credit markets

U.S. banking industry profits plunged by 86 percent in the second quarter and the number of troubled banks jumped to the highest level in about five years, as slumps in the housing and credit markets continued.

The number of troubled U.S. banks leaped to the highest level in about five years and bank profits plunged by 86 percent in the second quarter, as slumps in the housing and credit markets continued.

U.S. banking industry profits plunged by 86 percent in the second quarter and the number of troubled banks jumped to the highest level in about five years, as slumps in the housing and credit markets continued.

Oil prices jumped more than $5 a barrel and the dollar fell back against the euro and the yen. U.S. Stocks fell on continuing fears about the health of the nation’s credit markets.

American International Group Inc. said Wednesday that it lost more than $5 billion in the second quarter, as struggling credit markets stripped about $5.6 billion from the value of its credit default swaps portfolio.

The gyrations in the stock and credit markets have forced some retirees to face choices they may not have thought about when financial markets were calmer.� The Answer Desk

The troubled credit markets that are creating problems for home buyers and other borrowers also are disrupting the capital-intensive casino industry — driving up construction costs and delaying and even jeopardizing whole projects.

The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyzes the major central banks.

"A very nasty period is soon to be upon us - be prepared," said Bob Janjuah, the bank's credit strategist.

Citigroup Inc. said Friday it aims to shed about $500 billion in assets and grow revenue by 9 percent over the next few years, as it tries to rebound from massive losses tied to deterioration in the mortgage and credit markets.

Citigroup Inc. said Friday it aims to shed about $500 billion in assets and grow revenue by 9 percent over the next few years, as it tries to rebound from massive losses tied to deterioration in the mortgage and credit markets.