|HSBC Holdings plc could sell its UK high street banking operation|
|Friday, 18 May 2012 08:34|
News round up: HSBC, Euro, Northern Rock, Santander UK and Hewlett-Packard.
David Cameron has told Europe’s power brokers to take "decisive action" to save the euro or risk a messy break-up that threatens livelihoods across the continent. The Prime Minister used a video conference call to tell Angela Merkel that Germany must do more — and quickly — to stop the single currency unravelling.
British taxpayers could suffer a 2bn pound loss on Northern Rock but it should be seen as the cost of securing financial stability, according to the National Audit Office. The Government’s spending watchdog said the Coalition was correct to seek an early sale of the nationalised lender, which resulted in the sale last year of Northern Rock’s so-called "good bank" to Sir Richard Branson's Virgin Money for an initial sum of 747m pounds.
One of Britain’s leading high street banks has been downgraded by the ratings agency Moody’s. Santander UK, which has more than 25 million customers and more than 1,400 branches had its credit rating downgraded together with 16 Spanish banks. The agency said that the Spanish government’s ability to provide support to the institutions had been reduced.
Hewlett-Packard is reported to be planning cuts of up to 25,000 jobs, as the world's largest PC maker grapples with declining demand. Some cuts being considered will come from HP's information services business, according to Bloomberg.
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