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Saturday, March 7, 2009

World big banks to meet in London

Sat, 07 Mar 2009 07:27:12 GMT    |     PressTV


Chief executives from leading banks in Europe, Japan and the US will discuss the financial crisis in an upcoming meeting in London.

The British government will host the talks on March 24, ahead of an April 2 summit of the Group of 20 (G20) developed and emerging economies, Japan's Nikkei economic daily reported on Saturday.

Chief executives of the US-based JPMorgan Chase and Co. and the British bank HSBC have been invited to the meeting, the report adds.

Mitsubishi UFJ Financial Group President Nobuo Kuroyanagi from Japan is also expected to attend the meeting.

The home mortgage meltdown in the American housing sector has resulted in big losses and massive write-downs among financial institutions in both the US and Europe.

The Federal Deposit Insurance Corp. said in late February that the US banking sector lost a combined $26.2 billion in the fourth quarter of 2008.

JPMorgan Chase has announced that it expects 12,000 job cuts as part of its takeover of the failed Washington Mutual retail bank.

Europe's biggest bank, HSBC, has also been hit by losses in the US sub-prime mortgage market. In North America, it has reported a loss of $15.5 billion.

HSBC announced in March that it was seeking to raise 12.5 billion pounds ($17.7 billion) from shareholders through a rights issue in Britain. 
 

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