Bank of America general counsel was 'not registered' to practise
Beseiged Bank of America is in further hot water after it emerged the man Ken Lewis chose to act as the bank's general counsel in the month it completed its controversial acquisition of Merrill...
Only radical thinking can fix the banks
Telegraph View: When it comes to breaking up RBS and Lloyds the devil will be in the detail
Policy must focus on a continuing positive rate of money growth
How the Bank came to get things so wrong about the crash
The Bank's credibility and authority have been greatly undermined by the events of the past two years writes Jeremy Warner
Aberdeen's funds under management fall £2.4bn
Aberdeen Asset Management has suffered a further £2.4bn fall in the value of funds under management excluding the boost to its portfolio from its £360m purchase late last year of Credit Suisse ...
Critics says finance white paper proposals threaten economy
City critics have claimed that the finance white paper poses a further threat to the economy by undermining Britain's competitive position and giving banks extra incentive to cut lending levels.
Tories pledge to abolish tripartite model of City regulation
The Conservative party has vowed to dismantle the tripartite system of financial regulation shutting down the Financial Services Authority and handing back the power to oversee banks to the Ban...
FSA calls for single European financial regulator
Lord Turner said national watchdogs would retain independence but be supervised.
Apax writes down investment in Emap business to zero
Private equity group Apax has written off its investment in Emap the business magazine publisher that it jointly owns with Guardian Media Group GMG.
We're still waiting for a banking shakeup
So far the punishment meted out to the banking sector does not fit the crime suggests Edmund Conway.
ExBT boss Ben Verwaayen in firing line over losses
Former chief executive's relaxed managerial style has been partly blamed for problems at Global Services as units had too much autonomy
Elderly turn to wartime thriftiness during recession says Age Concern
Seven out of 10 people from the older generation are turning to wartime thriftiness to make their money go further during the recession according to research.
Why Iraq deserves membership of the WTO
A highprofile Iraqi delegation visited London last week to make the case for investing in the country. Mike Pullen explains what is at stake for the country's future.
Lloyds chief in line for £4m share award
Eric Daniels who waived his cash bonus in the light of the plunge in his bank's share price could still make £4m.
Interview: Vince Cable Britain's best loved politician
Mary Riddell talks to the respected Liberal Democrat considered to be the best Chancellor Labour never had.
London's empty office space tops 10m sq ft
More than 10m sq ft of office space now lies empty in London's financial district as the recession bites.
Goldman considers share sale
Goldman Sachs is considering a multibillion dollar share issue to fund the repayment of its 10bn US government loan.
Markets shudder as inflation rears head
Money markets were rocked on Tuesday after inflation rose to City forecasters' surprise and the Bank of England indicated that it may reconsider its plan to pump extra cash into the economy.
HSBC says taking state funding is "unthinkable"
HSBC is very well capitalised and will not need a Government bailout the bank's finance director has said.
Business minister says it's not Government's job to ensure businesses survive
The Government's role during the recession is not to "ensure that businesses survive" a business minister Lord Carter has admitted.
GM warns of bankruptcy impact
UKFI seals bonus deal
Lloyds Banking Group is to pay out about £80m in cash bonuses to staff under an agreement with UK Financial Investments UKFI the Treasury body which is poised to become its majority shareholder.
Lehman Brothers: from investment banker to Italian food supplier
Natasha Rogoff 31 lost her job at Lehman Brothers in September now sells Italian food and produce at Farmers Markets throughout London.
BMW announces 850 job losses at Mini car plant
Union warns "tens of thousands" more British motor industry jobs at risk as BMW cuts 850 staff in Cowley.
Sir James Crosby to fight claims he ignored warnings at crisishit HBOS
Sir James Crosby the former chief executive of HBOS last night vowed to defend himself against accusations that he ignored warnings about risky lending practices at the crisishit bank.
John McFall is the perfect scourge of fallen UK bankers
Smaller than you would expect and looking grey and exhausted John McFall MP doesn't much look like the nemesis of failed bankers.
Army major kills himself over Bernard Madoff fraud debts
An army major killed himself after losing hundreds of thousands of pounds in the alleged investment scam headed by Bernard Madoff.
