It is 1am, I am still reading some banks-related news.

Bank of America Corporation Discussing About 40,000 Job Cuts-Reuters

Thursday, 8 Sep 2011 10:49pm EDT

Reuters reported that Bank of America Corporation's officials have discussed slashing roughly 40,000 jobs during the first wave of a restructuring, the Wall Street Journal reported. The number of job cuts are not final and could change. The restructuring aims to reduce the bank's workforce of 280,000 over a period of years. The Journal said Bank executives met on Thursday at Charlotte, North Carolina, where the bank is headquartered, and will gather again Friday to make final decisions on the reductions, putting the finishing touches on five months of work.

Also

UBS axes 3,500 jobs in cost-cutting push - Reuters

6:06 a.m. CDT, August 23, 2011

Switzerland's biggest bank UBS AG is to axe 3,500 jobs to shave $2.5 billion off annual costs as it joins rival investment banks in reversing the post-crisis hiring binge and preparing for a tough few years.


UBS said almost half the cuts would be in investment banking. It had already said it would cut jobs when it posted weak second quarter profits last month as its underperforming fixed income business weighed.

Like rival Credit Suisse Group AG, UBS has been grappling with rising regulatory costs and a red-hot Swiss franc, which are eating into profits.


"The cost cutting is an admission of defeat. UBS overhired after its near-collapse in early 2009, but was unable to win back market share," said Kepler Capital Markets analyst Dirk Becker
Please check on Citi, BAC, GS, JPM and such big US-banks charts. Charts dont lie ... they have been retracing since Jan 2011, actually.

Citi : YTD lost 44%

BAC : YTD lost 47%

JPM : YTD lost 24%

For UK, it is as bad.

RBS : YTD lost 48%.

Barclays : YTD 45%

HSBA : YTD lost 21%

How about China's banks(HKSE)?

BOC : YTD lost 27%

ICBC : YTD lost 14%

HSBC : YTD lost 19%

Standard Chartered : YTD lost 20%

What does these data and charts showing us? THINK. Do you think MayBank, CIMB, AMMB and many more traded in KLSE and are index-linked counters will NOT pull down KLCI to lower level? Do you know(newbies) that KLCI consists of only 30 counters and heavily weighted with these banks? You may add in a few more banks(do your homework) besides this three banks.

I shared with my two turtles that day and also on Friday on why I am reading about UK and US banks at the moment. Do check if AMMB breach RM6 or CIMB to breach RM7, ok? No joke ... we are in bear and if one wish to be expose in equity-markets, brace yourself.

We will be diving ... soon. Do take a diving lesson, ok?





Overdose -- The Next Financial Crisis



Night

TEH