Financial Biz Cheat Sheet: Credit Suisse Eliminating CMBS Unit, JPMorgan Cutting 1K Jobs

Credit Suisse (NYSE:CS) is reportedly eliminating its entire CMBS unit, “An omen for the carnage to hit Wall Street,” according to Wall Street Journal reporter Dennis Berman.

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Raj Rajarnam, the co-founder of Galleon Group whom prosecutors have dubbed “the modern face of illegal insider trading,” has been sentenced to 11 years in prison, one of the longest terms ever handed down for an insider case.

In a repeat vote, the Slovak parliament ratified the expanded EFSF, as expected. The expanded rescue fund will now be allowed to bail out banks, among other things, a task once left up to individual governments.

Reporting lower profits in the last quarter, JPMorgan (NYSE:JPM) announced that it will cut 1,000 jobs at its investment bank. The news brought bank stocks lower today. Bank of America (NYSE:BAC) and Citigroup (NYSE:C) will report earnings next week.

Fitch Ratings has downgraded Lloyds (NYSE:LYG) and Royal Bank of Scotland (NYSE:RBS) from AA- to A, and put Barclays (NYSE:BCS), also rated AA-, on negative watch.

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Deutsche Bank (NYSE:DB) CEO Ackerman says his bank will do everything in its power to avoid being forced to recapitalize, saying it is sovereign debt, not capital levels, that threatens the health of European banks. “The key to the problem, therefore, lies with governments to restore trust in the solidity of state finances.”

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