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Banking

WireTap 1400 01/05/12

A round-up of the key stories across the specialist financial media, including news that US Treasury officials are to decide whether to start issuing floating-rate debt for the first time


US considers notes that float

After a series of meetings early this week, Treasury officials will decide whether to start issuing floating-rate debt for the first time. Instead of the interest rate being fixed throughout the life of the notes, the rate would move up and down as overall rates move higher and lower.

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BofA to cut from elite ranks

Bank of America is planning about 2,000 staff cuts in its investment banking, commercial banking and non-US wealth-management units, say people familiar with the situation. Those operations were vastly expanded with Bank of America''s 2009 purchase of Merrill Lynch & Co.

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Aussie slides after unexpected rate cut

The Australian dollar slid more than 1% after the Reserve Bank of Australia unexpectedly cut interest rates by 50 basis points.

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BP profit falls as Gulf spill costs still weigh

BP reported a bigger-than-expected profit drop on the back of a fall in production, prompted by the need to sell oil fields to pay for the Gulf of Mexico disaster, raising concerns about the oil group''s turnaround plan.

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Data point to diverging global economy

The divergence between a weak European economy and strengthening Asian activity was bolstered on Tuesday by manufacturing surveys in the UK and China.

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