Treasury committee MPs miss chance to grill bankers in detail about their role in crisis
John Mann Labour MP for Bassetlaw Nottinghamshire spoke more in sadness than in anger.
Toxic debt scheme may cost UK banks £16bn in fees
Britain's stricken banks may have to pay £12bn£16bn in upfront fees to participate in the Treasury's toxic debt insurance scheme.
Gloom deepens as thousands more jobs go
THE UK economy suffered another gloomy day yesterday with thousands of job cuts announced across varying sectors.
UK Recession: Timeline of how the British economy has been hit
The current economic crisis which is set to plunge the UK officially into recession has revealed shaky foundations in banking institutions that once seemed invincible.
Cost of personal loans rises amid concerns about borrowers defaulting on loans
The cost of personal loans has risen sharply since the beginning of the credit crisis amid concerns about borrowers defaulting on their repayments research reveals.
Fred Goodwin and HBOS' Andy Hornby summoned in Holyrood inquiry
The bosses who led Scotland's two greatest banks to the brink of bankruptcy will be summoned before a Holyrood inquiry to explain their actions.
Bank bailout plan announced by Alistair Darling
Chancellor admits he has no how much measures will cost but insists the latest rescue package is essential to prevent a collapse in the economy.
Barclays Jaguar Land Rover and Zavvi: almost 3000 job losses
Barclays Jaguar Land Rover and Zavvi have announced almost 3000 combined job losses in the UK within hours of the Government unveiling a multibillion pound small firms rescue package.
Northern Rock shareholders demonstrate over government compensation
Northern Rock shareholders have taken part in demonstrations ahead of today's court hearing into levels of Government compensation.
Tories regain doubledigit lead over Labour
The Conservatives have regained their doubledigit lead over Labour after Gordon Brown's bounce during the financial crisis stalled according to a new poll.
House price decline 'makes moving from bottom of property ladder easier'
Falling house prices have made it easier to trade up from the very bottom of the property ladder than at any point in the past five years figures suggest.
Inchcape eyes fundraising as car market worsens
The car dealership Inchcape is considering a significant fundraising amid the steepest sales downturn in recent history.
The end of the world? No just madness
The economic upheavals of 2008 did not bring financial armageddon but don't expect any respite next year says Martin Vander Weyer.
Morgan fashion chain latest retailer to collapse into administration
Morgan the French fashion chain has become the latest victim of the crisis on the high street collapsing into administration.
CBI chief begs 'don't axe jobs'
Employers should try to safeguard jobs and be prepared for deeper government intervention as more businesses are bailed out the head of the CBI has said.
Busiest Boxing Day is unlikely to save High Street slump
High street stores saw a stampede of shoppers as millions took advantage of unprecedented price cuts in what retailers described as the busiest Boxing Day sales in memory.
Lehman UK subprime book about to go in knockdown sale
Lehman Brothers' UK administrators are close to selling a £900m portfolio of subprime mortgages for a price of about 50p in the pound.
Tesco goes halfprice on 1000 product lines in preChristmas sale
Tesco is cutting prices in half on 1000 product lines this weekend in what will be the biggest preChristmas sale seen this year.
Chancellor Alistair Darling considers new guarantees to get banks lending
The Treasury is considering a range of new guarantees to get banks lending.
My new rule for recessions: don't bank on public understanding
Even in times like these when the only adjectives that seem to be appropriate are "transformational" "seismic" or "unprecedented" a week that saw a Queen's speech followed by the Bank of Englan...
Sir Terry's bleak assessment shows the mess we're in
Sir Terry Leahy has always been one of retail's more subtle chief executives. The understated Liverpudlian has always shunned bombast big statements and weighty rhetoric in favour of quietly d...
New prison has en suite cells and flatscreen televisions
Inmates at a new maximumsecurity prison are to have ensuite cells with flatscreen televisions.
Jobs go at Aston Martin and HSBC
Hundreds of job losses have been announced by Aston Martin and HSBC as the gloom engulfing the banking and motor industries hit some of its highest profile companies.
Repossession promise by RBS is 'PR stunt' say mortgage experts
Royal Bank of Scotland has been accused of orchestrating a "PR stunt" after announcing it would give struggling mortgage customers' more breathing space in a move that experts warn will make little...
