial crunch and remain afloat. Bank of America (BoA), the third largest bank of the United States, has already got into the cash saving mode by adapting cost cutting measures. It has laid down plans of slashing up to 35,000 jobs spread over a period three years. The objective is to save a whopping $7 billion and offset the erosion of business inflicted by global economic downturn. However, it has poured cold water on reports of shedding its 19.13% stake in China Construction Bank at a discount of almost 13-17% to raise around $3 billion. The news was enough to have a negative impact on the market standing of the Chinese lender, as its stock prices nose dived by almost four per cent. Thus, the company (BoA) is ready to adopt any method to cut cost but not by selling off stakes.
from the spillovers of the on going financial crunch and remain afloat. Bank of America (BoA), the third largest bank of the United States, has already got into the cash saving mode by adapting cost cutting measures. It has laid down plans of slashing up to 35,000 jobs spread over a period three years. The objective is to save a whopping $7 billion and offset the erosion of business inflicted by global economic downturn. However, it has poured cold water on reports of shedding its 19.13% stake in China Construction Bank at a discount of almost 13-17% to raise around $3 billion. The news was enough to have a negative impact on the market standing of the Chinese lender, as its stock prices nose dived by almost four per cent. Thus, the company (BoA) is ready to adopt any method to cut cost but not by selling off stakes. Read these article :-
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