Banking

9:09am

Wed December 5, 2012
The Two-Way

Citigroup Cutting 11,000 Jobs, Taking $1.1 Billion In Charges

Originally published on Wed December 5, 2012 12:48 pm

Chris Hondros Getty Images

Saying it needs to "further reduce expenses and improve efficiency across the company," Citigroup announced today that it is eliminating about 11,000 jobs — 4 percent of its global workforce.

The banking giant also said it is expects to take "pre-tax charges of approximately $1 billion in the fourth quarter of 2012 and approximately $100 million of related charges in the first half of 2013."

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1:45pm

Tue November 20, 2012
Planet Money

Ask A Banker: Are The Banks Still Too Big To Fail?

Paul Goyette Flickr

Hi! I'm back again. I'm a former banker, now a writer at Dealbreaker and an answerer of real and imagined questions about the financial world here. You can send questions to planetmoney@npr.org with "ask a banker" in the subject line, or ask on Twitter (@planetmoney).

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9:05am

Tue November 20, 2012
The Two-Way

Former UBS Trader Who Lost Billions Is Convicted

Former UBS trader Kweku Adoboli on Sept. 18, 2012.
Sang Tan AP

Kweku Adoboli will spend seven years in prison for his unauthorized trades at UBS. A British court convicted him on two counts of fraud for losing $2.3 billion dollars in his risky bets over several years, ending in 2011.

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4:58am

Mon November 19, 2012
Business

Visa Card Worth Its Weight In Gold

Originally published on Tue November 20, 2012 8:38 am

Transcript

RENEE MONTAGNE, HOST:

Good morning. I'm Renee Montagne with a credit card that's worth its weight in gold. For those who want to buy bling with bling, a bank in Kazakhstan plans to offer a Visa card made of gold, plus a couple of dozen diamonds and mother of pearl. It will require $100,000 upfront and an annual fee of $2,000, but there are no late fees and you get a free iPhone. It won't be the first bejeweled card, just the first made of pure gold. It's MORNING EDITION. Transcript provided by NPR, Copyright NPR.

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1:37am

Fri November 16, 2012
Planet Money

It's Legal To Sell Marijuana In Washington. But Try Telling That To A Bank.

Originally published on Mon November 19, 2012 12:03 pm

David McNew Getty Images

Voters in Washington and Colorado just approved measures legalizing marijuana for recreational use. But businesses that want to sell marijuana in those states will face a problem: No bank wants to do business with them.

I called several banks in Washington. I called a local credit union, a tiny bank in the San Juan islands. Everybody said basically the same thing. Even if selling marijuana is legal under state law, it's still illegal under federal law. And banks and credit unions worry that this could get them in trouble.

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