New Star in emergency talk with its bankers
New Star one of the country's most popular fund managers with about half a million customers is in emergency talks with bankers after its shares plunged.
Car manufacturers ask for Government help through downturn
Car manufacturers have asked the Government for urgent help through the economic downturn to stop the industry collapsing.
PreBudget report: 'Economy will recover from recession by mid2009'
The economy will bounce back quickly from recession and start growing again in the second half of 2009 according to Chancellor Alastair Darling.
PreBudget report: Alistair Darling announces £20bn of tax cuts
Alistair Darling has announced a £20 billion package of tax cuts designed to boost the British economy in his preBudget report balancing them with tax increases for middle and higher earners.
Citigroup's overambition haunts bank as music stops
The tale of Citigroup is really the tale of one man Sandy Weill - a Brooklynborn stockbroker with ambition writes Philip Aldrick.
Number of people facing bankruptcy hits 20000 Ministry of Justice figures show
An increasing number of people are facing bankruptcy as levels reach the second highest since 1995.
Gordon Brown: World leaders must cut taxes
Gordon Brown last night called for "urgent" action from world leaders to follow Britain by bringing in tax cuts to stimulate their crisishit economies.
JCB swings axe despite staff compromise
JCB is to lay off 398 staff despite efforts to stave off further redundancies following a landmark agreement with employees last month that saved hundreds of jobs.
Germany declares official recession
Germany has become the first of the G7 powers to declare an official recession. It will almost certainly be followed by France and Italy as growth collapses across the eurozone.
Nationwide calls for riskier banks to pay more towards financial compensation schemes
Building society Nationwide has called for riskier banks to contribute a greater share to the Financial Services Compensation Scheme as its halfyear pretax profit dropped 18pc in "extreme market co...
Gordon Brown hints at tax cuts
Prime Minister says fuel food and mortgage costs will fall in coming months as he hints at tax cut package.
China's bailout package hailed as a 'New Deal' for its people
A 4 trillion yuan £373bn package to counter the financial crisis electrified Asian markets and sends a strong signal of intent.
Financial crisis: Which country will take the subprime prize?
The financial crisis first hit subprime mortgages then it was 'safe' mortgages. Now it's whole countries writes Roger Bootle.
Giles Thorley determined to remain spirited
Enjoying a pint down the local is a bastion of consumer Britain says Punch chief executive Giles Thorley. But how can a sector in which five businesses shut down a day call time on the credit c...
Barack Obama's dress rehearsal for power
Barack Obama the Presidentelect is under pressure to pick a top team to tackle the economic crisis.
Shares in 3i crash as private equity group falls into the red
Private equity group 3i crashed to a £140m halfyear loss and recorded its first drop in asset value for five years.
Banks pass on rates cut in full to small business borrowers
Small business groups praised the Bank's "generous" interest rate cut which is worth up to £750m to firms with borrowings.
Interest rates: More than a dozen high paying fixedrate bonds have been withdrawn
More than dozen fixedrate savings bonds have been taken off the market following the rate cut.
Abbey withdraws tracker mortgages for those with a deposit of less than 25 per cent
Home buyers with less than 25 per cent deposit will no longer be able to get a tracker mortgage from high street lender Abbey.
Paris office complex seeks bankruptcy protection
The owner of Coeur Défense Europe's largest office complex is in difficulties after the collapse of its majority shareholder Lehman Brothers.
Shoppers flock to cash back websites
More than one and half million shoppers have flocked to cash back websites in the last two months in an attempt to save money on their shopping.
Thousands of shoppers defy credit crunch to visit Westfield shopping centre
Tens of thousands of shoppers defied the economic crisis to visit Westfield shopping centre as the £1.7 billion mall opened its doors for the first time.
Financial crisis: IMF agrees to 25.1bn rescue deal for Hungary
IMF EU and World Bank agree to a 25.1 billion rescue package for Hungary to help it cope with the global financial crisis.
Iceland raises rates to 18pc as part of IMF's £1bn rescue
The International Monetary Fund has forced Iceland to raise interest rates to 18pc under the terms of its £1bn rescue deal as the country battles rampant inflation and a collapsing currency.
Russia begins to refuse credit cards in worsening global financial crisis
Russian businesses have begun to refuse credit cards as the global financial crisis worsens.
