US-BUSINESS Summary

Sep 15, 2011, 11:58 p.m.

European stocks set to rise after central bank moves

SINGAPORE/HONG KONG (Reuters) - European shares were set for a stronger open on Friday and the euro steadied as investors hoped for a big policy move from European finance ministers to combat the region's growing debt crisis. Coordinated central bank action around the world to boost liquidity for European banks, at a time when some institutions have been shut out of short-term lending markets, has raised speculation that policymakers may take bold steps to hold the euro zone together.

Geithner to discuss leveraging EU bailout fund

WROCLAW, Poland/FRANKFURT (Reuters) - Treasury Secretary Timothy Geithner holds talks with European finance ministers on Friday on the possibility of leveraging the euro zone's bailout fund to help resolve the debt crisis. Washington set up an emergency fund to support U.S. lenders during the global credit crisis. With signs of stress in Europe now, the European Central Bank and those of Britain, Japan and Switzerland joined forces on Thursday to reintroduce three-month dollar liquidity operations in the fourth quarter.

UBS $2 billion rogue trade suspect held in London

LONDON/ZURICH (Reuters) - Swiss bank UBS said it had lost around $2 billion due to rogue dealing by a London-based trader at the Swiss bank and police said they had arrested a man on suspicion of fraud. Sources close to the situation named the suspect as 31-year-old Kweku Adoboli, who was working as UBS director of exchange traded funds and so-called Delta 1 trading, according to his profile on LinkedIn.

HP execs misled investors before August stock crash: lawsuit

(Reuters) - Hewlett-Packard Co and top executives misled investors for months before unveiling a series of major decisions, such as the demise of the TouchPad, that hammered its shares, a shareholder alleged in a proposed class-action lawsuit filed this week. Shareholder Richard Gammel accuses the world's largest technology company of concealing the fact that its existing business model was not working and that webOS -- the operating software it inherited after buying Palm -- was no longer central to its business model.

Insight: BofA cuts foretell downturn in branch banking

(Reuters) - To see why Bank of America Corp can cut 30,000 jobs from its consumer banking business, just stop by one of the 14,000 new automatic teller machines it has installed over the last three years. The machines scan checks and cash and allow deposits to be reflected in customer accounts the same day. A scanning ATM is faster and less prone to processing error than a teller.

Verdict reached in TCW vs Gundlach: court

LOS ANGELES (Reuters) - The jury has reached a verdict in a courtroom battle between Trust Company of the West and former investment chief Jeffrey Gundlach, concluding a six-week trial that has transfixed the financial industry. The Los Angeles Superior Court jury's verdict -- after just two days of deliberations -- will be released Friday morning.

Morgan Stanley Chairman Mack to retire at year-end

(Reuters) - Morgan Stanley Chairman John Mack, whose sharp elbows and aggressive cost-cutting tactics earned him the nickname "Mack The Knife," will step down at the end of the year, fully handing the reins to Chief Executive James Gorman. The move solidifies Gorman's position at the top of the second-largest U.S. investment bank, whose business model he has been overhauling since becoming CEO and taking over day-to-day operations from Mack at the start of 2010.

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