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Originally posted by elston
Is Jack Daniels traded publically? Seems like a strong investment position.
The Royal Bank of Scotland Group, parent of Citizens Financial Group, the second-largest banking operation in Massachusetts, said Tuesday it plans to cut up to 9,000 jobs over the next two years. The United Kingdom-based bank, in which the British government acquired a majority stake last fall, said it will achieve the job cuts through layoffs, natural turnover and leaving vacant positions unfilled. A Citizens spokeswoman declined comment Tuesday about the cuts. Citizens is the second-largest bank in Massachusetts, when ranked by deposits. RBS said the cuts will include 4,500 in the United Kingdom. The plan, which involves a number of other cost-saving initiatives, will help RBS reduce annual costs by roughly $3.7 billion within the next three years.
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Consumer Credit in U.S. Falls $7.48 Billion as Recession Cripples Spending
April 7 (Bloomberg) -- The pace of borrowing by U.S. consumers fell in February as fewer Americans sought credit to make purchases amid what may become the worst recession in seven decades.
Consumer credit fell by $7.48 billion, or 3.5 percent at an annual rate, to $2.56 trillion, the Federal Reserve said today in Washington. Credit increased by $8.14 billion in January, more than previously estimated. The Fed’s report doesn’t cover borrowing secured by real estate.
Demand for credit in the U.S. probably shrank further in March, the fourth straight month job losses exceeded 650,000, as unemployment climbed and banks remained reluctant to extend affordable loans. The recession that began in December 2007 has cost 5.1 million Americans their jobs, crippling the consumer spending that accounts for almost 70 percent of economic growth.
“Consumers know they have to cut back on debt,” said Christopher Low, chief economist at FTN Financial in New York. “But it’s hard to change old habits, so we go through these periodic binges of credit, as we did in January, and then we go through a couple of months of paying down our balances.”
Economists had forecast consumer credit would drop $3 billion in February, according to the median of 32 estimates in a Bloomberg News survey. Projections ranged from a $7 billion drop to a gain of $4.3 billion.
Revolving debt such as credit cards decreased by $7.79 billion. Non-revolving debt, including auto loans and mobile home loans, rose by $313.5 million.