US faces deflation to compound its misery
One of Wall Street's leading economists has warned that North America faces a period of significant deflation next year.
World markets fell sharply on growing fears of a global recession
World markets fell sharply on growing fears of a global recession pushed lower by dismal results from a barrage of American companies and volatile trading in emerging economies.
Northern Rock staff could get bumper bonuses paid for by taxpayer
Northern Rock staff could earn an extra 60 per cent of their annual salary in bonuses paid for by the taxpayer the bank has said.
Crisis mounts in East Europe after shock 3pc rate rise by Hungary.
Hungary has raised interest rates by three percentage points to 11.5pc in a drastic move to stop the collapse of its currency peg against the euro raising fears of a crunch across East Europe.
Pound suffers biggest fall since Black Wednesday
The pound suffered its biggest fall since the aftermath of Black Wednesday in 1992 after the Prime Minister and Governor of the Bank of England warned that the UK is entering a recession.
London 2012 Olympic village funding alert
The banking crisis has forced extension of deadline for negotiations over funding for troubled Olympic village.
Banks face prefunding savings guarantee
The Government has given its clearest indication yet that banks will have to prefund the country's deposit protection scheme for savers once the financial crisis is over.
Iceland to unveil IMFled rescue package
Iceland is reported to be ready to announce a 6bn £3.5bn International Monetary Fundled rescue package to steady its economy following the collapse of the banking system.
Financial crisis: 'iPod generation' most at risk from credit crunch as one in five has £10k debts
Young people in Britain the socalled the 'iPod generation' will suffer most from the current economic crisis according to a new report as they have run up unprecedented levels of debt while p...
How to cope with negative equity
More than 300000 homes are now in negative equity.
Financial crisis Future of Britain's biggest food firm Premier Foods in doubt
The future of Britain's biggest food company has been thrown into doubt after it was forced to reassure the stock market about its financial health.
Financial crisis savers in Guernsey warned they will lose out
Savers in a Guernsey subsidiary of a failed Icelandic bank have been warned they will only get a third of their money back.
GM and Chrysler talks step up a gear
Merger talks between car manufacturers General Motors and Chrysler seem to be intensifying as a result of pressure from lenders on both sides.
Britain faces deflation for first time since 1960
Britain will slump into deflation next year for the first time in half a century experts have warned.
Financial crisis Sales of holiday homes in France plummet
The number of Britons purchasing property in France's Dordogne has halved amid the financial crisis.
Coffee sales rise amid economic downturn
New chain coffee shops are opening up at a rate of 10 a week as Britons turn to coffee to relieve their financial woes new research shows.
Thousands of workers protest after Chinese toy factory goes bust
Around 2000 workers have taken to the streets in south China to protest at the sudden closure of a major toymaker.
US consumer confidence crashes most on record
Confidence among US consumers fell by the most on record in October raising the risk that spending will slump as job losses mount and financial markets crash.
Iceland guarantees all international money transfers
Iceland'scentral bank has offered to guarantee all international money transfers to the country while blaming the British authorities for causing the biggest problems in the system.
Financial crisis Public spending will not be cut says Gordon Brown
Spending on big projects and public services will not be cut back as a result of the credit crisis and multibillion pound banking bail out Gordon Brown has insisted.
Financial crisis Gordon Brown rules out cuts in spending plans
Spending on big projects and services will not be cut back as a result of the credit crisis and multibillion pound banking bail out Gordon Brown has insisted.
Unemployment rise leaves Salmond's local income tax with £1billion shortfall
Scotland's impending recession has left a financial black hole of almost a billion pounds in Alex Salmond's plans to introduce a local income tax it was claimed on Thursday.
Germany refuses to bail out carmakers
Germany's giant and ailing car industry can expect little relief from the government according to Finance Minister Peer Steinbrueck.
Oil down 50pc from July high
Oil prices fell for a third day on growing evidence of a global slowdown with a barrel of Brent crude down more than 50pc on its July peak of 147.
Financial crisis Oxford University and Audit Commission fall victim to banks
Oxford University and the Government's spending watchdog the Audit Commission appear to be the latest highprofile victims of Iceland's failing banks.
Markets plunge on recession fears
Dow Jones and Standard ? Poor's slump almost 10pc as global recession fears leave investors' nerves shattered from Wall Street to Shanghai.
