The latest job cuts  in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.

The latest job cuts  in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.

Sumitomo Mitsui Financial Group aims to raise about $4.12 billion in preferred securities, a newspaper said, becoming the latest Japanese bank to bolster its capital amid the financial crisis.

Bank of America Chief Executive Kenneth Lewis said on Tuesday that the U.S. economy will get worse before it improves, and forecast record losses for the U.S. credit card industry.

By Soyoung Kim and Nick Carey

By Soyoung Kim and Nick Carey

The New York Attorney General's office is negotiating with top Wall Street firms that received federal bailout money to forego executive bonuses this year, sources close to the attorney general told CNBC.

HSBC plans to cut a further 500 positions in Asia, mostly in Hong Kong while Macquarie Group became the latest Asian lender to post a sharp fall in profits.

The latest job cuts  in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.

By Jonathan Stempel

By Jonathan Stempel

Goldman Sachs Group Inc <GS.N> said on Sunday its Chief Executive Lloyd Blankfein and six other top officials will not get bonuses for 2008.

NEW YORK (Reuters) - Goldman Sachs Group Inc <GS.N> said on Sunday its Chief Executive Lloyd Blankfein and six other top officials will not get bonuses for 2008.

Merrill Lynch & Co <MER.N> said on Friday that the majority of its best-performing financial advisors will join Bank of America Corp <BAC.N> when that bank buys Merrill at the end of the year.

NEW YORK (Reuters) - Merrill Lynch & Co <MER.N> said on Friday that the majority of its best-performing financial advisors will join Bank of America Corp <BAC.N> when that bank buys Merrill at the end of the year.