Bloomberg reports that Standard & Poor's has downgraded or cut the outlook for 12 US and European banks, including Deutsche, Goldman, Morgan Stanley and UBS. The rating agency said in a statement: 'The downgrades and revised outlooks reflect our view of the significant pressure on large complex financial institutions' future performance'. The New York Post correctly points out that S&P is 'at last closing the barn door on the banking crisis - a year and about $8 trillion too late'.
The Mail-on-Sunday reports that Barclays is considering a plan to spin-off its private equity unit in order to raise capital. The newspaper says that the bank would retain a minority stack in the business, which could be spun-off to management.
The Times reports that Nomura is now unlikely to achieve the break-even target it set when it acquired Lehman's European and Asia-Pac businesses earlier this year. Sadeq Sayeed, the CEO of Nomura International, has now said that the combined business is likely to remain loss-making until early 2010.
Bloomberg reports that Royal Bank of Scotland is said to have cut around a third of its Asia investment banking jobs last week. About 70 staff are thought to have been laid-off.
Finally, The Financial Times reports that hedge fund GLG Partners has acquired the UK asset management arm of French bank Societe Generale in a deal worth less than $10m. And Reuters reports that SocGen's CEO Frederic Oudea told a French TV channel on Saturday that his firm will end 2008 in a 'healthy' state, despite the financial crisis and that $7.1bn rogue trading scandal.
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