Bank of England moves to reform money markets
The Bank of England will publish a consultation paper on money market reform on Thursday in the latest move to ease the crisis which has rocked the sector in recent weeks.
China fears send mining stocks tumbling
Kazakhmys Xstrata and AngloAmerican led a tumble in mining shares in London on fears that a global recession will end the bull market in commodities.
ECB president JeanClaude Trichet urges return to Bretton Woods discipline
European Central Bank President JeanClaude Trichet said officials reshaping the world's financial system should try to return to the "discipline'' that governed markets in the decades after Sec...
UK banks ready to kiss goodbye to the gentle regulation
Mervyn King the Bank of England's schoolmasterly Governor has long expressed sympathy for "staid boring unprofitable institutions" most recently at the Commons in April this year.
Northern Rock directors and auditors escape legal action
Northern Rock is dropping a potential legal claim against its former chief executive Adam Applegarth and other directors saying there are "insufficient grounds to proceed".
Banking bailout France unveils €360bn package
France has followed Britain's lead in the financial crisis by unveiling a €360bn £283bn plan to bail out the country's banks.
Alex Salmond says independence hopes still alive despite banking crisis
Alex Salmond has insisted that his economic case for independence has not been shattered despite Gordon Brown's nationalisation of Scotland's two largest banks.
Nick Leeson has some lessons for this collapse
Disgraced Barings Bank trader Nick Leeson has some words of wisdom on the current financial crisis.
Financial crisis Kaupthing chief blames Icelandic government for financial meltdown
The chairman of Kaupthing blamed the Icelandic government for ruining the island's entire financial system after his bank became the third to be nationalised in three days.
House price falls hit new record rate reports Halifax
House prices have seen the biggest fall ever recorded over the past year wiping more than £26000 from the value of the average home Britain's biggest mortgage lender reports.
Barclays bankers enjoy £500000 corporate trip amid bank bailout
Bankers at Barclays have defied the worldwide financial meltdown by flying to Italy for a £500000 threeday corporate trip to a fivestar hotel on Lake Como.
RBS board remains intact but heat is on
Stephen Hester and Sir Philip Hampton stayed silent on a report that they have been lined up to become chief executive and chairman respectively at Royal Bank of Scotland RBS.
Financial crisis Stock market turmoil takes toll on Scottish economy
The stock market turmoil has taken a considerable toll on the Scottish economy reducing two of the country's biggest financial institutions almost to their knees and undermining Alex Salmond's case...
FTSE 100 jumps after surprise rate cut
The FTSE 100 edged into positive territory after the BoE ECB and US Fed cut interest rates by half a point.
Blow to investors as dividend payments suspended
Millions of investors and members of pension funds rely on bank share dividends and the suspension of these will come as a blow.
Financial crisis Iceland nationalises bank and seeks Russian loan
The Icelandic government has seized the country's secondlargest bank and pleaded with Russia to hand it a £3bn lifeline loan in order to stave off "national bankruptcy".
HBOS takeover could be at risk as shares fall 40 per cent
A fall in shares in HBOS has raised new fears about the deal Gordon Brown brokered to save the mortgage lender from collapse.
Icesave It is the smaller saver who stands to lose the most
It was the day that ordinary British savers saw their hardearned cash disappear into the black hole created by the ongoing financial crisis.
Financial crisis The rise and fall of the Royal Bank of Scotland
Having broken through the £10 billion profit barrier for the first time last autumn the awesome rise of Royal Bank of Scotland was apparently sealed when it secured the biggest banking takeover in ...
Financial crisis German minister warns of farRight rise
Adolf Hitler's rise to power on the back of the 1930s Great Depression is a warning to Germans against dangerous political repercussions spinning out from today's financial crisis Germany's interio...
Iceland in talks to get €4bn loan from Russia
Iceland has turned to Russia for a 4bn euro loan £3.1bn from Russia as the global financial crisis engulfs the country.
Asian markets Australian interest rate cut provides some relief
Asian stock markets fell following steep declines in Europe and on Wall Street but were given some relief as Australia slashed interest rates.
Financial Crisis Stock markets braced for more economic turmoil
Stock markets braced for further upset after shares tumbled across the world with Japan's Nikkei 225 falling by up to 5.3pc.
