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HSBC to shed 50,000 jobs in quest for higher payouts

HSBC cuts jobsHSBC (HSBA.L) pledged a new era of higher dividends on Tuesday, laying out plans to slash nearly one in five jobs and shrink its investment bank by a third to combat sluggish growth across its sprawling empire.

Chief Executive Stuart Gulliver has made it his mission to boost profits since taking the helm of Europe's largest bank by assets in 2011 but his efforts have so far been foiled by high compliance costs, fines and low interest rates.

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BlackBerry cuts jobs worldwide as it consolidates businesses

Blackberry cutting jobs worldwideCanadian smartphone maker BlackBerry Ltd is cutting jobs across the world, the company said on Friday, as it consolidates its software, hardware and applications business.

The company did not specify how many employees would be affected.  BlackBerry, which reported a 16.8 percent fall in quarterly revenue in March, had about 6,225 full-time employees as of Feb. 2015, according to its website.

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Sharp announces $1.86 billion loss, plans thousands of job cuts

Sharp  electronicsJapanese electronics giant Sharp on Thursday said it was cutting thousands of jobs in a fresh turnaround plan to keep it afloat as the struggling firm posted a bigger-than-expected $1.86 billion annual loss.

The net loss — much larger than the $251 million forecasted — came as Sharp said it would cut about 10 percent of its 49,000-strong global workforce, including 3,500 jobs in Japan.

The firm said it hoped to swing a $670 million operating profit in the current fiscal year, but it did not give a net profit forecast.

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12 percent jump in homelessness in LA County

LA homelessThe number of homeless people in Los Angeles County jumped 12 percent in the past two years to more than 44,000 amid a sluggish economic recovery that has left the poorest residents of the second-largest U.S. metropolitan area falling farther behind, a study released on Monday found.

Most of those counted weren't staying in homeless shelters. The study also found that the number of tents, makeshift encampments and vehicles with people living in them jumped by 85 percent to around 9,500.

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How Wall Street captured Washington’s effort to rein in banks

Wall StreetIn the aftermath of the 2008 financial crisis, Keith Higgins was certain: Banks weren’t to blame.

Higgins, a top attorney at prominent law firm Ropes & Gray LLP, was chairman of an American Bar Association committee on securities regulation. As such, he lobbied strenuously against a rule U.S. regulators were drafting that would require banks to disclose a lot more about asset-backed securities like those that had just torpedoed the economy.

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11 big profitable companies pay no tax

11 big profit companies pay no taxYou’re probably figuring out how much you owe the tax man for 2014 about now. The answer for a handful of big profitable companies is zilch.

There are 11 companies in the Standard & Poor’s 500, including tire maker Goodyear Tire & Rubber (GT), electronic component maker Eaton (ETN) and restaurant chain operator Darden Restaurants (DRI) that paid no income tax in calendar 2014 despite reporting a profit during the year, according to a USA TODAY review of data from S&P Capital IQ.

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S&P paying $1.38B to settle charges over crisis-era ratings

S&P pays upStandard & Poor's is paying about $1.38 billion to settle government allegations that it knowingly inflated its ratings of risky mortgage investments that helped trigger the financial crisis, the Justice Department announced Tuesday.

The settlement with the U.S. government, 19 states and the District of Columbia covers ratings issued from 2004 through 2007 by the McGraw-Hill subsidiary. It resolves a court fight that began with a government lawsuit two years ago and involved dozens of depositions and hundreds of millions of documents

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