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BANKING

WireTap 1400 17/11/11

A round-up of the key stories across the specialist financial media

SocGen cuts to hit investment bank 

Societe Generale intends to make most of its staff cuts at its corporate and investment bank, but has no plans to dispose of Asian assets

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Virgin buys Northern Rock for £747m

Northern Rock has been sold to Virgin Money, for £747m, marking the first return of a UK government-backed bank to the private sector since the financial crisis

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US stock-index futures fall after Spain auction

US stock futures declined as Spain’s borrowing costs soared at an auction of the country’s bonds, adding to concern that the euro area’s sovereign-debt crisis has moved to the currency region’s larger economies

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Oil futures drop below $101 a barrel

Crude-oil futures fall after big gains in the previous session, as worries about the Eurozone and the health of the global economy once again preoccupy investors

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General Maritime files for bankruptcy protection with $1.4 billion in debt

The New York-based crude oil transportation company listed assets of $1.71 billion and debt of $1.41 billion in a Chapter 11 petition filed today in U.S. Bankruptcy Court in Manhattan

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