Financial crisis Alistair Darling should copy Warren Buffett
If the markets continue to plummet after the Paulson plan comes into force the Chancellor needs a new says Howard Davies
Gordon Brown says Government ready to stop 'irresponsible risktaking' by banks
Gordon Brown has warned that the Government is ready to take action to prevent "irresponsible risktaking" by banks and other financial institutions.
Financial crisis Iceland's dreams go up in smoke
Only last November Iceland's status as one of the West's success stories was confirmed when it was judged the world's best place to live.
German government takes action as financial crisis deepens
The German government has agreed on a €50bn £39bn package for commercial property lender Hypo Real Estate Holding after an earlier bailout failed.
Financial crisis Germany agrees 50bn euro rescue package for major financier
Germany has agreed a 50bn euro £39.8bn rescue deal for one of its largest financial institutions.
Scope cuts jobs as credit crunch starts to hit charities
The charity Scope is making five managers and dozens of backoffice staff redundant as the financial crisis starts to hit its investments and donations.
Services PMI October rate cut more likely after weakerthanexpected data
Britain's dominant services sector shrank at its fastest rate for more than 12 years last month raising expectations of a rate cut next week and stoking fears about the economy.
M?S boss calls for interest rate cut as sales slump 6 per cent
The executive chairman of Marks ? Spencer called for an interest rate cut to get customers spending again after the retailer announced a slump in sales.
Financial Crisis The options for a bailout of Britain's banks
Gordon Brown could not have been much clearer in his indication that a lifeboat is being readied for Britain's banks.
Financial crisis Call for all savers' deposits to be guaranteed to end 'panic'
Panicked savers are moving billions of pounds from high street banks into accounts that guarantee their deposits.
Wall Street falls ahead of Senate bailout vote
Dow Jones opens lower as investors remained cautious ahead of a US Senate vote on the controversial financial rescue plan.
Financial crisis French may copy Irish deposit guarantee
France is reported to be considering plans to guarantee all national bank deposits after a similar controversial move by Ireland yesterday gained traction across Europe.
The hottest savings deals
High rates on savings accounts shine brightly amongst the gloom.
State may guarantee £2000bn UK deposits
The Government is believed to be considering a state guarantee for Britain's £2053bn of bank deposits to stave off another banking collapse.
US economy 700 billion Wall Street bailout rejected on Meltdown Monday 2
The 700 billion bailout to save the global financial system from potential collapse has been rejected by US politicians.
Financial crisis Congress sends Paulson back to drawing board as markets bleed
The US government was on Monday night forced to go back to the drawing board to restore confidence in financial markets.
Financial crisis Motorists ditch school run as credit crunch hits
The school run has become the latest casualty of the credit crisis according to a survey.
Financial crisis Bradford ? Bingley nationalised
Bradford ? Bingley the UK's biggest buytolet mortgage lender has become the latest victim of the deepening financial crisis.
Financial crisis Bradford ? Bingley nationalisation marks end of experiment
The imminent disappearance of Bradford ? Bingley from the High Street marks the end of the bold experiment which saw a raft of former building societies compete as banks.
Financial crisis Summit on 700bn Wall Street bailout falls apart
George W Bush's 700 billion deal to save the global economy from meltdown is hanging in the balance after a bitter summit with John McCain and Barack Obama fell apart.
Financial Crisis US will lose superpower status claims German minister
German finance minister slams greedy AngloAmerican capitalism in outburst and predicts that the US will now be toppled as the global financial superpower.
CBI warns against overregulation in the wake of credit crunch
Politicians must beware of overregulating and repeating the mistakes they made after the Enron and WorldCom scandals the directorgeneral of the CBI has warned.
Financial crisis Democrats and Republicans near agreement on Wall Street bailout plan
700 billion Wall St rescue closer with some members of Congress saying they did not require the help of Republican candidate John McCain.
Financial Crisis Desperate race to agree 700bn bailout
Scramble to pass the US Treasury's 700bn bailout bill intensifies as politicians are warned that delays could plunge the economy into a crisis rivalling the Great Depression of 1929.
HSBC chief calls for bonuses to be curbed
Chairman Stephen Green throws weight behind FSA proposals to rein in excessive bonuses.
