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Bankers face jail term for 'reckless misconduct'

Prison Window

Senior bankers will face up to seven years in jail if they are found to have committed a new offence of reckless misconduct being proposed by the government as part of a series of measures to clean up the City in the wake of the 2008 banking crisis.

Merck to slash jobs, cut expenses by $2.5 billion


Pharmaceutical giant Merck announced plans on Tuesday to slash an additional 8,500 jobs on top of previously announced job cuts, adding that it planned to cut operating expenses by $2.5 billion by the end of 2015.



RBS building

RBS risks losing out

Royal Bank of Scotland CEO Ross McEwan risks losing some of the U.K. clients he wants to prioritize as a result of his global retreat, according to a study of the lender’s British customers.


Citi's Buiter: World faces recession next year

The global economy faces a period of contraction and declining trade next year as emerging nations struggle with tightening monetary policy, according to Citigroup's Chief Economist Willem Buiter.