Written on July 25, 2011 by Wiley Hayden
July 28, 2011 1:48 PM EDT 
Big Banks Brace for Wave of Layoffs Amidst Market Weakness, Reduced Revenues
Volatile markets, reduced revenues and compromised earnings are prompting a wave of job cuts across the global banking industry.
Big Banks Brace for Wave of Layoffs Amidst Market Weakness, Reduced Revenues
Volatile markets, reduced revenues and compromised earnings are prompting a wave of job cuts across the global banking industry.
Photo:REUTERS/Arko Datta HSBC, Europe’s largest bank, is rumored to be mulling the elimination of 10,000 jobs in order to cut costs by a whopping $3.5-billion. T Read more…
Posted in Financial Consultant | Comment Now!
Written on July 25, 2011 by Cheryl Rankins
An ex-Marine friend recently told me about his father, who served our nation for more than two decades before returning to civilian life. Given the lack of on-base housing during most of his career, my friend’s father earned a small fortune in BAH — or Basic Allowance for Housing, a monthly stipend to cover shelter costs — but never took a step toward purchasing a home.
He’s now spending his golden years in a small apartment financed by his son.
Scores of service members have access to BAH, but a surprising number don’t have a solid understanding of just how powerful it can be. Military members constantly on the move often fail to think of themselves as likely candidates for homeownership.
But these tax-free payments make buying a home and building wealth possible for a deserving demographic that can easily feel left out. The key is ensuring that service members and their families understand the unique tool at their disposal.
The Basic Allowance for Housing is available to qualified service members when government quarters aren’t provided. BAH payment
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Posted in Financial Glossary | Comment Now!
Written on July 25, 2011 by Julia Woodard
The EURUSD is testing the key resistance against the 61.8% of the move down from the May 2011 high. The level comes in at the 1.4519 level. THe high has reached 1.4524. The move above the key technical level should solicit momentum buyers. IF the price move fails, the price trend should reverse on the disappointment. A move below the 1.4508 will help keep the downside pressure on the pair as it represents the most recent high prior to the last leg higher.
Posted in Financial Planning | Comment Now!
Written on July 25, 2011 by Wiley Hayden
Swiss banking giant Credit Suisse may slash up to 2,000 jobs to reduce costs, according to a Swiss newspaper.
The Neue Zuercher Zeitung (NZZ) said the will make such an announcement on Thursday, coinciding with the release of quarterly results.
Another Swiss paper, Handelszeitung, said last month that Credit Suisse was prepared to cut several hundred positions in its investment banking areas, particularly in the U.S.
Posted in Financial Consultant | Comment Now!
Written on July 24, 2011 by Julia Woodard
Following the EU Summit last week, we had a surge in the Euro from euphoria. Several of the steps taken look to be promising, but the agreement will not act as a panacea, and has several problems that need to be dealt with.
If not, then the steps taken can still bring the European financial system stress, especially if Spain or Italy comes under pressure the way we saw in July.
Here are 3 things that could go wrong with the current proposals and which would cause the EUR to fall as a result.
1. Certain Changes to EFSF will need to be Ratified by Parliaments
One of the tools that was most promising, and that markets called for in the Summit was to give the EFSF (European Financial Stability Facility) the power to buy periphery bonds in the secondary market.
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Posted in Financial Planning | Comment Now!