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Deutsche Bank on security watch

Wednesday, December 07, 2011 - 01:52

Dec 7 - Summary of business headlines: Deutsche Bank on security watch after suspected Frankfurt bomb plot; S&P strikes again; Citigroup shedding 4,500 jobs; Treasury Secretary continues European crisis ''tour''; Stocks little changed on Wall Street. Conway G. Gittens reports.

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There was a heightened police presence at Deutsche Bank buildings in New York City. The stepped up security follows, what a senior U.S. law official described as the interception of a suspected mail bomb addressed to Deutsche Bank CEO Josef Ackermann. The package on the way to his Frankfurt office contained explosives and extra shrapnel, the source told Reuters. A New York-based Deutsche Bank spokesperson declined comment. For the third time this week Standard and Poor's issued a ratings warning related to Europe's debt crisis. This time it put bonds issued by the entire euro zone on negative watch for a possible downgrade. Earlier this week it put 15 members of the euro zone on notice of the possibility of lower credit ratings. Citigroup is cutting 4,500 jobs around the world, which is about 2 percent of its workforce. This is the latest in a wave of staff reductions hitting global financial firms. More than 120,000 banking jobs have been recently lost. U.S. Treasury Secretary Timothy Geithner continues his tour through Europe to get first-hand knowledge on plans to halt a vicious two-year debt crisis. His latest stops included a meeting with French President Nicolas Sarkozy in Paris and a quick trip to the picturesque town of Marseille for a chat with Spain's recently elected prime minister. The talks are ahead of a highly anticipated EU leaders summit on Friday. As for the markets: It was a day of minor moves. The Dow and S&P 500 managed to hold small gains, but the Nasdaq wasn't that lucky. Stocks in Germany and France were down for the second day in a row and the U.K. was down for the day. Conway Gittens, Reuters

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Deutsche Bank on security watch

Wednesday, December 07, 2011 - 01:52