Finance Sector

Report: Morgan Stanley considering further job cuts

Morgan StanleyNew York - US investment giant Morgan Stanley is considering cutting another 5 per cent of its workforce, the Wall Street Journal reported on Friday, citing people familiar with the discussions.

The decision could come in the next two weeks, the report said. The financial firm that employees 47,000 people already eliminated 7,000 positions last year amid the crisis in the financial markets that saw Morgan Stanley lose 2.4 billion dollars in the fourth quarter.

Obama slams "shameful" Wall Street bonuses in time of crisis

ObamaWashington - On Thursday slammed Wall Street bankers for awarding themselves nearly 20 billion dollars in bonuses last year as the US economy suffers through its worst recession in decades.

Obama called it the "height of irresponsibility" and "shameful" that financial institutions would issue large bonuses and severance packages to their employees as they pleaded for taxpayer funds to keep the industry alive.

Fed keeps rates at near-zero levels

Fed keeps rates at near-zero levels Washington  - The US Federal

Mirae Asset MF launches ‘ASSET GILT FUND’

Mirae Asset MF launches ‘ASSET GILT FUND’Mirae Asset Mutual Fund, a leading asset management cum financial services Provider Company has rolled out 'Mirae Asset Gilt Fund', an open-ended Gilt scheme in the domestic market.

Through the launch, the company is offering investors the opportunity to participate in a portfolio comprising of Government Securities issued/guaranteed by Central and State Governments with varied maturity through Savings and Investment plans.

LICHFL to launch new financial arm

LICHFL to launch new financial armLIC Housing Finance (LICHFL) is planning to launch its new financial arm in the current quarter. The decision is aimed to strengthen its distribution network across the country. The company would start its new financial arm, headquartered at Bombay and expand its network across country at later stage.

The Director and Chief Executive of LICHFL, R R Nair said, "We are launching our financial services subsidiary called LIC Housing Finance Financial Services which will help us improve our disbursement of loans and other financial products, during the quarter."

Reliance Capital gets nod for setting up a housing finance company

Reliance Capital gets nod for setting up a housing finance company Anil Dhirubhai Ambani Group company Reliance Capital, a major financial services provider, has finally secured an approval from the National Housing Bank (NHB) for setting up a housing finance company.

It may be noted that, Reliance Capital is already into the mortgage business through its wholly-owned consumer finance arm Reliance Consumer Finance.

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