The chairman and chief executive of the Citigroup bank, Charles Prince, has resigned and will be replaces by former US Treasury Secretary Robert Rubin it was announced.
The United States bank Merrill Lynch said that CEO Stan O'Neal had retired with immediate effect, in a move that followed intense media speculation following calls for his departure after the firm was forced to admit a 7.9 billion US dollars exposure to bad debt.
World markets plunged on Thursday amid renewed fears about the credit crisis, sending shares in finance firms sharply lower. On Wall Street the Dow Jones Industrial Average shed more than 360 points or 2.6%, after two leading banks were downgraded earlier in the day.
The number of new jobs created by the United States economy leapt dramatically in October with employers adding 166.000 posts, twice the expected number, reported the Labor Department.
Frenchman Dominique Strauss-Kahn takes the helm of the International Monetary Fund on Thursday on a critical mission: to restore the aging institution's relevance and finances.
Paul Tibbets, the pilot of the U.S. bomber that dropped the first atomic bomb on Japan on August 6, 1945, died on Thursday at age 92, a newspaper reported.
The United States Federal Reserve by a clear majority voted on Wednesday to cut US interest rates 25 basis points from 4.75% to 4.5%. The widely expected decision was taken to help revive the country's faltering housing and credit markets.
US President George W Bush has declared California a major disaster zone after four days of wildfires sparked the biggest evacuation since Hurricane Katrina. The fires have killed five people, injured 40 and burned 1.500 homes, causing an estimated one billion US dollars in damage.
United States stocks tumbled lower Friday (anniversary of 19 October 1987 Black Monday) closing a disastrous week sparked by poor bank and company earnings reports plus growing concerns about the state of the economy.
Computer giant Microsoft is getting into the telephone business. Chairman Bill Gates was in San Francisco for the official launch of software linking a person's phone, computer and other communications devices.